The lightweight materials market is likely to witness substantial growth in the years to come. This is attributed to rising demand for lightweight materials in consumer industries, such as transportation and construction. Other consumers of the lightweight materials market include client goods, medical, defense, electronics and energy.
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A key factor driving the lightweight materials market is regulations regarding reduction of carbon dioxide emissions. Growing demand for fuel efficient automotives and advancements in aerospace technology are also predicted to drive demand for the lightweight materials market. However, high costs of lightweight materials are anticipated to obstruct the market.
The lightweight materials market can be fragmented into consumer applications, products and geographies. The consumer applications market can be divided further into energy, defense, transportation, construction and electronics. Transportation was the largest consumer application.
The lightweight materials market, on the basis of products, can be segregated into titanium, magnesium, aluminum, HSS (high strength steel) and polymers and composites. Polymers and composites can be divided further into polypropylene, polyamides, glass reinforced plastic composites and polystyrene.
Globally, the lightweight materials market can be segmented into four key regions, North America, Asia Pacific, Europe and ROW (rest of the world). Asia Pacific dominated the market and was followed by North America and Europe. China was the largest manufacturer of automotives. It is anticipated to have increased demand for the lightweight materials market.
North America and Europe are expected to show steady growth over the coming years. This is due to expanding automotives, aerospace and construction industries in these regions. This trend is also predicted to drive the lightweight materials market in future.
Information Source: Grand View Research