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A service for auto industry professionals · Wednesday, April 17, 2024 · 704,418,064 Articles · 3+ Million Readers

Lightweight Materials Market Future Looks Bright for Market Size with Soaring Projections

Lightweight Materials Market Growth

Lightweight Materials Market Growth

Metal alloys segment accounted for more than three-fifths of the global lightweight materials market share in 2020, and is anticipated to rule the roost by 2030

The growth of the global lightweight materials market is primarily driven by factors such as an increase in disposable income, technological upgrades, a rise in new product developments”
— David Correa

WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, the global lightweight materials market is set to grow significantly over the coming years. Titled "Lightweight Materials Market by Type (Metal Alloys, Composites, Polymers), by Application (Automotive, Aerospace, Wind, Marine, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030," the report offers detailed insights into the market dynamics, including drivers, restraints, and opportunities.

As per the findings of the report, the global lightweight materials industry was valued at $168.1 billion in 2020 and is expected to reach $261.6 billion by 2030, registering a CAGR of 4.5% from 2021 to 2030.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/1721

Drivers, Restraints, and Opportunities

The growth of the global lightweight materials market is primarily driven by factors such as an increase in disposable income, technological upgrades, a rise in new product developments, and a surge in the number of original equipment manufacturers (OEMs) and aftermarkets in the automotive sector. However, factors such as rapid fluctuations in raw material prices and the high cost of carbon fiber pose challenges to the market's growth.

The report also highlights the impact of the COVID-19 pandemic on the market, which led to a negative impact due to its high dependency on sectors such as aerospace, automotive, and marine. Nevertheless, as the global situation improves, the market is expected to recover soon.

Segment Analysis

Based on type, the metal alloys segment accounted for the majority share of the global lightweight materials market in 2020 and is expected to dominate the market by 2030. This is driven by the rise in demand for adhesives, manufacturing tapes & labels, general-purpose repair, gift wrapping & decoration, and heavy-duty carton sealing. The composites segment is expected to witness the fastest growth, fueled by increasing demand from various end-use sectors such as building & construction, automotive, and transportation.

In terms of application, the automotive segment held a significant share of the global lightweight materials market in 2020 and is expected to maintain its dominance through 2030, driven by the rise in middle-class income and the young population across the world. The aerospace segment is projected to witness the fastest growth during the forecast period, due to constant upgrades in fighter jets with modern armor facilities where lightweight materials are widely used.

Regional Analysis

Regionally, Asia-Pacific dominated the global lightweight materials market in 2020 and is expected to continue its dominance through 2030. The region is witnessing increasing demand for lightweight materials across various industries such as automotive, marine, aircraft, and wind turbine industries.

Key Players

The report also identifies key players operating in the global lightweight materials market, including ArcelorMittal, Bayer AG, DuPont, Toray Industries, Inc., ExxonMobil Corporation, Solvay, Novelis Inc., PPG Industries, Inc., Saudi Basic Industries Corporation, and Alcoa Corporation.

Conclusion

The global lightweight materials market is set to experience significant growth in the coming years, driven by various factors such as technological advancements, rising demand for lightweight materials across various end-use sectors, and increasing environmental awareness. Despite challenges such as raw material price fluctuations and the high cost of carbon fiber, the market is expected to witness substantial growth opportunities, particularly in the automotive and aerospace segments.

Interested in Procuring This Report? Visit Here:
https://www.alliedmarketresearch.com/lightweight-material-market/purchase-options

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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