Advanced Materials Market - Global Industry Analysis, Size & Forecast 2024
Advanced materials are
significantly superior than conventional materials as they are either
novel, are specifically products, or are enhanced materials after
undergoing several modifications. With growing concerns regarding
climate change, governments and consumers are readily opting for
environment-friendly production methods and products. Besides that,
extended product lifecycle, higher fuel efficiency, low power
consumption, and consistent research and development of other advanced
materials are other factors augmenting the demand in the global market
for the same. According to a recent study by Transparency Market
Research (TMR), the global advanced materials market had a valuation of
US$42.76 bn in 2015, and estimates it to reach US$102.48 bn before the
end of 2024, incrementing at a healthy CAGR of 10.4% during the forecast
period of 2016 to 2024.
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How competitive is the global advanced materials market?
According
to the TMR report, the competition in the global market for advanced
materials is moderate, with 3M Advanced Materials holding 70% of the
market in 2015, and is expected to remain dominant throughout the
forecast period with an impressive product portfolio and proprietary
technologies. Most of the other leading companies are actively indulging
in research and development too, aiming to produce state-of-art
advanced materials in order to ideally meet the demand. Huntsman
Corporation, Materion Corporation, Morgan Advanced Materials plc, Hanwa
Group, and Hexcel Corporation are some of the other notable vendors in
the global advanced materials market.
Which market segments are most lucrative?
Based
on product, the report segments the global advanced materials market
into glasses, ceramics, composites, polymers, and metals and alloys. Out
of these, ceramics is the most popular product segment due to its
application in the production of medical devices. Owing to the
prosperity of the healthcare industry, the demand for ceramics advanced
materials market is expected to expand quickly during the forecast
period.
Application-wise,
the advanced materials market is segmented into medical devices,
electrical and electronics, automotive, aerospace, power, industrial,
and others. Among these, the rapid growth of the automotive industry is
clearly evident on the market. Lightweight and high-strength advanced
materials are highly useful for the automotive industry.
Geographically,
North America is the most lucrative region, owing to high adoptability
rate of new technology and high demand of efficient automobiles,
especially since the advent of hybrid vehicles. However, important North
America countries such as the U.S. and Canada are reaching maturity,
while Asia Pacific and the Middle East offer substantial new
opportunities due to the presence of several emerging economies, rapid
industrialization, and increasing disposable income among the urban
population.
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Advanced
materials offer several benefits over conventional materials, but cost
factors is hindering the market from attaining its full potential. In
this scenario, players in this market must research and develop cheaper
products with equal advantages in order to meet the desires of potential
customers.
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