Transparency Market Research (TMR) has released a market study detailing the global lightweight materials market from 2014 to 2020. The report is titled “Lightweight Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020” and states that the market for lightweight materials will reach a valuation of US$186.3 bn by 2020, increasing from US$126.3 bn in 2013 at a modest CAGR of 5.80% from 2014 to 2020. By volume, the said market amounted to 54,340.3 mn kg in 2013.
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The report states that the market for lightweight materials receives major demand from the transportation sector. The use of lightweight materials such as aluminum, titanium, and composites in aircraft helps in revenue generation, due to the increased payload capacity and enhanced energy efficiency of the aircraft.Increasing environmental concerns across the globe associated with carbon emissions from vehicles are driving the demand for lightweight materials in the automobile and aviation sectors. However, the high cost of lightweight materials over conventional materials such as steel will be a deterrent to the growth of the global lightweight materials market during the forecast period.
The global market for lightweight materials is divided on the basis of product, application, and region. Aluminum, high strength steel, polymer and composites, titanium, magnesium, and others are the key product segments of the market. Out of these, aluminum is one of the major lightweight materials and held 30.4% of the global market for lightweight materials in 2013. This product segment is expected to witness substantial growth during the forecast period.
The composites product segment, which comprises glass fiber reinforced plastics, metal matrix composites, ceramic composites, carbon fiber reinforced plastics, and other hybrid materials, will exhibit an increase in its market share over the forecast period, due to their functional benefits in comparison with other lightweight materials. However, the high cost of composites will hamper the share of the segment to some extent. Titanium, another important lightweight material, will witness significant demand during the forecast period, predominantly from the aviation industry.
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On the basis of application, transportation is registered as the largest application segment and accounted for more than 85% of the overall market in 2013. Aircraft, railways, and automobiles are the primary transportation modes that utilize lightweight materials in the manufacture of vehicles. This helps in enhancing payloads, reducing carbon emissions, and improving the fuel efficiency of the vehicles.Defense and energy are also important application segments of the lightweight materials market. Lightweight materials are extensively used in the defense sector for the manufacture of body armor, vehicles, and other applications. Another application of lightweight materials is in wind energy systems, especially in rotor blades. Wind energy systems are expected to be the fastest growing application segment of the lightweight materials market, expected to expand at a CAGR of 5.80% from 2014 to 2020 in terms of volume.Among the regional segments, Asia Pacific dominated the lightweight materials market, accounting for more than 40% of the overall market in 2013.
The report segments the global lightweight materials market as:
Lightweight Materials Market - Product Segment Analysis
- High Strength Steel
- Polymer and composites
- Others (Ceramic composites, carbon fiber composites and hybrid materials)
Lightweight Materials Market - Application Segment Analysis
- Others (Medical applications, etc.)
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