Albany, New York (PRWEB) May 27, 2014
Lightweight materials and designs have been a crucial element for product designs across several industries which mostly include aviation and automotive industry. Moreover, global trends towards CO2 reduction and resource efficiency have gradually led to an increased demand for light weight materials in the market to manufacture lightweight and fuel efficient vehicles. The lightweight materials that can be commercially used include light metals (magnesium and advanced steel), composites and polymers (carbon fiber) and novel materials (ceramics, carbon nanotubes and others) among others. Lightweight materials are of great importance in sectors such as the departments of defense, energy and transportation. Additional applications include medical technology, pressure vessels and wind turbines. These lightweight advanced materials improve the performance of many systems in defense, transportation, energy and general engineered products.
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Some of the key factors driving the growth of lightweight materials are the rising need to reduce fuel consumption and CO2 emissions. Due to stringent CO2 emissions targets in Asia, Europe and the U.S., OEMs’ are rapidly developing strategies to drive development of low cost and high volume lightweight solutions, and improve manufacturing capabilities to reduce overall material cost and ensure quality supply to create more fuel efficient vehicles. These factors will drive the demand for lightweight materials in the market. However, continuous maintenance and repair activities of lightweight materials can hinder the growth of the market. In addition, the rising cost of carbon fiber is the key obstacle to broad use of this material in the automotive industry. Maintenance of carbon fiber parts is difficult as damage cannot be seen through visual inspection. Asia Pacific is the largest market segment followed by Europe and North America. Growing demand for automobiles in Asia Pacific, owing to improved infrastructure facilities and growing disposable income of consumers is expected to drive the market in this region.
Some of the key players in the lightweight materials market include AK Steel, Alcoa Inc., Aleris International Inc., Arcelor Mittal SA., Bayer AG, Borealis AG, Caparo Group Ltd., Dead Sea Magnesium Ltd., DuPont, Dow Chemical Co, Evonik Industries AG, Entec Polymers LLC, ExxonMobil Corp., Formosa Plastics Corp., Henkel AG & Co. and Huntsman International LLC among others.
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