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.
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
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.
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.
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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