Lightweight Materials Market is Expected to Reach USD 186.35 Billion by 2020: Transparency Market Research
Transparency
Market Research has released a new market report titled "Lightweight
Materials (Aluminum, Titanium, High Strength Steel, Magnesium,
Polymer & Composites and Others) Market for Defense, Energy,
Transportation and Other Applications - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast, 2014 - 2020".
According to the report, the global lightweight materials market was
valued at USD 126.30 billion in 2013 and is anticipated to reach USD
186.35 billion by 2020, expanding at a CAGR of 5.8% from 2014 to
2020. In terms of volume, the global lightweight materials market
stood at 54,340.3 kilo tons in 2013.
Increasing
environmental concerns and regulations to reduce CO2 emission from
vehicles are anticipated to drive the global lightweight materials
market, especially in the transportation sector. Additionally,
reduction of weight of vehicles enhances their fuel efficiency. This
drives demand for lightweight materials in automobile and aviation
sectors. Lightweight materials are used in various applications. For
instance, they are used in aircraft structures for supporting high
payload capacity and enhancing energy efficiency. Aluminum, titanium
and composites are key lightweight materials used in aircraft.
However, high cost of lightweight materials as compared to
conventional metals such as steel would weigh down the growth of the
global lightweight materials market in the next few years.
Browse
the full Lightweight Materials Market Report at
Key
product segments of lightweight materials include aluminum, titanium,
high strength steel, magnesium, polymer and composites, and others.
Aluminum, one of the key lightweight materials, accounted for 30.4%
of the global lightweight materials market in 2013. It is expected to
experience substantial growth over the next few years. Composites
such as glass fiber reinforced plastics, carbon fiber reinforced
plastics, metal matrix composites, ceramic composites and other
hybrid materials are anticipated to gain importance in the near
future owing to functional benefits over other lightweight materials.
These composites are likely to experience significant growth;
however, high cost of these lightweight materials is estimated to
hamper market growth during the forecast period. Titanium, another
key lightweight material, is likely to experience significant growth
in the near future, especially in the aviation industry.
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Sample Report copy From here :
Transportation
was the largest application segment, constituting more than 85% of
demand for lightweight materials in 2013. Transportation primarily
includes automobiles, aircraft and railways. Lightweight materials
are increasingly used in the manufacture of vehicles to enhance
payloads, improve fuel efficiency and reduce CO2 emissions. Other key
application sectors include defense and energy. Lightweight materials
are employed on a large-scale in defense, especially in vehicles,
body armors and other applications. Furthermore, lightweight
materials are used in wind energy systems, specifically in rotor
blades. This application is projected to be the fastest growing
segment in terms of volume, expanding at a CAGR of 5.8% from 2014 to
2020.
Asia
Pacific dominated the global lightweight materials market with more
than 40% share in 2013. Transportation industry in the region is
likely to be a key driver for the lightweight materials market. Asia
Pacific was followed by Europe, where transportation sector dominated
the lightweight materials market in 2013. Regulations by the European
Union (EU) are anticipated to compel automobile manufacturers to use
lightweight materials in vehicles. North America and Rest of the
World followed Europe with a combined share of almost 30% in 2013.
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Key
players in the global lightweight materials market include Alcoa
Inc., Aleris International Inc., DuPont, ATI, TIMET, Exxon Mobil,
Formosa Plastics and Huntsman Corporation.
The
report segments the global lightweight materials market as:
Lightweight
Materials Market - Product Segment Analysis
- Aluminum
- Titanium
- High Strength Steel
- Magnesium
- Polymer and composites
- Others (Ceramic composites, carbon fiber composites and hybrid materials)
Lightweight
Materials Market - Application Segment Analysis
- Defense
- Energy
- Transportation
- Others (Medical applications, etc.)
Lightweight
Materials Market - Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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