The global lightweight materials market is growing at a rapid pace and is expected to become a multibillion dollar industry by 2023. The unique properties exhibited by the lightweight materials as compared to conventional ones have driven the demand for the same across many industry verticals. Automotive industry dominated the global lightweight materials market in 2016 and is expected to continue this trend in the coming years. Other industries such as aerospace and defense, and wind energy are also utilizing lightweight materials to reduce manufacturing cost and increase efficiency of the product.
Many key players are involved in this dynamic market and are undertaking several business methods to widen their expanse globally. In a recent development, two of the giant players of the lightweight materials market, Exxon Mobil and Saudi Basic Industries Corporation, signed a deal which will “help build a $20 billion chemical complex that the Trump administration had touted earlier this year as a boon to job growth on the American Gulf Coast.1” This deal will certainly have a positive impact on the lightweight materials segment which is in huge demand globally.
Another side of the lightweight materials market is the innovations and development of new materials which can further help in making efficient products. Hexcel is going to launch its latest material, HiTape dry carbon fibre reinforcements with a C spar panel and co-infused stringer, for aerospace and industrial applications at the SAMPE 2017 technical conference that is taking place in Seattle, WA. According to the manufacturer, this display shows the high forming capability of HiTape reinforcements and how the technology can be used to co-infuse stringers and C spar panels. It is also representative of an aircraft wing construction, the company reports.2
Key companies are undergoing drastic changes in the lightweight materials market and are engaging in organic as well as inorganic activities which will pave the future of the market. Acknowledging the dynamic nature of the market, BIS Research has published a report titled, Global Lightweight Materials Market -Analysis & Forecast (2017-2023), incorporating a market breakdown by lightweight material type, sub-type, end-use applications, and different geographical regions.
According to the analyst at BIS Research, “The lightweight materials market is estimated to reach $242.78 billion by 2023. Increasing usage of lightweight materials in end-use industries, superior properties of lightweight materials over conventional materials, and stringent regulations are some of the major factors which has contributed to the overall market growth. High production cost associated with lightweight materials and uncertainty in production tax credit are two of the major factors hampering the growth of lightweight materials.”
This study includes sections on competitive insights and market dynamics. Herein, the revenue generated from lightweight materials is tracked to calculate the market size. While highlighting the key driving and restraining forces for this market, the report also provides a comprehensive section of the application areas of the lightweight materials market. Special emphasis has been put on the market share and size of metals, composites and plastics, owing to their high share in the current and upcoming market of lightweight materials. The industry analysis have also been undertaken in order to examine the impact of various factors and understand the overall attractiveness of the industry.
The recent activities of the key players in this market have also been tracked in the form of company profiles. Some of the key companies covered in the report are Toray Industries, Teijin Limited, Mitsubishi Rayon Co. Ltd., SGL Group, Hexcel Corporation, Cytec Industries, Owens Corning Corporation, Jushi Group Co. Ltd, Dead Sea Magnesium Ltd., Titanium Metals Corporation, Vsmpo-Avisma Corporation, ALCOA Inc., Novelis Inc., Arcelor Mittal S.A., Rio Tinto, China Hongqiao Group, Thyssenkrup AG, Lyondellbasell Industries N.V., Formosa Plastic, and SABIC.
1 Washington Examiner
2 Innovation in Textiles