Lightweight Materials Market Size to Reach USD 303.82 Billion in 2028 | Rising Demand for Composites in Aircraft Manufacturing and Stringent Road Safety Regulations are Some of the Key Factors Driving Industry Demand, says Emergen Research

Lightweight Materials Market Size to Reach USD 303.82 Billion in 2028 | Rising Demand for Composites in Aircraft Manufacturing and Stringent Road Safety Regulations are Some of the Key Factors Driving Industry Demand, says Emergen Research

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VANCOUVER, BC, Dec. 20, 2021

VANCOUVER, BC, Dec. 20, 2021 /PRNewswire/ -- The global lightweight materials market size was USD 159.95 Billion in 2020. Rising focus on improving fuel efficiency, increasing investment in renewable energy sector, stringent road safety regulations, and expanding use of lightweight materials for improving stability and payload capacity of ships, reducing vehicle weight, and for enhancing flight performance and fuel efficiency of aircraft are among some of the key factors driving revenue growth of the global lightweight materials market.

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Drivers: Rising demand for lightweight materials in aircraft manufacture

Rising demand for more lightweight materials in aircraft component and part manufacture is a key driver of market revenue growth. Lightweight materials such as composites and plastics are substantially lighter compared to materials such as steel, brass, alloys, iron, and others. Reduction of weight of aircraft components can lead to significant cost savings in terms of fuel consumption. Also, plastic materials perform much better in chemically harsh conditions as compared to steel, thereby increasing longevity of aircrafts' structural frame and preventing expensive repairs as a result of corrosion of metal components. Plastic also ensures decreased Maintenance, Repair, and Operation) downtime as replacements are easier and quicker to install. Moreover, high-performance thermoplastics offer excellent flame resistance characteristics, which is a necessary requirement in aerospace applications.

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Restraints: High cost associated with lightweight materials

Lightweight materials deliver considerable weight reduction benefits, but at a higher cost. For instance, high-strength steel provides a weight reduction of 20.0% over steel at a higher cost of 15.0% per part, and aluminum is 30.0% more expensive than steel, but delivers 40.0% weight reduction. Also, carbon fiber, which provides overly higher weight reduction than steel, is very cost-prohibitive, which restricts its penetration in the market.

Growth Projections

The global lightweight materials market size is expected to reach USD 303.82 Billion in 2028 and register a revenue CAGR of 8.3% during the forecast period, which can be attributed to rising demand for Electric Vehicles (EVs) and increasing investment in research and development of more innovative methods to produce lightweight materials at lower cost. Thermoplastic films are increasingly being used for sandwiching laminated glasses used in automotive windshields to enhance shatter resistance. Expanding applications of thermoplastics is expected to continue to fuel demand for lightweight materials for various applications and in a variety of end-use industries and sectors.

COVID-19 Direct Impacts

Automotive industry witnessed decrease in sales during the peak of the COVID-19 pandemic and after as well throughout 2020. However, as restrictions and lockdowns have been relaxed in some countries and lifted in others, the industry exhibited steady signs of recovery, with automotive sales in countries such as China registering sales at pre-pandemic lockdown levels during the second half of 2021. It is expected that emerging trends, including shift towards electric vehicles, rising use of mobility services, and autonomous driving will continue to drive demand for lightweight materials to a significant extent going ahead.

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Current Trends and Innovations

Increasing incorporation of Internet of Things-enabled sensing technologies and devices into aircraft functions, components, and body is become integral to growth of IoT in the aviation sector. Several aerospace material providers are emphasizing on production of smart composite materials by incorporating sensors into composite materials. Advanced fibers such as micro-fibrillated cellulose and nanocellulose possess very low fiber diameter, enabling Fiber Bragg grating sensors to be embedded for measuring internal strain. This technology helps in detecting any damage caused to the material in sensor proximity. Using smart composites in aircraft will enhance safety of aircraft and occupants as the material delivers alerts related to material strain or damage.

Geographical Outlook

Market in Europe accounted for a significantly large revenue share in 2020, attributed to rising demand for EVs among consumers in countries in the region and stringent regulations pertaining to environmental pollution and need to reduce negative impacts. In addition, presence of leading aircraft manufacturers such as Airbus and Liebherr Aerospace is expected to support Europe market revenue growth.

Strategic Initiatives

In July 2020, IPL Plastics Inc. made an announcement about signing an agreement for its acquisition by Intelligent Packaging Limited Purchaser Inc., which is a firm controlled by Madison Dearborn Partners, LLC.

Some Key Highlights From the Report

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Emergen Research has segmented the global lightweight materials market on the basis of product type, distribution channel, application, and region:

a. Polycarbonate
b. Acrylonitrile Butadiene Styrene
c. Polyamide
d. Polyurethane
e. Polypropylene
f. Others

a. Aluminum
b. High Strength Steel
c. Titanium
d. Others

a. Carbon Fiber Reinforced Plastic
b. Glass Fiber Reinforced Plastic
c. Others

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a. U.S.
b. Canada
c. Mexico

a. Germany
b. U.K.
c. France
d. Italy
e. Spain
f. Sweden
h. Rest of Europe

a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC

a. Brazil
b. Rest of LATAM

a. Saudi Arabia
b. UAE
c. South Africa
d. Israel
e. Rest of MEA

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