Extensive insights into the Growth of Advanced Materials Market amidst COVID-19
Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.
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Advanced Materials Market Overview 
Advanced materials refer to modification of existing materials in order to improve their performance in one or more than one characteristics. Advanced materials contain superior characteristics than their parent materials in terms of performance. Further, advanced materials are the key factors which have provided an extraordinary pace to the technological advancements. Medical devices, automotive, electrical, power and others are some of the major application area of the advanced materials.
Market Size & Forecast
Global advanced material market is expected to reach USD 1,978,331.6 Million by the end of 2024 from USD 1,370,242.2 Million in 2016. Advanced material market is anticipated to achieve absolute $ opportunity of USD 510,244.1 Million 2018-2024. Additionally, advanced material segment is expected to grow at a CAGR of 5.1% over the forecast period i.e. 2018-2024. Moreover, advanced material segment is expected to observe the growth rate of 1.3x over the forecast period. Advanced Material segment is expected to achieve Y-o-Y growth rate of 6.4% in 2024 as compared to previous year.
In terms of regions, Asia Pacific is slated to account for a leading share of 58.0% by 2024 in the advanced material market. The growth in the region can be attributed to increasing number of industries and rising manufacturing activities in this region. Besides, rapid industrialization and urbanization in developing Asian countries such as China and India is also expected to impel the growth of advanced material market in the Asia Pacific. China is the prominent market driving the growth in the region. China advanced material market was held at USD 389,099.1 Million in 2016 and is anticipated to reach USD 530,564.7 Million by the end of 2024. China advanced material market accounted for a market share of 47.8% in 2016 and further, is expected to stood at a market share of 46.2% by the end of 2024. In addition to this, Europe region is also anticipated to witness satisfactory growth during the forecast period. Economies such as U.K., Spain are likely to be the key contributors to the growth of advanced material market in this region. Furthermore, rising demand for energy in Middle East & Africa region is expected to fuel the growth of advanced material market in this region. CLICK TO DOWNLOAD SAMPLE REPORT
Market Segmentation
Our-in depth analysis of the global advanced materials market includes the following segments:
By Product Type
- Structural Material
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Functional Material
- Electronic Material
- Energy Material
- Optoelectronic Material
- Smart Material
- Earth Abundant Element Based Functional Material
- Emerging Material
- Nanomaterial
- Natural
- Artificial
- Carbon Based
- Fullerenes
- Carbon Nanotubes
- Buckytubes
- Graphene
- Carbon Black
- Others
- Metal Based
- Silver Nanoparticles
- Gold Nanoparticles
- Nickel Nanoparticles
- Others
- Quantum dots
- Nanofibers
- Nanoceramics
- Carbides
- Nano silicon carbide
- Nano tungsten carbide
- Oxides
- Nano Titanium Dioxide
- Nano Zinc Oxide
- Nano Silicon Dioxide
- Nano Copper Oxide
- Nano Cobalt Oxide
- Nano Iron Oxide
- Nano Manganese Oxide
- Nano-Ceria
- Nano-Zirconia
- Others
- Others
- Others
- Biomaterial
- Polymeric & Soft Material
- Bio Inspired and Patterned Functional Materials
By End User
- Building & Construction
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Nano Silicon Dioxide
- Nano Copper Oxide
- Nano Iron Oxide
- Carbon Nanotubes
- Nano Titanium Dioxide
- Silver Nanoparticles
- Nano zinc oxide
- Nano silicon carbide
- Polymeric & Soft Material
- Aerospace
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Electronic Material
- Energy Material
- Smart Material
- Graphene
- Nano Titanium Dioxide
- Nanofibers
- Natural Nanomaterial
- Carbon Nanotubes
- Nano Zinc Oxide
- Biomaterials
- Polymeric & Soft Material
