Description :
Lightweight materials comprise highly permeable materials with minimal weight , generally lightweight steel , magnesium , aluminum , and composites , and are generally used in weight reduction of various automobiles , aircrafts , and windmills without altering the strength of the overall structure . High strength steel has high level of weight reduction properties , as these materials reduce the overall weight of the structure without hampering the overall strength , making it feasible for automobiles .
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The market for lightweight materials has considerably increased in the recent past , due to increase in consumer inclination towards fuel efficient vehicles and increase in government investments in electricity generation by integrating renewable sources of energy , such as wind energy and hydroelectric energy , wherein lightweight materials are used in windmill blades and turbines . The world lightweight materials market is expected to reach a market value of $ 196,299 million by 2022 , registering a CAGR of 4.2 % between 2016 to 2022 .
Increase in penetration of lightweight components to fuel the market as well as rise in production of aircraft modules to uplift the demand for advanced composites and other lightweight materials drive the lightweight materials market . Moreover , increase in usage of lightweight materials in windmill blades and turbines and other industrial and packaging goods is another key factor that drives the growth of the overall market . Challenges faced by this industry are rapid fluctuations in raw material prices coupled with high cost of carbon fiber that restrict the usage in manufacturing of automotive components .
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The world lightweight materials market is segmented on the basis of type , application , and geography . Based on type , the market is classified into metal alloys , composites , and polymers , and others . The metal alloys segment dominated the world lightweight materials market in 2014 , and is expected to maintain its lead throughout the forecast period . The composites and polymers segment is anticipated to grow at a significant CAGR of 3.7 % over the forecast period . Geographically , it is analyzed across North America , Europe , Asia- Pacific , and LAMEA . Asia-Pacific occupied more than 35 % of the total revenue share in 2015 , followed by Europe and North America .
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Top players in the market invest huge capital in R & D activities to develop enhanced products to cater to the current demand . Major players in the lightweight materials market are E . I DuPont de Nemours and Company Cytec Industries Inc .
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