Lightweight Materials Market 2024-2030 Forecast: Key Drivers Fueling Rapid Growth and Market Trends

Allied Market Research recently published a report titled "Lightweight Materials Market by Type (Metal Alloys, Composites, Polymers), by Application (Automotive, Aerospace, Wind, Marine, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." The report reveals that the global lightweight materials industry is projected to reach $261.6 billion by 2030, growing from a valuation of $168.1 billion in 2020 with an anticipated CAGR of 4.5% over the 2021-2030 forecast period.

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Key Growth Drivers

The global lightweight materials market is witnessing steady growth due to various factors:

- Expansion of original equipment manufacturers (OEMs) and aftermarket networks, particularly in the automotive sector.

- Increased product development and technological advancements in lightweight materials.

- Rising disposable income, fueling demand for high-performance and sustainable products.

However, high costs of materials like carbon fiber and price volatility in raw materials present challenges. Despite these obstacles, the growing awareness of sustainability and the rising popularity of electric vehicles (EVs) in both developed and developing countries are expected to create significant opportunities for market growth.

Segment Insights

- Metal Alloys: By type, the metal alloys segment dominated the market in 2020, accounting for over three-fifths of the total share. This is largely driven by demand for applications such as heavy-duty carton sealing, decorative wrapping, repair, and adhesive manufacturing tapes. The metal alloys segment is projected to maintain this lead through 2030.

- Composites: The composite segment, however, is expected to see the fastest growth at a 5.4% CAGR, spurred by demand from the transportation, automotive, and construction sectors.

Automotive remains the largest application segment, representing approximately four-fifths of market revenue in 2020, driven by rising incomes and a growing young population. The aerospace segment is expected to grow at the fastest rate (4.7% CAGR), as both emerging and established economies invest in advanced fighter jets and avionics to improve aircraft performance.

Regional Analysis

The Asia-Pacific region led the market in 2020, accounting for over three-fifths of global revenue. This region is expected to grow at the highest CAGR (5.2%) through 2030, driven by the demand for lightweight materials across automotive, wind turbine, aircraft, and marine applications.

Major Market Players

Key players driving innovation in the lightweight materials market include:

- 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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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.

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