Lightweight Market and Trends: Insights, Application, Type, Leading Region, and Key Players
With the rise in global warming and climate change, regulations for vehicular CO2 emissions are becoming stricter. And this is why the demand for lightweight materials is rising and will keep rising.
Lightweight materials find application in a diverse range of industries, including; automotive, marine, aviation, and wind energy. While all these industries demand lightweight materials, their level of demand differs, with the automotive industry accounting for over 89% of the market volume.
In this article, we’d shed light on the lightweight material market and trends. We’d also discuss the region leading the global automotive lightweight materials market, and insight into the lightweight materials application and type.
Lightweight Market Material Overview
Valued at USD 172.5 billion in 2021, there is an expectation that by 2030, the lightweight market will rise to USD 278.9 billion. Furthermore, there is a forecast that this industry will grow at a compound annual growth rate (CAGR) of 5.48% from 2022 to 2030.
There are a few reasons for the recent lightweight material market and trends surge. First, lightweight materials include aluminum, beryllium, titanium, magnesium, titanium aluminides, metals, composites with polymers, structural ceramics, and engineering plastics. These materials reduce the weight of windmills, aircraft, automotive, and marine without undermining their structural integrity or efficiency. Besides, lightweight materials have high impact resistance, thermal stability, compressive, and tensile strength.
Another reason is that the world is clamoring for renewable energy sources that utilize lightweight materials. The demand for these renewable energy sources like windmills and wind turbines would also drive demand for lightweight materials, thereby boosting the sector’s growth.
There are three bases for classifying the global lightweight materials market. These include the type, application, and region. Based on type, there are composites, polymers, metal alloys, etc. For application, there are aerospace, wind, automotive, marine, etc. Based on region, the classes include North America, Europe, LAMEA, and Asia-Pacific.
Region Leading the Global Lightweight Materials Market
With a revenue share of 35.9%, Europe dominated the global lightweight market in 2019. There is also a prediction that it will experience more growth in the period under review due to the presence of major suppliers of lightweight materials in the region and multinational car manufacturers.
On the other hand, there is a projection that the Asia-Pacific lightweight materials market will have a CAGR of 5.2% during the forecasted period. This region also accounted for 38.6% of the 2020 global market share. This increase is due to the rise in demand for lightweight materials across several Asia-pacific industries, including automotive, marine, wind turbines, and aircraft.
Besides, in 2014, according to statistics, 23.7 million vehicles were produced in China, which is increasing steadily. Asides from China, other leading automotive lightweight materials markets, include Japan, India, and South Korea. Moreover, manufacturers from other regions are buying into the Asia-Pacific market due to low manufacturing costs, including labor and setting up manufacturing units.
Lightweight Materials Market By Type
In terms of material type, metals and alloy-type materials dominated the market in 2021. These materials have applications in electric vehicle components like external and interior trim and battery packs. Therefore, the increase in demand for electric vehicles increased their demand.
Other key metals for making electric vehicles include; copper, nickel, and aluminum. There is a projection that the increase in electric vehicle demand will increase demand for these materials. Aluminum being a lightweight metal, is the major material used to produce electric vehicle parts, including wheels, brakes, pipes, and even battery casing.
Asides from metals and metal alloys, engineering plastics also had a major market share in 2021. This is due to their application in making electric car furnishings, under-the-hood components, power trains, and other electric components. The materials used here include polymers like; polyamide, polymethyl methacrylate, and polycarbonate.
Materials Market By Application
The automotive sector dominated the global market for lightweight materials in 2020, and in the forecasted period, expected to grow at a 4.6% CAGR. This dominance is due to the increase in the income of the young population and middle class and the emergence of lightweight electric vehicles.
Lightweight materials have several applications in the automotive industry. And this shows the 8.4% year-on-year growth rate registered by the U.S parts manufacturing industry from February 2021 to February 2022. Other industries that dominate the lightweight material sector include; the energy sector and aviation.
Automotive Lightweight Materials Market Insights
With opportunities for use in a diverse range of vehicles, including passenger cars, and heavy and light commercial vehicles, the future of the global lightweight car market is very promising. There is an estimation that the market will reach USD 115.37 billion by 2027, with a CAGR of 8.0% from 2021 to 2027. Government regulations regarding emissions and fuel economy and the wide-scale adoption of lightweight materials are major drivers for this growth. Also, the 4.8% CAGR global vehicle production forecast within the period under review is another major driver for this growth.
List of Key Market Players of the Automotive Lightweight Materials
The key players in the automotive lightweight material industry compete based on quality, which is why they focus on R&D investments. They also focus on infrastructural development as well as value chain leverage integration. Implementing these strategies makes it easier for the key companies to develop innovative technologies and products, supply increasing demand, expand customer base and reduce the production cost. The major lightweight material production companies include:
- Jilv Auto Casting
- BASF SE
- ThyssenKrupp AG
- ArcelorMittal SA
With the world cutting down on waste and emissions, lightweight materials are the current trend. These materials cut down emissions by 20-30% while maintaining the structural integrity and strength of the machined part. Lightweight materials have applications across a diverse range of industries. However, the automotive industry has the largest share of applications.
Are you looking to produce automotive parts using lightweight materials? Jilv Auto Casting is a lightweight manufacturing company with specialists in lightweight manufacturing. They offer reliable services to several industries, including medical equipment, automotive parts, aerospace & aeronautics, and precision electrical components. So why not give us a call today?