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Lightweight Materials Market Historical Insights, Emerging Trends Revenue And Growth Rate Upto 2029
In 2021, the automobile industry dominated the market for lightweight materials, accounting for the biggest market share of around 35%. The segment is also anticipated to expand at a CAGR of roughly 6.1% over the course of the projection year. Industrialization, rising living standards, the development of new products, and the increasing use of electric vehicles, particularly in developing nations, are all factors that have contributed to the expansion of lightweight materials in the automobile sector. The usage of lightweight materials like high-strength steel, aluminium, and composites has also expanded as a result of growing gas pollution concerns. These materials improve the efficiency of automobiles, lower CO2 emissions, and boost automotive economy when compared to heavier vehicles. As a result, acceleration requires less power than in larger vehicles, and fuel consumption is decreased by 6-8%.
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