The
global lightweight
materials market size is expected to reach USD 225.3 billion by
2024, according to a new report by Grand View Research, Inc., exhibiting a CAGR
of 8.9% during the forecast period. Rising material innovation in aviation is
expected to improve demand for lightweight materials.
The
design of an aircraft must take into consideration a number of factors, such as
life-cycle cost, strength-to-weight ratio, fatigue life, fracture toughness,
corrosion resistance, and reliability. The importance of these factors governs
the choice of materials used in the manufacture of aircraft.
Initially,
metals were used to manufacture aircraft as they provide necessary tensile
strength to the aircraft. The invention of drones or fighter planes with good
aerodynamic balance and fuel efficiency has led to usage of lightweight
materials in the aviation industry.
The
lightweight materials market is dominated by aluminum, high strength steel, and
polymers & composites and are expected to continue doing so in future.
Their increased application in various fields is expected to augment demand.
Currently,
high strength steel and aluminum are more popular; however, polymers and
composites are expected to gain more popularity on account of reduction in
prices and increased production of polymers and composites.
Alumina,
iron ore, nickel, rutile, and polyacrylonitrile are key raw materials used for
manufacturing lightweight materials. These raw materials are further processed
to obtain lightweight materials. alumina, rutile, iron ore, and nickel are
naturally found in ores whereas polyacrylonitrile, which is one of the major
raw materials for carbon composites, is manufactured from petroleum.
Browse full research report on Lightweight Materials Market: https://www.grandviewresearch.com/industry-analysis/lightweight-materials-market
Further
key findings from the report suggest:
- The global
lightweight materials market is anticipated to reach 61,925.6 kilotons by
2024, at a CAGR of 8.3% from 2015 to 2022
- In terms of
revenue, the high strength steel segment is projected to ascend at a CAGR
of 10.2% over the forecast period
- The
automotive application dominated the global lightweight materials market
with a share of over 86.0% in 2015
- The North
America lightweight materials market is anticipated to exceed 12,377.7
kilotons by 2024
- Europe is
projected to witness a remarkable CAGR of 8.2% over the forecast, owing to
increasing investments in the energy sector
- Asian
countries, especially India and China, are expected to observe remarkable
growth in next few years
- The market is
partially consolidated and competitive in nature, with strong presence of
multinational players
- Some of the
key companies in the market are Guardian Industries; Cytec Solvay Group;
SABIC; Formosa Plastics; Alcoa Inc.; Allegheny Technology Incorporated;
Aleris International; and Covestro LLC.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand
View Research has segmented the global lightweight materials market on the
basis of product, application, and region:
Lightweight
Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
- Aluminum
- High Strength
Steel
- Titanium
- Magnesium
- Polymers
& Composites
- Others
Lightweight
Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 -
2024)
- Automotive
- Aviation
- Energy
- Other
Lightweight
Materials Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 -
2024)
- North America
- U.S.
- Europe
- Germany
- Asia Pacific
- China
- Latin America
- Brazil
- Middle East
& Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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