Lightweight Materials Market to Amount to USD 226 Bn by 2024, Expects Grand View Research in Its Report Published at MarketPublishers.com26 Oct 2016 • by Natalie Aster
LONDON – The global lightweight materials market surpassed the USD 100 billion mark long ago. This marketplace is set to be approximately USD 226 billion by 2024. This growth is expected to come from the increasing demand from wing project installations, stringent regulations related to vehicular emission as well as efficiency, and more.
The market space, on the other hand, faces certain restraints like technological and safety constraints and a high cost associated with such materials.
China and the USA are the leading consumers of lightweight materials since a large number of aviation component and automotive manufacturers are present in these countries.
In 2015, the automotive application segment held the position of the number one consumer. This segment consumed more than 27 million tonnes of the materials. The consumption volume is set to grow at an 8% CAGR over the period 2016-2024.
High strength steel is set to become the fastest growing segment. Its demand amounted to more than USD 8 billion in 2010 and it is expected to grow at a double digit rate in the upcoming years.
The demand for lightweight materials hit the USD 42 billion mark in 2015 in APAC. It is forecast to grow significantly in the offing.
Aleris International, SABIC and Alcoa are some of leading companies in this universe.
In-demand research report “Lightweight Materials Market Analysis By Product And By Application and Segment Forecasts To 2024” drawn up by Grand View Research offers a very detailed analysis of the global market for lightweight materials. The study comprises a thorough overview of the marketplace. It limelights the regulatory framework and major technologies.
Insights into forces igniting the growth and restraining it are included in the report. The research study comprises Porter’s five forces and PESTEL analyses. It delves deep into product segments and explores application fields.
The research report throws light on major regions and countries. The study discusses the competitive situation (and the landscape) and profiles companies. Forecasts through 2024 are available in the report, too.
More insightful research reports by Grand View Research can be found at its page.