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New Revenue Pockets for the Lightweight Materials Market
The automotive industry accounts for 89% of the total lightweight materials market in terms of volume. It is the largest market for these materials. The automotive industry is increasingly utilizing lightweight materials to replace traditional materials. The shift is mainly attributed to the revised vehicle emissions and stringent regulation deadlines.
The lightweight materials such as aluminum and high-strength steel have properties that help reduce vehicle weight without compromising the safety aspects of the vehicle. These metals have higher strength than steel and also provide enhanced fuel efficiency. In addition, these metals provide more benefits other than reduced weight. Major players such as Jaguar, BMW, Mercedes-Benz, Audi, and many more have adopted lightweight materials for the manufacture of cars.
The need for renewable energy has led to an increase in wind power plants. The wind energy industry in recent times has taken on use of composite materials. Similarly, the aviation industry has increased the use of composites for airplane structure.
The increasing utilization of lightweight materials by various sectors has led to the growth of the market. The lightweight materials market is estimated to reach $133.1 billion by 2019, at a CAGR of 8.5% from 2014 to 2019.
Lightweight Materials Market by Type (Composites, Metals, Plastics), Application (Automotive, Aviation, Marine, Wind Energy) - Global Trends & Forecast to 2019
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