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Seoul, Aug. 14, 2022 (GLOBE NEWSWIRE) — Precedence Research, Recently Published Report on “Lightweight Material Market (By Product: Composites, Metals, Plastics; By Application: Automotive, Aviation, Energy, Other) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030″.
Magnesium, carbon fibre, aluminum/al composites, titanium, glass fibre, and high strength steel are a few examples of lightweight materials. By considerably reducing weight via the use of lightweight materials in the automotive and aerospace industries, fuel efficiency and total range of Hybrid, plug-in, and all-electric vehicles are increased.
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The use of light-weight structural materials enables the integration of more sophisticated safety features, integrated electrical systems, and emission control systems without adding to the total weight of the vehicle and boosting performance. High temperature metal titanium is utilised in powertrain systems to save weight by up to 54.9%. It can endure extremely high temperatures and has a good strength to weight ratio. When used in strength-limited designs like pillars and door rings, advanced high strength steel has the potential to reduce component weight by up to 25% . The market for lightweight materials is primarily driven by the expanding automotive sector and rising levels of vehicle modernisation. Government restrictions on efficiency, road safety, and vehicle safety have helped the lightweight materials sector expand. The use of lightweight materials is expanding in windmill projects , and lightweight components are becoming more widely used.
Report highlights
- The composites segment revenue is anticipated to see the strongest growth rate among the product type categories throughout the projection period. FRP composites, or fiber-reinforced plastic, offer outstanding strength-to-weight ratios. When compared to precast concrete, components made with FRP are more than eight times lighter, making them more easier and safer to deal with in the construction industry. Cantilever walkways next to flyovers and bridges may be installed quickly and easily using FRP decking without significantly increasing the dead load.
- Titanium’s low densityhigh strength, and extremely high weight-to-strength ratio make it ideal for use in aircraft applications and part manufacturing to reduce weight without sacrificing structural integrity. Titanium is favoured in aeroplanes for increased mileage.
- Of the application sectorsrevenue from the marine sector is anticipated to grow at a quicker rate throughout the projected period. In order to attain fast speed and enhance fuel efficiency, lightweight materials are employed in a variety of civilian and military maritime applications.
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Regional Snapshots
The market for lightweight materials in Asia-Pacific is expected to develop at the highest CAGR of 5% over the course of the forecast period and had 41% of the market share in 2021. This is explained by a growth in interest for lightweight materials especially in the Asia-Pacific automobile, marine, aerospace, and wind energy industries. China and India are two of the top markets for the automobile industry. In this industry, many vehicle components are made using lightweight materials. For instance, a study released in December 2021 by Brands Equity Foundation stated that domestic car manufacturing climbed by 2.1% from 2017 to 2020, with the nation producing 26 billion automobiles in that year.
Aside from that, Asia-Pacific is a desirable market for manufacturers due to low labour costs, affordable manufacturing unit setup costs, and affordable lightweight materials. These elements fuel the need for lightweight materials in this area.
Scope of the Report
Full story available on Benzinga.com
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