About Lightweight Materials
Advanced materials are essential for boosting the fuel economy of modern automobiles while maintaining performance and safety. As it takes less energy to accelerate a lighter object as compared to a heavier one. Replacing traditional steel components and cast iron with lightweight materials such as high-strength steel, magnesium (Mg) alloys, carbon fiber, aluminum (Al) alloys, and polymer composites can directly reduce the weight of a vehicle's body and chassis by up to fifty percent and therefore reduce a vehicle's fuel. By using lightweight structural materials, vehicles can carry additional advanced emission control systems, safety devices, and integrated electronic systems without increasing the overall weight of the vehicle. Thereby, the popularity of lightweight materials is significantly increased in the automotive and aerospace industry.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.0% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Lightweight Materials market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
E.I DuPont de Nemours and Company (United States), Cytec Industries Inc. (United States), ExxonMobil Corporation (United States), SABIC (Saudi Arabia), Bayer AG (Germany), Toray Industries Inc. (Japan), Novelis Inc. (United States), ArcelorMittal SA (Luxembourg), PPG Industries Inc. (United States) and Alcoa Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are ThyssenKrupp AG (Germany), Henkel Corporation (Germany), Owens Corning Corporation (United States), LyondellBasell Industries N.V. (United States), Hexcel Corporation (United States), SGL Group (Germany), Nippon Graphite Fiber Corporation (Japan) and Mitsubishi Rayon Co. Ltd. (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Lightweight Materials market by Type (Metal Alloys, Composites, Polymers and Others), Application (OEM and Aftermarket) and Region.
On the basis of geography, the market of Lightweight Materials has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Industry Verticals, the sub-segment i.e. Automotive will boost the Lightweight Materials market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
Increasing Stringency of Regulations on Vehicular Emissions and Fuel Efficiency, Growing Demand Coupled With Material Innovations in Aviation Industry and The Increased Demand For Electric and Hybrid Vehicles Globally
Challenges:
Safety and Technological Constraints
Restraints:
High Cost of Lightweight Materials
Opportunities:
Commercialization of Electric Vehicles and Growing Demand in Wind Energy Sector
Market Leaders and their expansionary development strategies
In November 2023, Xtellar and Vartega Expand Strategic Partnership to Further Advance Sustainable Materials for Additive Manufacturing, their collaboration through a transformative 5-year strategic partnership. This marks a significant milestone in the pursuit of sustainable materials for additive manufacturing, reinforcing the commitment of both Vartega and Xtellar to environmentally responsible innovation.
In May 2023, Huntsman will announce the development of innovative polyurethane, carbon nanotube, and epoxy materials at The Battery Show this week, which are all designed to help improve the integration of batteries into electric vehicles and enhance their protection and performance.
Key Target Audience
Lightweight Materials Manufacturers, Lightweight Materials Raw Material Suppliers, Lightweight Materials Importer/Exporter, Original Equipment M, Lightweight Materials End Users, Regulatory & Government Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.