Increase in the production of aircraft modules to boost demand for advanced composites and lightweight materials. The global market is projected to reach more than USD 230 billion by the end of 2028.
Investments of governments of different economies in integration of renewable energy sources for power generation as well as increased demand for composites and aluminium from the aviation business are driving the use of lightweight materials for aerospace and wind applications. Rapid changes in raw material prices and high carbon fibre costs are limiting usage in the automotive component manufacturing processes that are expected to hinder the growth of the market.
In terms of material the global lightweight materials market is segmented into metal & alloys, composites, and plastics. Also, in terms of application, the market divided into aerospace and defense, automotive, energy sector, electronic and electrical industry, construction industry, and consumer goods. In terms of geography, the global Lightweight Materials is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Key players in the market include Hexcel Corporation, ArcelorMittal SA, Formosa Plastics Group, Titanium Metals Corporation, Cytec Solvay Group, Bayer AG, SABIC, Allegheny Technologies Incorporated, Alcoa Inc
Key segments across lightweight materials market
- Material Type Overview, 2019-2028, (USD Billion)
- Metals & Alloys
- High strength steel
- Aluminum
- Magnesium
- Titanium
- Others (Beryllium, etc.)
- Composites
- Carbon Fiber Reinforced
- Glass Fiber Reinforced
- Plastics
- Polycarbonate
- Polypropylene
- Others (Polyamide etc.)
- Others
- Metals & Alloys
- Application Overview, 2019-2028, (USD Billion)
- Aerospace and Defense
- Automotive
- Energy Sector
- Electronic and Electrical industry
- Construction Industry
- Consumer Goods
- Regional Overview, 2019-2028, (USD Billion)
- North America
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- U.S.
- Canada
- Mexico
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- Europe
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- Germany
- UK
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- Rest of Asia-Pacific
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- South America
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- Brazil
- Rest of South America
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- Middle East & Africa
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- Saudi Arabia
- Rest of Middle East & Africa
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