Lightweight Metal Market Size

Global Lightweight Metal Market Overview

Lightweight Metal Market Size was valued at USD 188.5 Billion in 2022. The Lightweight Metal industry is projected to grow from USD 204.4 Billion in 2023 to USD 392.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2032). Increased demand for fuel-efficient automobiles, rising growth of the aerospace industry, and sustainable development initiatives are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Lightweight Metal Market Trends

• 
  

  Growing demand for fuel-efficient automobiles is driving the market growth

  
  

Market CAGR for lightweight metal is driven by the rising demand for fuel-efficient automobiles. The automobile sector is putting more effort into creating lightweight cars to reduce carbon emissions and increase fuel economy. Replacing old, heavier materials with lightweight ones like magnesium and aluminum drives the need for lightweight metals. The automotive industry is becoming more interested in lightweight metals due to the growing need for fuel-efficient automobiles. Advanced high-strength steels, aluminum, and magnesium are lightweight metals with advantages over conventional materials like steel.

The aerospace industry uses lightweight metals because of the growing demand for air travel and the need to reduce aircraft weight to improve fuel efficiency. Compared to conventional materials like steel, lightweight metals like aluminum, titanium, and composites provide remarkable strength-to-weight ratios. Integrating these materials into its components can greatly decrease the total weight of the aero plane. This weight loss directly impacts fuel efficiency because lighter aircraft use less fuel to operate, which saves money and has less negative effects on the environment.

Energy efficiency and sustainable development are top priorities for governments and businesses globally. Lightweight metals are essential to reaching these goals because they use less energy and produce fewer pollutants during production and transportation. In lightweight metals, sustainable development programs concentrate on reducing the negative effects of production on the environment, encouraging recycling and the circular economy, and investigating substitute materials with even higher sustainability credentials. Moreover, electric vehicles are becoming increasingly popular worldwide because of their affordability, fuel efficiency, and operational efficacy; customers love electric automobiles for their exceptional strength and lightweight construction. Parts of electric vehicles are typically constructed from lightweight materials such as strength steel, magnesium (MG), alloys, aluminum (AI) alloys, and tailored polymers to reduce the vehicles' weight. When comparing lightweight cars to conventional automobiles, lightweight cars offer the best fuel efficiency. Lightweight components are required in low-power engines used in electric cars to support an engine's pulling capability. As a result, it is anticipated that demand for lightweight metal will increase throughout the projection period due to the rising demand for fuel-efficient automobiles. Thus driving the Lightweight Metal market revenue.

In March 2024, SSAB, a manufacturer of industrial steel, introduced the world's inaugural emission-free steel powder for commercial shipments. This powder is produced using recycled SSAB Zero steel. The product will provide clients with the opportunity to engage in 3D printing using steel that is generated without any emissions of fossil carbon dioxide. The powder amalgamates the characteristics of SSAB's high-strength steel with the lightweight structural potentials of 3D printing. 3D printing of steel items is a significant contributor to CO2 emissions due to the steel production process. By comminuting SSAB's emission-free steel using exclusively fossil-free energy sources, the carbon dioxide emissions resulting from the steelmaking process are effectively diminished to very negligible levels. SSAB introduced its initial traditional steel powder, SSAB AM Engineering, to the market last year. The company has now broadened its range with the addition of SSAB AM Tough Zero. SSAB also provides their exclusive carbon-neutral steel, produced using HYBRIT technology, in the form of a powder in limited quantities.

Lightweight Metal Market Segment Insights

Lightweight Metal Type Insights

The Lightweight Metal Market segmentation, based on type Includes Composite, Metals, And Plastics. The metals segment dominated the market, accounting for the maximum market revenue due to increased demand for metals in battery packs and exterior trim and interior trim applications for electric vehicles. It is projected that the number of electric car sales rises, so too will the need for these metals. An enormous range of automotive body components, including pipes, wheels, wiring, and breaks, are composed of aluminium, a metal highly valued by manufacturers of electric vehicles.

Figure 1: Lightweight Metal Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Lightweight Metal Application Insights

The Lightweight Metal Market segmentation, based on application, includes aerospace, automotive, marine, chemical process, and medical. The automotive category generated the most income due to increased disposable income and the young population.

Lightweight Metal Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Lightweight Metal market area will dominate this market, owing to the rise in material innovation in aviation industries. In addition, the growing wind project will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: LIGHTWEIGHT METAL MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Lightweight Metal market accounts for the second-largest market share due to the presence of wind energy and aviation equipment manufacturers. Further, the German Lightweight Metal market held the largest market share, and the UK Lightweight Metal market was the fastest-growing market in the European region.

