Participants in the global lightweight materials market collaborate to develop finished products. Some of the savvy companies are now focusing on the development of new products for the aerospace industry which generates a lot of demand.

At the forefront of driving growth in the lightweight materials market is the booming transportation sector. This is because, lightweight materials, namely aluminum, titanium, and composites help in increasing payload capacity and also enhance energy efficiency in aircrafts, thereby generating increased revenues for airlines.

Because of the energy efficiency they accord, lightweight materials are seeing increased uptake as they serve to bring down carbon emissions from vehicles and aircrafts, thereby contributing to the environment.

One factor posing a challenge to the global lightweight materials market is their steep price. Traditional materials such as steel cost much less.

A report by Transparency Market Research (TMR) forecasts the global lightweight materials market to rise at a tepid 5.80% CAGR during the period from 2014 to 2020. At this rate, the market, which wqas worth US$126.3 bn in 2013 will likely become worth US$186.3 bn by 2020. Volume-wise, the said market amounted to 54,340.3 mn kg in 2013.

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Aluminum Emerges as Most Favored Lightweight Material

The global market for lightweight materials can be segmented depending upon the type of product and application. Based on products, for example, the market can be segmented into aluminum, titanium, high strength steel, polymer and composites, magnesium, etc. Of them, aluminum is one of the most popular lightweight materials and accounted for about 30.4% share in market in 2013. In the years ahead too, the segment is predicted to clock maximum growth.

The composite product segment, which consists of glass fiber reinforced plastics, ceramic composites, carbon fiber reinforced plastics, metal matrix composites, and other hybrid materials, will see its market share increase in the upcoming years on account of their functional benefits in comparison with other lightweight materials. However, expensiveness of composites will deter their uptake to an extent. Another important lightweight material titanium will see robust demand too in the next couple of years mainly from the aviation industry.

Based on application, the main segments of the global lightweight materials market are energy, defense, and transportation. Lightweight materials also find application in various medical applications. At present, transportation accounts for most of the share in the market. In 2013, the segment accounted for almost 85% of the share in the market. Railways, aircrafts, and automobiles are the primary transportations that utilize lightweight materials in the manufacture of vehicles to increase payloads, cut down carbon emissions, and better fuel efficiency.

Lightweight materials are also finding application in wind energy systems, particularly in rotor blades.

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Asia Pacific Key Market

From a geographical standpoint, Asia Pacific dominated the lightweight materials market, accounting for more than 40.3% of the overall market in 2013. Europe and North America trail Asia Pacific in terms of market share. In the years ahead, these regions will likely see significant growth. The Rest of the World, which now has minimum market share, is forecasted to see maximum growth pace in the upcoming years.

Some of the prominent participants in the global lightweight materials market are Cytec Industries, DuPont, ExxonMobil, Evonik Industries, Bayer AG, Aleris International Inc, Titanium Metals Corporation (TIMET) and Allegheny Technologies Incorporated (ATI).