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DUBLIN--(BUSINESS WIRE)--Sep 27, 2022--
The "Lightweight Materials Market By Type, By Application: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The global lightweight materials market was valued at $168.1 billion in 2020, and is projected to reach $261.6 billion by 2030, growing at a CAGR of 4.5% from 2021 to 2030.
Key Market Players
Lightweight materials are used to reduce the weight of automotive, marine, aircrafts, and windmills without affecting the strength and efficiency of the structure. Some examples of lightweight materials include aluminum, magnesium, beryllium, titanium, titanium aluminides, engineering plastics, structural ceramics, and composites with polymer, and metals.
Implementation of regulations for emission reduction in both developed and developing countries surged the popularity of lightweight materials among several end-use sectors, owing to its potential to reduce the emission by 20-30%. This is expected to aggressively penetrate and boost the demand for lightweight materials during the forecast period.
In addition, increase in awareness for renewable energy sources surged the establishments of windmills where lightweight materials-based wind turbines are widely employed, owing to its reduced overall weight and enhanced system efficiency.. This may augment the growth of the lightweight materials market in the growing renewable energy sector.
However, lightweight materials, including polypropylene and polycarbonate use several harmful chemicals during their manufacturing process that if inhaled beyond the maximum concentration limits may cause nausea, vomiting, eye irritation, lung infection, and even cancer. This factor may hinder the growth of the lightweight materials market.
On the contrary, technological advancements and R&D activities surged the potential applications of lightweight materials in various end-use sectors. For instance, lightweight materials are widely used in cruise ships, owing to its properties, including lightweight, high strength, impact resistance, and thermal stability. Moreover, lightweight materials are used in large aircrafts blades, owing to its compressive tensile strength and high thermal stability. These factors are anticipated to increase the sales of lightweight materials among various end-use sectors thus, is expected to provide lucrative growth opportunities for the market.
The global lightweight materials market is segmented on the basis of type, application, and region. Depending on type, the market is divided into metal alloys, composites, polymers, and others. On the basis of application, it is fragmented into automotive, aerospace, wind, marine, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Application
By Region
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/27/2022 10:52 AM/DISC: 09/27/2022 10:52 AM
http://www.businesswire.com/news/home/20220927005887/en