Albany, NY -- (SBWire) -- 09/10/2018 --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.

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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.