Lightweight Materials Market to Benefit from Stringent Emissions Norms; Projected to Reach US$186.35 bn by 2020
The steadfast emphasis on reducing carbon emissions, which has resulted in a remarkable increase in the demand for fuel-efficient vehicles, will contribute enormously to the growth of the global lightweight materials market, says Transparency Market Research in its latest report.The report is titled, ‘Lightweight Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.’ According to the report, the global lightweight materials market stood at a valuation of US$126.30 bn in 2013, and at a 5.8% CAGR between 2014 and 2020, will reach a valuation of US$186.35 bn by 2020. The report also estimates the global lightweight materials market in terms of volume, stating that the market approximated 54,340.3 kilo tons as of 2013.
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According to the report, the aerospace industry will be a major contributor to the growth of the global lightweight materials market as well. The requirements in the aerospace industry, as far as lightweight materials are concerned, are the need for lighter weight without compromising on strength. Studies have evidenced that a 1 kg reduction in the weight of an automobile can help cut down carbon dioxide emission by up to 20 kgs.
Several regional dynamics are also steering the growth of the global lightweight materials market. In the European Union, for instance, regulatory plans are afoot to penalize companies that manufacture cars with higher emissions. This has spurred a flurry of activity in the European lightweight materials market.
According to the type of lightweight material, the market has been divided into the following segments: Metals, polymers, composites, and others. The most commonly used lightweight metals used are magnesium, advanced steel, titanium, and aluminum. As of 2013, the polymers and composites segments collectively represented 30.2% of the global lightweight materials market. Aluminum is crucial not just for the automotive and aerospace industries, but also for the construction and machinery manufacturing sector. In the same year, materials such as metal matrix composites, carbon reinforced plastic composites, and ceramic composites collectively represented 0.5% of the global market for lightweight materials.
By application, the global lightweight materials market has been split into the following segments: Defense, energy, and transportation. The demand for lightweight materials is expected to remain the highest from the transportation sector. In 2013, the transportation industry spurred the highest demand for lightweight materials and accounted for a sizeable 85.7% of the market.
However, the thriving renewable energy sector is creating a massive demand for lightweight materials in wind turbines and pressure vessels. The medical devices sector is yet another appreciable contributor to the revenue growth of the lightweight materials market.
From the regional standpoint, the global lightweight material market was dominated by Asia Pacific in 2013 with a share of 40.3%. Europe and North America trailed Asia Pacific, but are expected to exhibit strong growth through the report’s forecast period. The fastest growth will be seen in the Rest of the World, the report states.
Companies with the largest shares in the global lightweight materials market are: DuPont, Cytec Industries, Evonik Industries, ExxonMobil, Aleris International Inc, Bayer AG, Allegheny Technologies Incorporated (ATI), and Titanium Metals Corporation (TIMET).