Advanced Materials Market Size Estimated to Observe Significant Growth by 2024
Posted: Feb 15, 2019
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.
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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.
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