Lightweight Materials Market Size, Global Driving Factors, Growth Opportunities, Regions Forecast to 2027

Precision Business Insights published a research report on “Lightweight Materials Market By Type (Metal Alloys, Composites & Polymers and Polymers), By Application (Aerospace, Automotive, Marine, Wind and Others (Transportation, Packaging, and Other Engineered Goods)) and Geography -Global/Region/Country Forecast to 2027".

The materials used to reduce vehicle weight in order to minimize emissions, improve performance, and minimize oil and fuel usage are known as lightweight materials. Lightweight materials play a key role in improving the fuel economy of modern vehicles while preserving their performance and safety. Weight loss is crucial in reducing CO2 emissions from any source of energy, including fuel cells, oil, biofuels, and electric. Recycling, mass reductions, and manufacturing processes are the most common ways to reduce polluting gases and CO2 emissions in the transportation sector.

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With the continuous degradation of the environment, automotive businesses all around the world are inventing lighter and more useful materials to improve vehicle fuel efficiency, which on the other hand is pushing the markets growth further. Manufacturers can enhance vehicle efficiency by using lightweight materials, as a reduction in a car's weight leads to a large enhanced fuel economy. As a result of rising gasoline prices, demand for lighter automobiles is increasing. Aside from that, governments around the world have implemented vehicle weight reduction strategies in response to the need for stricter environmental rules. Additionally, as multiple key businesses attempt to lower the cost of these materials and boost their recyclability, there has been an increase in expenditures in R&D efforts across the industry.

On the basis of Product, the lightweight materials market is divided into Polymers & Composites and Aluminum. On the basis of Application, the market is segregated into Aviation, Automotive, and Energy.

Over the forthcoming years, growing vehicle demand in North America is expected to boost market growth. The strong presence of major auto manufacturers in countries like the United States and Canada drives growth in this region. Moreover, the presence of manufacturers of renewable energy equipment is expected to propel the market in this region. Europe is a major player in the lightweight materials industry. The presence of major automobile manufacturers, as well as increasing innovation in lightweight materials used in aviation, is projected to drive product demand in this region. The use of lightweight materials in the energy industry is likely to increase as the focus shifts to renewable energy. In the lightweight materials industry, MEA is expected to be one of the fastest expanding regions. The rising end-use industries in this region are driving demand for lightweight materials. Over the projection period, the growth of a number of companies in this region is expected to drive market growth for lightweight materials.

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There are some major players working in lightweight materials market, which include SABIC, Aleris International, Formosa Plastics Group, PPG Industries Inc., Toray Industries Inc., Teijin Limited, Mitsubishi Rayon Co. Ltd., SGL Group, Hexcel Corporation, Cytec Industries, Jushi Group Co. Ltd, Titanium Metals Corporation, ALCOA Inc, Novelis Inc.

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