Global Advanced Materials Market: Snapshot
Advanced materials are known to have superior qualities as compared to traditional materials. Thus, they are used in varied applications. These materials are known to deliver excellent performance due to their exceptional strength and high endurance to tolerate fatigue. The research report states that the global advanced materials market is expected to be worth US$102.48 bn by 2024 as against US$42.76 bn in 2015. Between the years of 2016 and 2024, the global market is expected to surge at a CAGR of 10.4%.
Sophistication in Material Spurs Demand
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.
Show of Excellent Strength Boosts Demand for Ceramics
The various products available in the global market are ceramics, polymers, composites, metals and alloys, and glasses. Of these, the ceramics and composites are popularly consumed advanced materials. 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.
Meanwhile, the composites segment is also expected to show exceptionally growth as they can be mass-produced as per requirement and can be used in several applications such as construction, automotive, and oil and gas industries. Ceramics are made by using two or more constituents that have significantly different physical or chemical traits. A combination of these results in a material with characteristics different from its individual components. These constitutes are selected on the basis of the end-use application of these ceramics. Thus, composites have an edge over other products and are thus likely to exhibit rapidly growth in the coming few years.
Large Production Capacities in North America and Europe Ensure Regions’ Dominance
Geographically, the global advanced materials market is segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. Of these, North America and Europe were the dominant consumers of advanced materials in the global market. The growing consumption of advanced materials in these regions will be attributable to the mammoth production capacities and sophistication with the advancement of technologies. Asia Pacific is also expected to be an emerging region in the global market over the forecast period as manufacturing industries pick up pace in developing countries of India and China. The booming industrial development in this region is expected to make a significant contribution of the rising revenue of the Asia Pacific advanced materials market between 2016 and 2024.
Some of the key leading players operating in the global advanced materials market are 3M Advanced Materials, Morgan Advanced Materials plc, Huntsman Corporation, Hexcel Corporation, Hanwa Group, and Materion Corporation.
Global Advanced Materials Market: Overview
Advanced Materials generally have superior properties than conventional materials available. They can outperform conventional materials, in terms of their applications. They are materials that are novel or have undergone modifications in existing materials to gain superior performance with respect to one or more characteristics that are essential for the applications under consideration.
Global Advanced Materials Market: Drivers and Trends
As climate change statistics are continuously rising, there's growing pressure from all areas – consumers, businesses, and governments – to search for more eco-friendly manufacturing techniques. This acts as another opportunity for advanced materials market because of always advancing technologies that are used for production of advanced materials. North America and Europe are major regions for the global advanced materials market, with them currently being and projected to remain comparatively mature markets.
The market is anticipated to undergo constant changes due to emerging technologies in various segments, as any advancement carried out on existing products results in the inclusion of the modified product in the existing 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.
Global Advanced Materials Market: Scope
The report estimates and forecasts the advanced materials market on the global and regional levels. The study provides forecast between 2016 and 2024 based on volume (million tons / kilo tons) and revenue (US$ Bn / US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage.
Global Advanced Materials Market: Research Methodology
The study includes drivers and restraints for the advanced materials market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the advanced materials market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of advanced materials and global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the advanced materials market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users and regions have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for advanced materials between 2016 and 2024.
Secondary research sources that were typically referred to include, but were not limited to, company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Global Advanced Materials Market: Segmentation
The study provides a comprehensive view of the advanced materials market by dividing it into product, application and geography segments. The products have been segmented into ceramics, glasses, polymers, composites and metals & alloys (M&A). The applications are segmented into medical devices, automotive, aerospace, electricals & electronics (E&E), industrial, power and others. These segments have been analyzed based on historic, present, and future trends.
Regional segmentation includes the current and forecast consumption of advanced materials in North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). Market segmentation includes demand for consumption in all the regions individually.
Key Players Mentioned in this Report are:
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include 3M Advanced Materials, Morgan Advanced Materials plc, Huntsman Corporation, Hexcel Corporation, Hanwa Group, Materion Corporation and Others. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The global advanced materials market has been segmented as follows:
Advanced Materials Market – Product Analysis
- Metals & Alloys
Advanced Materials Market – Application Analysis
- Medical devices
- Electricals & Electronics
Advanced Materials Market – Regional Analysis
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa