The global lightweight materials market is growing at a significant rate, driven by the stringent regulations in North America and Europe. The market value will grow from an estimated $88.5 billion in 2014 to $133.1 billion by 2019, at a CAGR of 8.5% for the projected period. The market has been segmented into three categories based on the type of material, namely, composites, metals, and plastics.
Lightweight materials have uses in different industries. The report covers application in the automotive, aviation, marine, and wind energy industries. The regulations have fueled the increased demand from the automotive industry for materials for lightweighting. The demand from the other industries are also seeing an increase based on the need for enhancing efficiency and reducing costs. The wind energy industry has seen an increased utilization of composites in the recent past for superior aerodynamics. The use of composites accounted for about 20% of the total lightweight materials market in terms of value.
The market in Asia-Pacific, Europe, North America, and Rest of the World has been studied in detail. Since the major portion of lightweight materials are used in the automotive and aviation industry, the market for these materials in North American and Asia-Pacific dominated the total market consumption. Together, they accounted for over 71% of the total market in 2013. The high growth may be attributed to stringent regulations and high production of aircrafts and vehicles in these regions. The Asia-Pacific region is expected to record above the average growth in the projected period due to high demand.
The report covers the lightweight materials market by key regions and major countries in each region. It also provides a detailed segmentation of the market on the basis of material type and by application, along with projections till 2019.