The global market for lightweight materials used in transportation is expected to reach about $188.7 billion by 2020
Wellesley, Mass. (PRWEB) September 24, 2015
Lightweight materials are projected to increase their share of total light vehicle materials content over the next five years under the combined impact of advances in materials technology, high fuel costs and more stringent government fuel economy standards. As a result of these factors, BCC Research reveals in its new report that lightweight materials will increase its share of the total materials content of autos and light trucks by 19% over the next five years.
The global market for lightweight materials used in transportation is expected to reach $109 billion and $188.7 billion in 2015 and 2020, respectively. During the forecast period (2015-2020), the market should register a compound annual growth rate (CAGR) of 11.6%. In terms of tonnage, market consumption should total 96.6 million tons in the end year, up from 70.3 million tons in 2015, reflecting a five-year CAGR of 6.6% in tonnage terms.
Lightweight materials are defined broadly as materials used in the fabrication of equipment to minimize weight. As used in this report, transportation equipment includes all motorized vehicles or craft used to convey people, animals or cargo between two points, except for vehicles/craft used exclusively for sports or recreation applications (e.g., glider aircraft and sailboats).
Lightweight materials, by reducing fuel consumption in the transportation sector, significantly lower emissions of greenhouse gases and other pollutants produced from burning fossil fuels. An estimated 75% of vehicle energy consumption is related to factors associated with weight. Reducing the weight of a vehicle component by using lightweight materials has a multiplier effect on overall vehicle weight, and hence, fuel use. As vehicle weight declines, tires and suspension can become lighter, and the loads imposed on the chassis are reduced, allowing a reduction in chassis weight.
Motor vehicles, particularly passenger cars and light trucks, make up by far the largest end-user segment. Shipbuilding, while far behind the motor vehicle industry in its consumption of lightweight materials, is the second-largest consumer of lightweight materials in both tonnage and value terms, while the aircraft industry ranks second in the value of the lightweight materials consumed.
“Lightweight materials are projected to increase their share of total light vehicle materials content over the next five years under the combined impact of advances in materials technology, high fuel costs and more stringent government fuel economy standards,” says BCC research analyst Andrew McWilliams. “Influenced by these developments, lightweight materials’ share of the total materials content of autos and light trucks produced globally should rise from 47.2% in 2015 to 66.5% by 2020.”
Lightweight Materials in Transportation (AVM056D) examines materials used in transportation applications and equipment such as motor vehicles, aircraft, trains, and ships. The report identifies market dynamics, growth drivers, inhibitors, opportunities, and forecasts trends and revenue through 2020.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch.com.
About BCC Research
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