Increase in disposable income, technological upgrades, rise in new product developments, and surge in number of original equipment manufacturers (OEMs) and aftermarkets led the automobile sector to witness a significant growth, which in turn drives the global lightweight materials market. On the other hand, rapid fluctuations in raw material prices and high cost of carbon fiber restrict the use of lightweight materials in various end-use industries, including automotive, aircraft manufacturing, wind turbines, and marine, which impedes the growth to some extent.
A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
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The global lightweight materials industry was estimated at $168.1 billion in 2020, and is anticipated to hit $261.6 billion by 2030, registering a CAGR of 4.5% from 2021 to 2030.
The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.
The automotive segment held around four-fifths of the global lightweight materials market revenue in 2020, and is expected to lead the trail by 2030, owing to rise in middle-class income and surge in the young population across the world. The aerospace segment, on the other hand, would manifest the fastest CAGR of 4.7% from 2021 to 2030. This is due to the fact that both developed and developing economies are constantly engaged in upgrading their fighter jets with modern armor facilities where lightweight materials are widely used to enhance the avionics and mileage of fighter jets.
The Lightweight materials market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.
Lightweight Materials Companies Covered Market:- ArcelorMittal, Bayer AG, DuPont, Toray Industries, Inc., ExxonMobil Corporation, Solvay, Novelis Inc., PPG Industries, Inc., Saudi Basic Industries Corporation and Other.
The metal alloys segment accounted for more than three-fifths of the global lightweight materials market share in 2020, and is anticipated to rule the roost by 2030. Rise in demand for adhesives manufacturing tapes & labels, general-purpose repair, gift wrapping & decoration, and heavy-duty carton sealing propels the growth of the segment. The composites segment, however, would cite the fastest CAGR of 5.4% throughout the forecast period. Increasing demand for composites from building & construction, automotive, transportation, and other end-use sectors drives the segment growth.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the Lightweight materials market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Lightweight materials market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
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