Advanced Materials Market
Advanced Materials Market (Product - Ceramics, Glasses, Polymers, Composites, and Metals & Alloys; Application - Medical Devices, Automotive, Aerospace, Electricals & Electronics, Industrial, and Power) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
Advanced Materials Market: Overview
- Advanced Materials is a promising technology transforming the global manufacturing industry, especially in its replacement of plastics and metals with ceramics and composites in high-performance applications.
- High-performance structural materials include a broad range of metals, polymers, ceramics, and composites which improve the strength and engineering performance of various applications. For instance, advancements in high-strength, lightweight materials for automotive applications such as magnesium alloys, aluminum alloys, high-strength steels, and polymer matrix composites can lead to energy conservation.
- The research report states that the global advanced materials market is expected to be around 28 Kilo Tons by 2027 as against 13 Kilo Tons in 2018. Between the years of 2019 and 2027, the global market is expected to surge at a CAGR of 8.1%.
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What are Key Growth Drivers of Global Advanced Materials Market?
- Analysts anticipate that the demand for advanced materials will continue to be on the rise as it is expected to transform the overall manufacturing industry in the coming years. Over the years, these materials are expected to replace plastics and metals with improved ceramics and composites that are light in weight, higher strength, and excellent resistance to abrasion.
- Emerging technologies and advancements in product development and manufacturing are expected to keep the demand for advanced materials at an all-time high during the forecast period. The growing expenditure on research and development of these materials is also projected to make a significant impact on the growing demand in the global market.
- The demand for ceramics has been on the rise due to their application in the production of medical devices. As uptake of ceramics will continue to remain high as the healthcare industry grows and the need for medical attention surges during the forecast period.
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What are Key Challenges for Global Advanced Materials Market
- Prices of advanced materials are very high compared to their traditional counterparts. For instance, carbon fiber reinforced polymers are widely used in a diverse range of aerospace, sports, and wind energy applications, owing to their outstanding mechanical and thermal properties at high temperatures. However, the current prices for the production of carbon fiber’s traditional counterparts (e.g. aluminium) are five to seven times cheaper in comparison. This hampers the usage of carbon fiber, thereby acting as a major restraint for the carbon fiber reinforced polymers market.
- High energy costs involved in the production of advanced ceramics may prove to be a roadblock in the long run. Production of advanced ceramics is carried out in a controlled environment at a high temperature. The entire process to get the final produce is time consuming and energy intensive. Hence, prices of advanced ceramics are higher due to the high manufacturing cost. Thus, it becomes difficult to achieve competitive pricing in the market.
Lucrative Opportunities for Players in Global Advanced Materials Market
- The aerospace industry is constantly evolving due to the increasing requirement and subsequent introduction of new materials to replace the existing ones. Composite parts of aircrafts are defined by their material, processing, manufacturing specifications, and material allowed by engineering. The amount of carbon fiber reinforced polymer (CFRP) used in their structure is only slightly less than the number of metals. Along with these, other reinforced matrices are also employed.
- The automotive industry is currently tackling increasing demands for improvements in fuel economy and emission control. Therefore, there is a great deal of interest in the usage of advanced materials such as advanced high-strength steels, non-ferrous alloys (aluminum and titanium), and a variety of composites (carbon fiber and metal matrix) to produce lightweight vehicles.
- E&E, especially consumer goods, is a rapidly growing industry due to constant developments in mobile phones and laptops. These changes are primarily focused on miniaturization of electrical circuits. Smart cars, with top-model features, are quickly becoming the new rage among auto manufacturers, where electronics are expected to constitute 40% of car component costs.
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North America to Dominate Global Advanced Materials Market
- North America and Europe are major regions for the global advanced materials market. This is due to large production capacity available and sophistication with the advancement of technologies in these regions. Together, they constitute to over half of the advanced materials market.
- Global demand for advanced materials has been growing based on the maturity levels of the markets. Different regions are expected to continue performing unevenly, with North America exhibiting the leading growth rate. The market in a region is dependent on its industrial developments.
Leading Players in Global Advanced Materials Market
- Limited number of players operate in the advanced materials market. Their share of R&D expenditure is expected to reflect on the overall investment in R&D for advanced materials.
- Major players in the Advanced Materials market include
- 3M Advanced Materials
- Morgan Advanced Materials plc
- Huntsman Corporation
- Hexcel Corporation
- Hanwa Group,
- Materion Corporation.
Global Advanced Materials Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global advanced materials market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for growth of the global advanced materials market. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global advanced materials market is likely to expand during the forecast period of 2019 to 2027.
The report offers intricate dynamics about different aspects of the global advanced materials market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the automotive industry with respect to the global advanced materials market during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global advanced materials market and estimates statistics related to growth of the market in terms of volume (kilo tons) and value (US$ Mn).
This study covers a detailed segmentation of the global advanced materials market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global advanced materials market, wherein various developments and expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Advanced Materials Market
The report provides detailed information about the global advanced materials market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global advanced materials market that would help them design successful strategies and make target-driven decisions.
- Which product segment of the global advanced materials market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global advanced materials market between 2019 and 2027?
- What are winning imperatives of frontrunners in the global advanced materials market?
- Which application segment is expected to generate maximum revenue in the global market for advanced materials during the forecast period?
Research Methodology – Global Advanced Materials Market
The research methodology adopted by analysts for compiling the report on the global advanced materials market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global advanced materials market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global advanced materials market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global advanced materials market.
Global Advanced Materials Market – Segmentation
TMR’s research study segments the global advanced materials market in terms of product, application, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global advanced materials market.
Metals & Alloys
Electricals & Electronics
Middle East & Africa