Market Forecast
Lightweight Materials Market Growth is expected to exhibit a CAGR of 8.2% during the forecast period and cross USD 276.50 Billion by 2027.
Lightweight materials are significantly used in the automotive, aerospace, energy, and construction industries. The demand for advanced composites, polymers, and metal alloys is increasing in the automotive industry to reduce greenhouse gas emissions. The implementation of lightweight structures in the automotive industry comprising of advanced materials such as carbon fiber and magnesium reduce the weight of auto parts by 50–70%.
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Pricing Analysis
The price of lightweight materials is expected to fluctuate in the coming years owing to the changes in market dynamics. For instance, the price of carbon fiber composite was around USD 20/kg in 2017 which is expected to decline and reach USD 10/kg by 2020, whereas the prices of titanium in Asia-Pacific were around USD 2,600–3,000 per ton in 2018. The price of titanium is increasing ever since 2017 due to the growing demand and decline in production in China. However, the price of titanium is expected to rise with an increase in the price of feedstock in Europe.
Segmentation
By Type
- The composites segment is expected to register a CAGR of over 4.5% due to the high demand for carbon and glass fiber in end-use industries. The consumption of carbon fiber is estimated to rise in the coming years owing to declining product prices and high production in Asia-Pacific. In 2018, the demand for carbon fiber was around 78.5 kilotons with the highest demand in the US and Japan.
- Aluminum is majorly used among other metal alloys. Its properties such as electrical conductivity, strength, density, workability, and corrosion resistance make it an ideal application for the automotive and aerospace industries. In 2017, around 63.0 million tons of aluminum were produced worldwide.
By End-Use
- The components of aircraft require advanced engineering materials and complex geometries to meet the specific aircraft design. Carbon fiber allows the fabrication of highly complex and lightweight structures. According to the American Composites Manufacturers Association, the demand for aerospace carbon fiber is expected to reach 22,100 tons in 2020.
- In the energy segment, lightweight materials are majorly used in the manufacturing of wind turbines to generate power. According to the US Department of Energy (DOE), the wind power sector grew at a remarkable pace in 2017, with 7,017 Mega Watt of new capacity added in the US and investment of USD 11 billion. Thus, wind power is the third-largest source of the US electric generating capacity. The high demand for lightweight blades in wind turbines is expected to drive the market growth.
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By Region
- North America: High investment in the installation of wind turbines and research development of lightweight materials for the aerospace industry is expected to boost the regional market growth.
- Europe: Lightweight materials are significantly used in wind turbines for generating wind power/energy. Germany had the largest installed wind power capacity, followed by Spain, the UK, and France. Further, the UK registered the largest annual increase of wind energy in its electricity demand, from 13.5% to 18%. Such trends exhibit that over the years the demand for wind energy is likely to increase, which is expected to positively impact the global lightweight materials market during the review period.
- Asia-Pacific: The initiatives by the governments regarding infrastructure development have led to a rapid increase in construction activities, which is projected to fuel the demand for glass fiber reinforced concrete in the region.
- Latin America: Mexico and Brazil are the largest producers and exporters of electronics goods. The high demand for smartphones, TVs, and other gadgets is expected to drive the growth of the Latin American lightweight materials market.
- Middle East Africa: The increasing application of lightweight materials in flooring, grating, and pipeline of the oil and gas industry to reduce corrosion and offer resistance from high temperatures and chemicals is projected to boost the regional market growth.
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