The growing regulations on vehicle emissions and an increasing number of renewable energy projects are driving the demand for the market.
North America Lightweight Materials Market Size – USD 145.73 Billion in 2019, Growth - CAGR of 8.3%, Trends – High demand from developing nations.
The global North America Lightweight Materials market is forecast to reach USD 276.81 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, owing to the increasing emission reduction regulations from many industries. Increasing government investments in renewable energy projects, such as hydro-energy and wind energy, are also driving the demand for the market.
An increase in the manufacture of aircraft modules, along with the rise in the penetration of North America Lightweight components, is leading to a surge in demand for the market. Aluminum, Polymers and composites and high strength steel are used to meet the industry’s emission and safety standards extensively. Automobile makers have started to work on innovations in multi-material design, which involves working on North America Lightweight materials in an attempt to increase the fuel-efficiency of vehicles. Usage of polymers and composites in designing vehicles will increase due to their property of being North America Lightweight. This is expected to lead to an increased demand for the market.
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Top Companies: Evonik Industries, Bayer AG, Precision Castparts Corp., Toray Industries Inc., PPG Industries Inc., Alcoa Inc., Formosa Plastics Group, Aleris International, Cytec Solvay Group, and SABIC, among others.
Further Key Finding from the Report Suggestion:
- Aviation occupied 8.3% of the market in 2019. The aviation industry uses North America Lightweight materials, as they provide the advantage of better fuel-efficiency. The aviation industry is witnessing innovations every day, and the growing air traffic is expected to drive the demand for the aviation industry, and in turn, the North America Lightweight materials market.
- High Strength Steel is forecasted to grow at a CAGR of 9.4% in the forecast period. The primary reason for this is the substitution of traditional steel with High Strength steel because of its North America Lightweight properties. It is known to reduce the weight of vehicles by around 25.0%, because of which it is highly used in the automotive sector. Also, the recycle value of the product is increasing steadily, which is expected to drive the growth for the market.
- Online Stores occupied 23.7% of the market share in 2019. The primary reason for this is that online stores are still in the developing stage to sell products, such as North America Lightweight materials. Also, consumers like to touch and feel the product before buying, because of which online stores currently occupy a smaller market share,
- North America occupied the second-largest market share of 19.7% in 2019. This is due to the increasing demand for automobiles in the region. Also, a large number of vehicle manufacturers are present in countries like the US and Canada, which drive the growth of the market in the region. Polymers and composites are growing in the region, due to their extensive use in the energy and automotive sectors.
- In Latin America, the market is growing continuously because of the increasing number of manufacturers of North America Lightweight materials. Also, in Europe, the market is forecasted to grow at a CAGR of 8.2%, the second-highest among all regions. The primary reason for this is the presence of wind energy equipment and aircraft manufacturers in the region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America Lightweight Materials market is segmented into:
Product Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- High Strength Steel
- Polymers and Composites
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Offline Stores
- Online Stores (E Commerce)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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