Lightweight materials have an excellent weight-to-strength ratio, corrosion resistance, and significant design flexibility. Its performance depends upon a mixture of composites or alloys used in manufacturing process. Metal segment compromises of lightweight materials market and aluminum alloys, magnesium alloys, titanium alloys, and high-strength steel. These materials possess properties such as high corrosive resistance and low density. Metal compounds are easy to shape by machining, forming, and, welding, and thus find several applications in various industries, such as aerospace, wind, automobile, and others.
The global lightweight materials market report has been segmented on the basis of type, application, and region.
On the basis of type, global lightweight materials market has been segmented into composites, metals, and plastics. Metals segment is projected to account for major market share in terms of revenue during the forecast period, owing to increasing use of lightweight metals in automotive industry exhibiting special features such as high strength, heat resistance, corrosion resistance, and others.
Among all the application segments, automotive, aviation, energy, and others, the energy segment is projected to grow at fastest CAGR during next five years. The automotive segment has highest share in the global lightweight materials market. The adoption of lightweight materials to decrease vehicles weight is a current trend in manufacturing industries and is expected to boost adoption of lightweight materials in automotive industries over the forecast period.
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On the basis of region, the global lightweight materials market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market accounted for major market share in terms of revenue to the global lightweight materials market in 2016. Asia Pacific lightweight materials market is projected to witness significant growth over next eight years, owing to government initiatives for developing and maintenance of power projects, such as hydropower and wind energy.
Key players operational in the global market include Alcoa Corporation, PPG Industries, Inc., Arcelormittal S.A., TORAY INDUSTRIES, INC., Novelis INC., Owens Corning, Titanium Metals Corporation, Thyssenkrupp Ag, Vsmpo-Avisma Corporation, and Hexcel Corporation.