A variety of advanced materials are used in various industries such as automotive, aerospace, construction, electronics, defense and energy among others. Advanced materials market is divided into four major categories such as structural, multifunctional, functional and biomaterials. In addition to above mentioned categories advanced materials includes nanomaterials, light weight materials and smart materials. Advanced materials differ from traditional materials such as steel, aluminum in characteristics such as high strength, lightweight, fire and chemical resistant, multifunctionality and technology. Advanced materials includes materials such as biocompatible materials, fibers, resins, specialty resins and formulations, composites, hybrid materials, superconducting materials and nanomaterials. In addition, high performance ceramics, glass fiber and carbon fiber are also included in advanced materials market. Advanced materials are generally used in niche applications in a particular industry in order to deal with higher temperature levels, corrosion and increase the durability of the components.
The market for advanced materials was mainly driven numerous end-user industries such as aerospace, automotive, energy and medical & healthcare. In automotive industry, advanced materials are used in manufacturing of car components. Advanced materials are used to lighten the weight of the components thus increasing the efficiency of the engine. In racing cars, advanced materials are used to manufacture engine components which can sustain high temperature and wear & tear. In aerospace industry, advanced materials are used in engines of the aircrafts to enhance their efficiency and performance. Advanced materials offer lighter weight and durability to the aircraft thus decreasing the fuel consumption. Advanced materials are also used in military and defense activities. Advanced materials are used in manufacturing of vehicles and armors. In medical & healthcare industry, advanced materials are used in manufacturing of medical implants and equipment. Advanced materials offer protection against microbes and are biocompatible in nature. Energy is one of the fastest growing end-user industries for advanced materials. There is huge demand for advanced materials in solar energy as well as wind energy and is likely to offer potential market in near future.
In 2013, North America had the largest demand for advanced materials. The demand in this region is driven by huge demand from aerospace and automotive industry. U.S. led the demand for advanced materials in this region. North America was followed by Asia Pacific. Asia Pacific is considered to be fastest growing market for advanced materials. Increasing demand from medical & healthcare, automotive and energy is driving the demand for advanced materials in this region. China and Japan had the highest demand for advanced materials in this region. However, countries such as India, Taiwan and Singapore are likely to offer huge opportunities for advanced materials market in near future. Europe had the third largest demand for advanced materials in 2013. Countries such as France, Italy, Germany and the UK had the highest demand in this region. Russia is anticipated to increase its market share in advanced materials market in near future. Rest of the World had the least demand for advanced materials in 2013. The Middle East is expected to demonstrate optimistic growth for the advanced materials market in foreseeable future owing to increasing demand from energy sector.
Some of the key manufacturers in the advanced materials market are Ashland Inc., Hexcel Corporation, Huntsman Corporation, Wolverine Advanced Materials, Umicore, Cytec Industries, Toray Industries Inc. and DuPont among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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