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Lightweight Materials Market Value Understanding Pricing and Valuation Trends
Lightweight Materials Market
ππ¨π°π§π₯π¨ππ πππ¦π©π₯π πππ ππ¬ π¨π πππ¬πππ«ππ‘ ππ―ππ«π―π’ππ°: https://www.alliedmarketresearch.com/request-sample/1721
Market Overview:
The global lightweight materials market is projected to grow from $168.1 billion in 2020 to $261.6 billion by 2030, exhibiting a notable compound annual growth rate (CAGR) of 4.5% from 2021 to 2030. This growth is driven by the expanding automotive sector, technological advancements, and increased disposable income.
Key Growth Drivers:
- Rising OEMs and Aftermarkets: The increase in original equipment manufacturers (OEMs) and aftermarkets has spurred growth in the automotive sector.
- Technological Advancements: Continuous innovations in product development and technology.
- Increased Disposable Income: Growing disposable income has contributed to market expansion.
Challenges:
- High Carbon Fiber Costs: The elevated costs of carbon fiber restrict broader use.
- Volatile Raw Material Prices: Fluctuating prices of raw materials hinder market growth in sectors like marine, wind turbines, aircraft manufacturing, and automotive.
Opportunities:
- Sustainability Initiatives: Growing awareness of sustainable practices and the rising popularity of electric vehicles (EVs) in both developed and developing countries offer significant growth potential.
Market Segmentation:
1. By Type:
- Metal Alloys: Dominated the market with over three-fifths of the share in 2020, driven by demand in heavy-duty carton sealing, gift wrapping, and adhesive manufacturing.
- Composites: Expected to grow at the fastest rate with a 5.4% CAGR from 2021 to 2030, due to increased use in transportation, automotive, and construction.
2. By Application:
- Automotive: Accounted for nearly four-fifths of the market revenue in 2020 and will continue to lead. Growth is attributed to a young global population and rising middle-class income.
- Aerospace: Anticipated to grow at a 4.7% CAGR during the forecast period, with lightweight materials enhancing avionics and fighter jet mileage.
Regional Insights:
Asia-Pacific: Held the highest market share in 2020, over three-fifths of total revenue, and is forecasted to grow at a 5.2% CAGR from 2021 to 2030. Growth is driven by demand in wind turbines, aircraft, marine, and automotive industries.
Leading Market Players:
- Alcoa Corporation
- Saudi Basic Industries Corporation
- PPG Industries, Inc.
- Novelis Inc.
- Solvay
- ExxonMobil Corporation
- Toray Industries, Inc.
- DuPont
- ArcelorMittal
- Bayer AG
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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