The global lightweight materials market is projected to reach USD 225.35 billion by 2024, according to a new report by Grand View Research, Inc. Positive automotive outlook coupled with increased number of wind project installations is expected to boost demand for these materials.
Lightweight materials are gaining popularity in various applications instead of iron and steel on account of improved performance. The fuel efficiency advantage facilitates use in application segments including automotive and aviation. The reduction in CO2 emissions on account of enhanced fuel efficiency in passenger vehicles will augment the demand for these materials.
U.S and China contribute to the majority of the product demand owing to the presence of a large number of automotive and aviation component manufacturers. Rising innovation in the aviation sector and an increasing number of wind project installations globally is expected to have a positive impact on demand.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/lightweight-materials-market
Further key findings from the report suggest
·
Automotive application segment was the largest
consumer of the product in 2015 on account of increasing demand for vehicles
with enhanced fuel efficiency. The consumption of lightweight materials in the
automotive application was over 27 million tons in 2015 and is expected to grow
at a CAGR of 8% from 2016 to 2024.
·
High strength steel is expected to be the
fastest growing product segment on account of enhanced lightweight advantage
when combined with aluminum for manufacturing of vehicle body. The demand for
high strength steel was over USD 8; billion in 2015 and is expected to grow at
a CAGR of 10% from 2016 to 2024.
·
Asia Pacific was worth USD 42 billion in 2015
and is likely to witness significant growth owing to rising wind energy
installations. Countries such as Japan and India are expected to add over 10 GW
of wind energy resulting in the increased application of lightweight materials.
·
Companies are focusing on increasing their
market share within the industry through various strategic initiatives such as
mergers and acquisitions. In December 2015, Solvay acquired Cytec Industries
aiming to enter the lightweight materials market with a broad product
portfolio. In March 2015, Alcoa acquired RTI International Metals to expand its
offerings in titanium and other advanced manufacturing & material
technologies.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global lightweight materials market on the basis of product, application and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
·
Aluminum
·
High Strength Steel
·
Titanium
·
Magnesium
·
Polymers & Composites
·
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013
- 2024)
·
Automotive
·
Aviation
·
Energy
·
Others
Regional Outlook (Volume, Million Square Meter; Revenue, USD
Million, 2013 - 2024)
·
North America
o
U.S.
·
Europe
o
Germany
·
Asia Pacific
o
China
·
Latin America
o
Brazil
·
MEA
For press release of this report - http://www.grandviewresearch.com/press-release/global-lightweight-materials-market
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