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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