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CHEMICALS AND ADVANCED MATERIALS

Advanced Materials Market Segmentation By Product (Structural Material, Functional Material & Emerging Material); By End User (Building & Construction Aerospace, Defense, Automotive, Electrical & Electronics, Marine, Oil, Gas & Energy, Healthcare, Paint & Coatings & Others) – Global Demand Analysis and Opportunity Assessment 2018-2027

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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.                                                         Request Insights

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IN THE NEWS
  • In April, 2018, DowDuPont had made an announcement on its decision to invest about USD 100 million to expand their plant manufacturing capabilities in the Orange County which is expected to help the company to increase growth in their revenues in the coming years.

  • In January, 2018, Hanwha Group had made the announcement regarding the expansion for supply of their e-vehicle battery case to global joint-ventures that are based in China.

Market Overview

Advanced Materials can be defined as those materials that are new as well as existing materials that have undergone modifications and changes, in order to achieve performance of a higher quality, that can be either limited specifically to a single characteristic or sometimes more characteristics which are highly essential for the application under consideration. Advanced materials possess properties that are considered to be of high quality, that can even surpass conventional materials in their applications.  

Growth Highlights based on Region during 2018-2027

The global advanced materials market is predicted to grow at a CAGR of 3.65% over the forecast period, i.e. 2018-2027. The market in Europe is estimated to grow at the highest CAGR over the forecast period, owing to factors such as growth of the automobile and aerospace industry in the region that has also seen considerable expansion in the last few years. Moreover, there has been a greater adoption rate of advanced technologies, in addition to plenty of mineral resources being available in the region that is helping raise the demand for advanced materials. On the other hand, the market in Asia Pacific that accounted for the highest share of 59.1% in the year 2017 is also estimated to register a significant growth over the forecast period, owing to rising number of industries being established, followed by growing number of manufacturing activities taking place in the region. Apart from that, growing urbanization levels in these regions coupled with rapid industrialization taking place in countries such as China and India that are part of the Asia Pacific region is anticipated to boost the growth of the market in this region over the next decade.

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). CLICK TO DOWNLOAD FREE SAMPLE

Market Segmentation Synopsis

By Product Type

On the basis of product type, the global advanced materials market is segmented into structural material, functional material and emerging material. Structural material falling under product type segment registered the highest share of 76.46% in the year 2017 and is anticipated to grow at a significant CAGR over the forecast period. This growth is mainly driven by factors such as application of advanced materials on a larger scale in building and construction applications.  

Advanced Materials Market By Product Type

By End-User

The market is segmented into building and construction, aerospace, defense, automotive, electrical & electronics, marine, oil, gas & energy, healthcare, paint & coatings & others. The buildings and construction segment is estimated to occupy the highest market share over the forecast period, owing to the growing number of buildings being constructed across various regions of the world.   

Market Drivers and Challenges

Growth Indicators

Growing Research & Development Activities undertaken across several regions globally

Steel producers across several regions of the world have been offering a diverse range of solutions for construction associated with buildings and infrastructure over the recent years. Moreover, higher application of steel for reinforcing bars and structural sections, including for the purpose of use in roofing and insulating panels of buildings as well as for infrastructure development is predicted to boost the growth of the market over the next few years. Additionally, developing nations have been making higher investments in research and development, especially in sectors such as energy and power that is anticipated to drive the growth of the market in the next few years. About 200 billion cans of food are being produced every year as per a report released by World Steel Association. Moreover, higher consumption of packaged food in addition to lifestyle of individuals undergoing tremendous changes over the past decade are predicted to drive the growth of the market in the coming years.     

Rapid Growth in Production and Sales of Automobiles

The growth in the number of automobiles being produced as well as growing sales of vehicles have raised the demand for advanced materials across many regions of the world. According to OICA, in the year 2017, the production of motor vehicles had reached 97.3 million units globally. Further, growing urbanization and growth in the upper middle-class population with disposable incomes primarily in the developing countries has raised the demand for automobiles, thereby driving the growth in sales of automobiles globally. This is anticipated to increase the demand for advanced materials in various parts of the world and is also further predicted to boost the growth of advanced materials market globally.    

Barriers

Some of the limitations faced in the global advanced materials market is that the costs of these advanced materials such as Nanomaterials and few others are considerably high. High prices of light-weight materials such as carbon fibers and a few others in automobiles, coupled with other factors such as decreasing steel capacity utilization ratio, apart from lower prices of ferrochrome are all anticipated to limit the growth of the market over the forecast period.  

Competitive Landscape

Some of the renowned industry leaders in the global advanced materials market are 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. Moreover, other market players have been coming up with various product offerings in the market that are advanced, in order to attain a competitive advantage over other competitors in the global advanced materials market.


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