The Asia-Pacific Lightweight Metal Market is expected to grow at the fastest CAGR from 2023 to 2032 due to growing urbanization, increasing disposable income and changing consumer lifestyles. Moreover, China's Lightweight Metal market held the largest market share, and the Indian Lightweight Metal market was the fastest-growing market in the Asia-Pacific region.

Lightweight Metal Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Lightweight Metal market, grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Lightweight Metal industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Lightweight Metal industry to benefit clients and increase the market sector. In recent years, the Lightweight Metal industry has offered some of the most significant advantages to lightweight metal. Major players in the Lightweight Metal market, including DuPont, Solvay, Exxon Mobil Corporation, SABIC, Bayer AG, Toray Industries, Inc., Novelis, ArcelorMittal, PPG Industries, Inc., Alcoa Corporation, US Magnesium LLC, Owens Corning, Hexcel Corporation, and others, are attempting to increase market demand by investing in research and development operations.

Toray Industries, Inc. (Japan) is a multinational corporation specializing in industrial products based on polymer chemistry, biochemistry, and organic synthetic chemistry technologies. Since its founding in 1926, Toray Group has upheld the management principle of "realizing that corporations are public institutions of society and contributing to society through its business." Toray Group prioritizes corporate social responsibility and integrates CSR initiatives into management strategies, working towards the Group's sustainable development and creating a sustainable world. Fibers, textiles, plastics, and chemicals were its first business sectors. The company has also expanded into other industries, including advanced composite materials, electronics, IT products, housing and engineering and large reverse osmosis membranes. The company is listed in the first section of the Tokyo Stock Exchange. It is a constituent of the TOPIX 100 and Nikkie 225 stock market indices. The 20 nations and areas in which Toray operates are Japan, China, Hong Kong, Taiwan, South Korea, Indonesia, Malaysia, Singapore, Thailand, India, Czech Republic, France, Germany, Italy, Netherlands, Switzerland, United Kingdom, Mexico, and the United States. In August 2022, Toray Industries, Inc. released its 3D printer to manufacture automotive parts, heat-resistant equipment, and power tools with high strength and sound design accuracy.

LyondellBasell is a pioneer in the worldwide chemical sector that develops products for environmentally friendly daily living. A circular and low-carbon economy is becoming possible thanks to targeted investments and cutting-edge technologies. The company's goal is to unleash value for society, investors, and customers in all the company does. As one of the biggest producers of polymers worldwide and a pioneer in polyolefin technologies, the company designs produces and sells polymers. Company beliefs, commitments, and purpose all represent the role a company wants to play in the world, the special contributions a company can make to fulfil that mission, and the way the company acts. When combined with its business plan, the company's story and culture effectively convey its role in creating a more sustainable world. In October 2022, LyondellBasell Industries Holdings BV produced a PP compound made up of PP compound material, which lowered the vehicle's weight by 10kg. It can replace metal, thin the walls of components and foam parts, lower material density, and remove paint from automobiles.

Key Companies in the Lightweight Metal market include

• DuPont


• Solvay


• Exxon Mobil Corporation


• SABIC


• Bayer AG


• Toray Industries, Inc.


• Novelis


• ArcelorMittal


• PPG Industries, Inc.,


• Alcoa Corporation


• US Magnesium LLC


• Owens Corning


• Hexcel Corporation

Lightweight Metal Industry Developments

June 2022: BMW plans to employ environmentally friendly carbon fibre-reinforced polymers. The company has developed a new process to produce CFRP using renewable energy sources, reducing the environmental effects of its cars.

May 2022: Tesla declared a new structural battery pack design that integrates bettery cells into the vehicle's architecture, resulting in a simpler and lighter vehicle. The battery pack is made of lightweight materials like steel and aluminium to improve the efficiency and range of Tesla's automobiles.

May 2022: The Ultradur®B4335G3 was developed by BASF SE to safeguard sensitive electronic equipment from extremely demanding situations. For example, shielding sensors from weather conditions and surface contact with water and salt.

Lightweight Metal Market Segmentation

Lightweight Metal Type Outlook

• Composite


• Metals


• Plastics

Lightweight Metal Application Outlook

• Aerospace


• Automotive


• Marine


• Chemical Process


• Medical

Lightweight Metal Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America