Global Lightweight Materials Market is Expected to Reach USD 186.35 Billion by 2020: Transparency Market Research
Albany, New York (PRWEB) August 27, 2014
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 http://www.transparencymarketresearch.com/lightweight-materials-industry.html
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.
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.
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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.
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
High Strength Steel
Polymer and composites
Others (Ceramic composites, carbon fiber composites and hybrid materials)
Lightweight Materials Market - Application Segment Analysis
Others (Medical applications, etc.)
Lightweight Materials Market - Regional Analysis
Rest of the World (RoW)
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