Yahoo Finance Lightweight Materials Market Size to Surpass USD 278.9 Bn by 2030
The global lightweight materials market size is expected to surpass around USD 278.9 billion by 2030 from valued at USD 172.5 billion in 2021 and growing at a CAGR of 5.48% from 2022 to 2030.
Seoul, Aug. 14, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Lightweight Material Market (By Product: Composites, Metals, Plastics; By Application: Automotive, Aviation, Energy, Other) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.
Magnesium, carbon fibre, aluminum/al composites, titanium, glass fibre, and high strength steel are a few examples of lightweight materials. By considerably reducing weight via the use of lightweight materials in the automotive and aerospace industries, fuel efficiency and total range of hybrid, plug-in, and all-electric vehicles are increased.
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The use of light-weight structural materials enables the integration of more sophisticated safety features, integrated electrical systems, and emission control systems without adding to the total weight of the vehicle and boosting performance. High temperature metal titanium is utilised in powertrain systems to save weight by up to 54.9%. It can endure extremely high temperatures and has a good strength to weight ratio. When used in strength-limited designs like pillars and door rings, advanced high strength steel has the potential to reduce component weight by up to 25%. The market for lightweight materials is primarily driven by the expanding automotive sector and rising levels of vehicle modernisation. Government restrictions on efficiency, road safety, and vehicle safety have helped the lightweight materials sector expand. The use of lightweight materials is expanding in windmill projects, and lightweight components are becoming more widely used.
Report highlights
The composites segment revenue is anticipated to see the strongest growth rate among the product type categories throughout the projection period. FRP composites, or fiber-reinforced plastic, offer outstanding strength-to-weight ratios. When compared to precast concrete, components made with FRP are more than eight times lighter, making them more easier and safer to deal with in the construction industry. Cantilever walkways next to flyovers and bridges may be installed quickly and easily using FRP decking without significantly increasing the dead load.
Titanium's low density, high strength, and extremely high weight-to-strength ratio make it ideal for use in aircraft applications and part manufacturing to reduce weight without sacrificing structural integrity. Titanium is favoured in aeroplanes for increased mileage.
Of the application sectors, revenue from the marine sector is anticipated to grow at a quicker rate throughout the projected period. In order to attain fast speed and enhance fuel efficiency, lightweight materials are employed in a variety of civilian and military maritime applications.
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Regional Snapshots
The market for lightweight materials in Asia-Pacific is expected to develop at the highest CAGR of 5% over the course of the forecast period and had 41% of the market share in 2021. This is explained by a growth in interest for lightweight materials especially in the Asia-Pacific automobile, marine, aerospace, and wind energy industries. China and India are two of the top markets for the automobile industry. In this industry, many vehicle components are made using lightweight materials. For instance, a study released in December 2021 by Brands Equity Foundation stated that domestic car manufacturing climbed by 2.1% from 2017 to 2020, with the nation producing 26 billion automobiles in that year.
Aside from that, Asia-Pacific is a desirable market for manufacturers due to low labour costs, affordable manufacturing unit setup costs, and affordable lightweight materials. These elements fuel the need for lightweight materials in this area.
Scope of the Report
Report Attributes | Details |
Market Size in 2022 | USD 181.96 Billion |
Revenue Forecast by 2030 | USD 278.9 Billion |
CAGR | 5.48% from 2022 to 2030 |
By Product |
|
By Application |
|
By Region |
|
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | ThyssenKrupp AG, Henkel Corporation, Owens Corning Corporation, LyondellBasell Industries N.V., Hexcel Corporation, SGL Group, Nippon Graphite Fiber Corporation, Mitsubishi Rayon Co. Ltd., Zoltek Companies Inc, Others. |
Market Dynamics
Drivers
One of the key market drivers is the growing demand for lightweight materials in the automotive industry. Desire for lightweight materials is rising as consumers demand more cars with superior fuel efficiency and low fuel consumption. The market value of lightweight materials is thus determined by the pace of their usage in the automobile sector. The need for lightweight materials is being fueled by their rising usage in aircraft modules, and this trend is anticipated to continue during the projected period.
The industry is also being driven by stringent standards and restrictions for fuel and vehicle emissions set by governments all over the world. These requirements are pushing OEMs (Original Equipment Manufacturers) to increase their use of lightweight components including plastics, composites, and light metals. These materials stimulate growth by lowering vehicle carbon emissions.
The demand for lightweight building materials is rising globally due to increased government investment in wind and hydroelectric projects. Population growth in developing nations like China and India raises demand for vehicles like trucks, buses, vans, and automobiles, which adds to traffic on the roadways. The increase of cars throughout the nations fuels the expansion. Additionally, the market growth is anticipated to upscale during the projected period as more nations move to green and efficient energy usage.
A major factor in the growth of the market revenue is the increasing need for lighter weight materials in the construction of aviation components and parts. When compared to materials like steel, brass, alloys, iron, and others, lightweight materials like composites and polymers are significantly lighter. The weight of aeroplane parts can be reduced, which can result in considerable fuel cost reductions. Additionally, plastic materials outperform steel in hostile chemical environments, extending the life of the structural frame of aircrafts and avoiding costly repairs due to corrosion of metal parts. Because replacements are simpler and quicker to install, plastic also guarantees less downtime for maintenance, repair, and operation. High-performance thermoplastics also have exceptional flame-resistant properties, which is a need for aircraft applications.
Restraints
The price of materials like carbon fibre, reinforced composites, titanium, and magnesium is the biggest barrier to the market for lightweight materials. This limits the use of lightweight materials in a number of end-use sectors, including the production of aeroplanes, wind turbines, and maritime equipment. For instance, aluminium is 30% more expensive than steel but offers a weight reduction of 40%, whereas high-strength steel offers a weight reduction of 20% over steel at a higher cost of 15% per item.
Additionally, carbon fibre is extremely expensive, which limits its market penetration even though it offers a far greater weight reduction than steel. The demand for these resources is constrained as a result, which is predicted to slow growth. Further obstacles for this sector include high production costs brought on by carbon fibre price swings and the upkeep of lightweight materials.
Opportunities
The market's growth value is rising as a result of several growth prospects. In the automobile sector, electric cars provide potential for market expansion. Other elements, including as heightened environmental consciousness, government efforts, and higher OEM investment, have contributed to the acceptance and use of EVs, fostering the expansion of the sector. The development of IoT in the aviation industry has grown more dependent on the integration of Internet of Things-enabled sensing technologies and devices into aircraft functionalities, components, and bodies.
The manufacture of intelligent composite materials by embedding sensors into composite materials is a focus for several aerospace material suppliers. Advanced fibres with very small fibre diameters, including micro-fibrillated cellulose and nanocellulose, make it possible to install Fiber Bragg grating sensors to measure internal strain. This technology aids in the detection of any harm done to the material within sensor range. Smart composites will improve the safety of the aircraft and its occupants by sending signals about material stress or damage.
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Recent Developments
The Alliance has grown to include six European automakers—DAIMLER, VW, TME, CRF, VOLVO, and OPEL—four suppliers, and eight knowledge partners as of 2020. This partnership was established to offset the rising expense of lightweight components in cutting-edge cars. Making energy improvements in electric cars relevant to lightweight was a creative way to deal with high expenses.
In June 2021, Solvay announced that it has signed a five-year supply contract with Leonardo for both its Electronics and Aircraft Aerostructure businesses. Additionally, Solavy and Leonardo partnered on a number of R&D projects for the creation of process innovations and innovative materials.
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