Global Lightweight Materials Market
Added: (Thu May 16 2019)
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According to the market report “Global Lightweight Materials Market Industry Analysis, Growth, Size, Outlook, Trends and Forecast (2018 – 2024)”,theGlobal Lightweight MaterialsMarket is expected to reach USD 134.2 Billionby 2024 with a CAGR of 7.14%over the forecast period (2018 – 2024).
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Lightweight Materials like Mg (Magnesium), Carbon FiberComposites, Al (Aluminium), Ti (Titanium) and the rest are used in many industries like, automotive industry, aviation industry, marine industry, wind energy industry due to their potential of reducing the composite weight of goods that are used. Among all its application in various industries, automotive industry is expected to have the largest market due to an unbeatable energy efficiency in terms of fuel consumption that is obtained as a result in the reduction of weight, enhanced safety that is obtained by automobilesas lightweight materials which are used are proven to have better energy absorption due to composite materials it comprises of such as Mg, Al.The usage of lightweight materials in automobiles contributed for the increased performance of automobiles and is also considered as a leadingfactor for the wide utilization of lightweight materials in automotive industry.
North America possess largest consumer of Lightweight Materials
North America and Asia Pacificare expected as the largest consumers of lightweight materials accounting for nearly 71% with respect to volume utilization of lightweight materialsand 70% with respect to value of lightweight materials. China in Asia Pacific is expected to grow with high CAGR for the next five years.
Few major key players for Global Lightweight Material Market include Owens Corning, Saudi Basic Industries Corporation, S. Magnesium LLC, Arcelormittal, Titanium Metals Corporation.
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