(MENAFN- EIN Presswire) EINPresswire/ -- Increase in disposable income, advancements in technology, growth in new product development, and the expanding presence of original equipment manufacturers (OEMs) and aftermarket players have fueled significant growth in the automobile sector. This, in turn, is driving the expansion of the global lightweight materials market.

Allied Market Research has published a report titled“Lightweight Materials Market by Type (Metal Alloys, Composites, Polymers) and Application (Automotive, Aerospace, Wind, Marine, Others): Global Opportunity Analysis and Industry Forecast, 2020–2030.” According to the report, the global lightweight materials market was valued at $168.1 billion in 2020 and is expected to reach $261.6 billion by 2030, registering a CAGR of 4.5% from 2021 to 2030.

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Market Dynamics:-

Drivers:

- Rising disposable incomes, rapid technological upgrades, an increase in innovative product launches, and growing numbers of OEMs and aftermarket service providers have strengthened the automobile sector one of the primary consumers of lightweight materials thereby accelerating market growth.

Restraints:

- Volatile raw material prices and the high cost of carbon fiber limit the adoption of lightweight materials across industries such as automotive, aerospace, wind energy, and marine.

Opportunities:

- Growing awareness of environmental sustainability and the rising adoption of electric vehicles in both developed and developing countries are expected to create lucrative opportunities for the market.

Segment Overview:-

By Type

Metal Alloys:

- Dominated the market in 2020 with over three-fifths share and is expected to maintain its lead through 2030. Demand is driven by applications in tapes, labels, general-purpose repairs, and heavy-duty packaging.

Composites:

- Expected to grow at the fastest CAGR of 5.4% during the forecast period, fueled by increasing applications in construction, transportation, automotive, and other sectors.

By Application:-

Automotive:

- Accounted for around four-fifths of the market revenue in 2020 and is projected to retain its dominance, supported by rising middle-class income and an expanding young population worldwide.

Aerospace:

- Set to register the fastest CAGR of 4.7% through 2030, driven by continuous upgrades in fighter jets and defense aircraft, where lightweight materials enhance both performance and fuel efficiency.

Regional Insights:

- Asia-Pacific led the market in 2020, contributing over three-fifths of global revenue, and is also expected to grow at the fastest CAGR of 5.2% by 2030. The growth is attributed to rising demand across automotive, marine, aircraft, and wind turbine industries in the region.

Key Market Players:

- ArcelorMittal
- Bayer AG
- DuPont
- Toray Industries, Inc.
- ExxonMobil Corporation
- Solvay
- Novelis Inc.
- PPG Industries, Inc.
- Saudi Basic Industries Corporation
- Alcoa Corporation

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Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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