Global lightweight materials market to grow at a CAGR of 8.5% till 2019 to US$133.1 bln

10-Sep-14

The lightweight materials market is expected to grow exponentially in the next five years. Different governments across the world have been strenghtening regulations for reduction of vehicular pollution. Lightweighting of vehicles enhances fuel efficiency. Hence, the lightweight materials market is set to witness high growth. The global lightweight materials market is expected to grow at a CAGR of 8.5% from 2014 to 2019 and will reach a value of US$133.1 bln, as per Reportlinker.com. The lightweight materials market has been segmented by type into composites, metals, and plastics, which have been further sub segmented. The market for lightweight metals is growing at a high rate followed by the plastics market. The demand has increased from vehicle manufacturers for lighter metals such as high strength steel and aluminum to substitute conventional materials without compromising the quality of the vehicles. The high cost of certain lightweight materials such as of carbon fiber reinforced plasctic acts as a constraint for its increased utilization for replacement of other materials. In spite of the cost, the market for composites is expected to grow at a CAGR of 6.6% in terms of volume by 2019. The demand is driven due to the high strength and rigidity of this material that helps to ensure higher or same level of safety as provided by conventional consumed materials for manufacturing of vehicles and air planes.