The growing regulations on vehicle emissions and an increasing number of renewable energy projects are driving the demand for the market.

The global Lightweight Materials Market is forecast to reach USD 276.81 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, owing to the increasing emission reduction regulations from many industries. Increasing government investments in renewable energy projects, such as hydro-energy and wind energy, are also driving the demand for the market.

An increase in the manufacture of aircraft modules, along with the rise in the penetration of lightweight components, is leading to a surge in demand for the market. Aluminum, Polymers and composites and high strength steel are used to meet the industry’s emission and safety standards extensively. Automobile makers have started to work on innovations in multi-material design, which involves working on lightweight materials in an attempt to increase the fuel-efficiency of vehicles. Usage of polymers and composites in designing vehicles will increase due to their property of being lightweight. This is expected to lead to an increased demand for the market.

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Top Leading Players: Evonik Industries, Bayer AG, Precision Castparts Corp., Toray Industries Inc., PPG Industries Inc., Alcoa Inc., Formosa Plastics Group, Aleris International, Cytec Solvay Group, and SABIC, among others.

Further Key Finding from the Report Suggestion:

• Aviation occupied 8.3% of the market in 2019. The aviation industry uses lightweight materials, as they provide the advantage of better fuel-efficiency. The aviation industry is witnessing innovations every day, and the growing air traffic is expected to drive the demand for the aviation industry, and in turn, the lightweight materials market.
• High Strength Steel is forecasted to grow at a CAGR of 9.4% in the forecast period. The primary reason for this is the substitution of traditional steel with High Strength steel because of its lightweight properties. It is known to reduce the weight of vehicles by around 25.0%, because of which it is highly used in the automotive sector. Also, the recycle value of the product is increasing steadily, which is expected to drive the growth for the market.
• Online Stores occupied 23.7% of the market share in 2019. The primary reason for this is that online stores are still in the developing stage to sell products, such as lightweight materials. Also, consumers like to touch and feel the product before buying, because of which online stores currently occupy a smaller market share,
• North America occupied the second-largest market share of 19.7% in 2019. This is due to the increasing demand for automobiles in the region. Also, a large number of vehicle manufacturers are present in countries like the US and Canada, which drive the growth of the market in the region. Polymers and composites are growing in the region, due to their extensive use in the energy and automotive sectors.
• In Latin America, the market is growing continuously because of the increasing number of manufacturers of lightweight materials. Also, in Europe, the market is forecasted to grow at a CAGR of 8.2%, the second-highest among all regions. The primary reason for this is the presence of wind energy equipment and aircraft manufacturers in the region.

Lightweight Materials Market Demand:

The global lightweight materials market is expected to experience significant demand in the coming years. Lightweight materials are materials that have a low density, making them lightweight and strong. They are widely used in various industries such as aerospace, automotive, construction, and electronics.

One of the key drivers of market demand is the increasing demand for fuel-efficient and eco-friendly vehicles. Lightweight materials such as aluminum, magnesium, and composites are extensively used in the automotive industry to reduce the weight of vehicles and improve fuel efficiency. The adoption of electric and hybrid vehicles is also expected to drive the demand for lightweight materials as these vehicles require lightweight materials to increase the driving range.

The aerospace industry is another key driver of market demand. Lightweight materials such as carbon fiber composites are used in aircraft to reduce weight and improve fuel efficiency. The increasing demand for air travel and the development of new aircraft models is expected to drive the demand for lightweight materials in the aerospace industry.

The construction industry is also expected to contribute to market demand. Lightweight materials such as foam insulation and lightweight concrete are used in construction to reduce the weight of buildings and improve energy efficiency. The increasing focus on sustainable construction and the adoption of green building codes is expected to drive the demand for lightweight materials in the construction industry.

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The global Lightweight Materials market is segmented into:

Product Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)

• High Strength Steel
• Aluminum
• Polymers and Composites
• Magnesium
• Titanium
• Others

Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)

• Automotive
• Aviation
• Energy
• Others

Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)

• Offline Stores
• Online Stores (E Commerce)

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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