- Defense
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Electronic Material
- Energy Material
- Smart Material
- Nanofibers
- Carbon Nanotubes
- Graphene
- Nickel Nanoparticles
- Quantum dots
- Nano Zinc Oxide
- Polymeric & Soft Material
- Biomaterials
- Nano Titanium Dioxide
- Nano Tungsten Carbide
- Automotive
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Electronic Material
- Energy Material
- Smart Material
- Natural Nanomaterial
- Nanofibers
- Graphene
- Carbon Nanotubes
- Carbon Black
- Silver Nanoparticles
- Nickel Nanoparticles
- Polymeric & Soft Material
- Nano-Ceria
- Nano Silicon Dioxide
- Electrical & Electronics
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Electronic Material
- Energy Material
- Optoelectronic Material
- Smart Material
- Earth Abundant Element Based Functional Material
- Carbon Nanotubes
- Graphene
- Carbon Black
- Nano Titanium Dioxide
- Nano Silicon Dioxide
- Nano Copper Oxide
- Nano Manganese Oxide
- Nanofibers
- Gold Nanoparticles
- Silver Nanoparticles
- Nickel Nanoparticles
- Nano Cobalt Oxide
- Nano Ceria
- Nano Zirconia
- Quantum Dots
- Polymeric & Soft Material
- Nano Silicon Carbide
- Marine
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Energy Material
- Quantum dots
- Polymeric & Soft Material
- Oil & Gas and Energy
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Energy Material
- Natural Nanomaterial
- Carbon Nanotubes
- Nickel Nanoparticles
- Polymeric & Soft Material
- Biomaterial
- Healthcare
- Steel
- Light Alloys
- Advanced Composite Material
- Particulate Material
- Ultra High Temperature Material
- Electronic Material
- Smart Material
- Buckyballs
- Graphene
- Nano Titanium Dioxide
- Nano Copper Oxide
- Nano Iron Oxide
- Nanofibers
- Natural Nanomaterial
- Gold Nanoparticles
- Silver Nanoparticles
- Nickel Nanoparticles
- Nano Zinc Oxide
- Nano Manganese Oxide
- Nano Cobalt Oxide
- Nano Silicon Dioxide
- Quantum dots
- Nano silicon carbide
- Nano tungsten carbide
- Nano-ceria
- Polymeric & Soft Material
- Biomaterial
- Bio Inspired and Patterned Functional Materials
- Paint & Coatings
- Particulate Material
- Ultra High Temperature Material
- Carbon Nanotubes
- Graphene
- Carbon Black
- Nano Titanium Dioxide
- Nano Silicon Dioxide
- Nano Copper Oxide
- Nano Iron Oxide
- Nanofibers
- Gold Nanoparticles
- Silver Nanoparticles
- Nickel Nanoparticles
- Nano Zinc Oxide
- Nano Cobalt Oxide
- Nano Manganese Oxide
- Quantum dots
- Nano-zirconia
- Nano silicon carbide
- Nano tungsten carbide
- Biomaterial
- Polymeric & Soft Material
- Natural Nanomaterials
- Others
By Region:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers & Challenges
Rising electrical & electronics sector and development of aerospace sector is expected to drive the growth of advanced materials market over the forecast period. Continuous enhancement in research and development activities regarding Lithium-ion battery has found a decrease of 80% in the past 6 years due to which purchase of Lithium-ion battery has increased due to its low cost. Further, this factor is anticipated to drive the growth of advanced materials market. According to OICA, 94.7 million motor vehicle productions was held to be in 2016. Moreover, this represented a Y-o-Y growth of 5.0% as compared to 2015. Additionally, automotive production is anticipated to increase on the account of rising demand. This factor signals promising growth of the advanced materials market. Increasing construction solutions provided by steel makers for buildings and infrastructure is expected to drive the market at a significant rate across the forecast period. In contrast with, high cost of advanced materials such as Nanomaterial's and other such product is anticipated to limit the growth of advanced materials market over the forecast period.
Key Players
- Morgan Advanced Materials
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Huntsman Corporation
- Hexcel Corporation
- Hanwha Advanced Materials
- Perpetuus Advanced Materials
- Thomas Swan & Co. Ltd
- TATA Advanced Materials Limited
- 3M Company
- Wolverine Advanced Materials
- DowDuPont Inc.
