Market segmentation for lightweight materials, industry outlook, and report through 2029

The market for lightweight materials was valued at USD 198.2 billion in 2021, and from 2022 to 2029, it is anticipated that the market would develop at a CAGR of 6.2%, with sales of lightweight materials likely to reach close to USD 320.7 billion.

Lightweight Materials Market Overview:

The Lightweight Materials market study gives a comprehensive view of the competition, including the market share and company profiles of the major global competitors. The scope of the research includes a full examination of the Lightweight Materials Market, as well as the reasons for variations in the industry's growth between regions.

Market Scope:

Following the completion of market engineering, which included market statistics computations, market size estimations, market forecasts, market breakdown, and data triangulation, extensive primary research was done to gather information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up tactics, as well as different data triangulation procedures, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all data obtained during the market engineering process in order to provide essential information throughout the report.

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Segmentation:

Based on Application, the automotive segment held the largest market share of about 35% and dominated the Lightweight Materials market in 2021. The segment is further expected to grow at a CAGR of about 6.1% throughout the forecast period. The growth of lightweight material in the automotive industry is attributed to industrialization, rising living standards, new product development, and growing penetration of electric vehicles, especially in emerging countries. Additionally, growing concern about gas emissions has resulted in the increased use of lightweight components such as high-strength steel, aluminum, and composites, which add efficiency to vehicles, reduce CO2 emissions, and increase automotive efficiency when compared to heavier cars. As a result, fuel consumption is reduced by 6-8% and acceleration requires less power than in larger vehicles.

Key Players:

• ArcelorMittal S.A.
• Alcoa Inc.
• Saudi Basic Industries Corporation
• PPG Industries, Inc.
• Toray Industries, Inc.
• Cytec Industries Inc.,
• ExxonMobil Corporation
• E.I DuPont de Nemours and Company
• Bayer AG
• Novelis Inc.
• ThyssenKrupp AG
• Henkel Corporation
• Mitsubishi Rayon Co. Ltd.
• Zoltek Companies Inc
• Rio Tinto Alcan Inc.
• Kaiser Aluminium
• US Magnesium LLC
• AS Magnesium Inc.
• China Hongqiao Group Ltd.
• SGL Group

Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data.

The biggest players in the Lightweight Materials market are as follows:

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Regional Analysis:

Individual market influencing components and changes in market laws impacting current and future market trends are also covered in the Lightweight Materials market analysis regional overview. Current and future trends are studied in order to evaluate the overall market potential and find profitable patterns in order to get a firmer footing. The geographical market evaluation is based on the current environment and anticipated trends.

COVID-19 Impact Analysis on Lightweight Materials Market:

Due to a break in operations, end-user sectors where Lightweight Materials are used suffered a drop in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, and Spain, France, and India. As a result, the revenues of enterprises in these industries fell significantly, as did the demand for Lightweight Materials manufacturers, impacting the growth of the Lightweight Materials market in 2020. Lockdowns and a surge in COVID-19 events globally have severely reduced end-user business demand for Lightweight Materials.

Key Questions Answered in the Lightweight Materials Market Report are:

In 2021, which segment held the highest proportion of the Lightweight Materials market?
What is the Lightweight Materials market's competitive landscape?
What are the primary drivers assisting Lightweight Materials market growth?
Which region has the most market share in the Lightweight Materials market?
What will be the Lightweight Materials market's CAGR throughout the projected period (2022-2027)?

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