Research Nester released a report titled “Global Advanced Materials Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global advanced materials market in terms of market segmentation by product, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Advanced Materials are such materials that are both new as well as those that have been existent and who have been subject to various modifications for attaining high quality performance in few characteristics that are considered to be vital for application that is under consideration. These materials will also be able to demonstrate several new properties and in some cases also possess superior properties that can perform better than the traditional materials in their applications. The global advanced materials market is projected to witness a CAGR growth rate of 3.65% across the globe over the forecast period, i.e., 2018-2027.
The market is segmented by product, end user and by region. On the basis of product, the market is segmented into structural material, functional material & emerging material, out of which structural material segment that holds 76.46% of the market share globally is projected to occupy the largest market share for advanced materials over the forecast period. The increasing application of advanced materials in buildings primarily for construction purposes is anticipated to contribute to the growth of the market over the next few years.
The global advanced materials market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific had occupied the largest market share of 59.1% in the year 2017, which had been primarily driven by growth in the number of industries and numerous manufacturing activities taking place in the region and is anticipated to grow at a significant rate over the forecast period. On the other hand, the market in Europe is anticipated to register the highest CAGR over the forecast period, owing to the growth in the performance of automobile and aerospace industry that is witnessing expansion over the past few years. Additionally, rapid adoption of advanced technologies in the region as well as availability of plenty of mineral resources present in the region are anticipated to contribute to the growth of the market over the next decade.
Growth in Research & Development Activities Across Various Regions
The electrical and electronic sector has been witnessing a period of rapid growth in the recent years, in addition to the aerospace sector observing various new developments across various regions of the world. The advanced materials market is estimated to grow rapidly, owing to the growth that is being witnessed in the electrical and electronic sector. Moreover, growing research and development activities taking place in Lithium-ion battery has increased the demand for Lithium-ion battery in several industries across the globe that has seen greater demand and gradual lowering of costs over the last few years. However, the global advanced materials market is subject to limitations such as the costs of these advanced materials such as Nanomaterials and few others being considerably high. Further, the steel capacity utilization ratio has been decreasing, apart from lower prices of ferrochrome that are anticipated to limit the growth of the market over the next few years.
This report also provides the existing competitive scenario of some of the key players of the global advanced materials market which includes company profiling of Morgan Advanced Materials, Huntsman Corporation, Hexcel Corporation, Hanwha Advanced Materials, Perpetuus Advanced Materials, Thomas Swan & Co. Ltd., Tata Advanced Materials Ltd., 3M Company, Wolverine Advanced Materials and DowDuPont Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global advanced materials market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.