Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global lightweight materials market size reached US$ 193.4 Billion in 2022 Looking forward, IMARC Group expects the market to reach US$ 305.2 Billion by 2028, exhibiting a growth rate (CAGR) of 7.7% during 2023-2028.

Lightweight materials are composites and metal alloys comprising aluminum, magnesium, beryllium, titanium, titanium aluminides, engineering plastics, structural ceramics, polymer, and ceramic matrices. They are environment-friendly, help reduce carbon footprints and offer several advantages, such as corrosion and oxidation resistance, high electrical and thermal conductivities, low density, high reflectivity, high ductility, high strength, and cost-efficiency. As a result, they find extensive applications in the aerospace, defense, healthcare, electronics, construction, automotive, and packaging industries across the globe.

Lightweight Materials Market Trends:
Lightweight materials are used to manufacture different parts of vehicles in the automotive sector as they reduce heavy-duty vehicle weight without compromising safety, performance, recyclability, and cost. This, coupled with the burgeoning automotive industry, represents one of the key factors driving the market. Moreover, lightweight materials help improve the efficiency and range of hybrid electric, plug-in hybrid electric, and electric vehicles as they offset the weight of power systems, such as batteries and electric motors. This, coupled with the rising adoption of electric vehicles (EVs) to reduce harmful air pollution, is propelling the growth of the market. In addition, the growing employment of lightweight materials in the wind energy sector for manufacturing windmills is positively influencing the market across the globe. Besides this, the increasing application of lightweight materials in the aviation industry to reduce fuel consumption is offering lucrative growth opportunities to industry investors. Apart from this, there is a rise in the use of aluminum alloys in the food and beverage (F&B) industry for producing foils, beverage cans, and cooking and food processing utensils. This, in confluence with the expanding F&B sector, is catalyzing the demand for lightweight materials.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global lightweight materials market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, distribution channel and application.

Breakup by Type:

Metal Alloys
Composites
Polymers

Breakup by Distribution Channel:

Direct
Indirect

Breakup by Application:

Automotive
Aerospace
Wind
Marine
Electronics
Construction
Consumer Goods
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Alcoa Corporation, Arcelormittal S.A., China Hongqiao Group Limited, Dupont De Nemours Inc., Exxon Mobil Corporation, Novelis Inc. (Hindalco Industries Limited), Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), SGL Carbon SE, Solvay S.A., Teijin Limited, Thyssenkrupp Ag and Toray Industries Inc.

Key Questions Answered in This Report:
How has the global lightweight materials market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global lightweight materials market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the distribution channel?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global lightweight materials market and who are the key players?
What is the degree of competition in the industry?