According to the reports, the lightweight materials market is driven by the transportation sector. The efficiency of the vehicle depends on its weight, hence the sector prefers to use lightweight materials. Environmental concern related to carbon emissions from vehicles is driving the demand for lightweight materials in the automobile and aviation sectors. The CO2 emission is the major concern for many countries, hence in the near future, the European Union aims to penalize companies manufacturing cars with high CO2 emission.
Lightweight materials such as titanium, aluminum, and composites in aircraft helps in revenue generation, as they improve payload capacity and also enhance energy in the aircraft. What makes these lightweight materials so favorable in the transportation industry are their exceptional corrosion resistance, and greater design flexibility. The demand for the lightweight material market has seen a tremendous rise owing to the increase in government investments in renewable power projects such as hydro energy, wind, and increase in demand for fuel efficient vehicles. The factors such as high cost of carbon fiber and rapid fluctuations in raw material prices limit the use in manufacturing of automotive components, thus hampering the market growth.
Lightweight Materials Market Gets Impetus from Wind Energy
Apart from transportation sector, wind energy is known to use lightweight materials, especially in rotor blades. In the application segment of the lightweight materials market, wind energy is the fastest growing. In terms of value, it is expected to expand at a CAGR of 5.80% from 2014 to 2020.
Aluminum Holds Leading Share in Lightweight Materials Market
The key product segments of the lightweight market comprises of polymer and composites, aluminum, magnesium, high strength steel, titanium, and others. Holding 30.4% of the global market for lightweight materials in 2013, and it still continues to hold major market shares. The product segment is projected to witness substantial growth during the forecast period.