Blog - Advanced Materials market Regional and Country Analysis 2022

2021-06-01

Advanced Materials market by geography into – North America, South America, Europe, Asia-Pacific (APAC), and Middle East and Africa

Technological Advancements and burgeoning application spectrum

Increasing investments, ongoing extensive R&D activities, and focus laid by market players and end use industries are other key drivers for the growth of the advanced materials market. The market has been witnessing large number of new product developments and launches, catering the advanced needs of various end user industries

Materials such as nanocomposites, carbon fibers, and advanced ceramics are evolved as the preferred choice of engineering materials owing to their superior properties over conventional materials, thus growing the penetration of advanced materials in various industries. Nanocomposites, the polymers that are reinforced with nanoparticles offer enhanced chemical, electrical, and mechanical properties, and are widely used as laminates in aerospace industry

Moreover, these technological developments are aiding in widening the application spectrum in the market. Huntsman’s Thermal Management Solutions launched in North America market in September 2019 is likely to extend the level of advanced materials in electric vehicle market

Companies such as Royal DSM, 3M, and BASF SE are leading in the research and development activities in the global advanced materials industry. DSM has organized the Advanced Materials Forum (AMF) in India & Southeast Asia, North America, and Europe regions to promote education and awareness towards advanced materials. Also, the company has invested for the expansion of its high-performance materials plant in the U.S., to meet the increasing demand for advanced materials in North America region
 

The North America advanced materials market reached US$ 62,320.45 Million in 2019 and is projected to reach US$ XX Million by 2027, growing with a CAGR of XX% from 2020 to 2027

The automotive industry in the United States holds one of the largest market shares globally, accounting for at least 3% of the country's total Gross Domestic Product (GDP). Furthermore, with the rise of electric cars, the government has offered various tax incentives to encourage people to buy them. Thus to compete, various automotive manufactures are adopting advanced materials in their production line

The job of achieving an excellent production line at a reduced cost becomes easy by adopting advanced materials, resulting in a greater range of models and shorter model cycles. Various automotive manufactures have increased the application of advanced materials in their production line, which triggered the market of the product in the region

Furthermore, automotive production in North America reached 13.4 million vehicles in 2020. In the same year, Mexico accounted for around one-fourth of the North American production volume. In 2013, Mexico edged past Canada to become North America's second-largest vehicle producer. The market is further expected to improve due to arrival of electric vehicles in the mentioned countries. These rising numbers are more likely to accelerate the advanced materials market in the region

Advanced materials have gained immense popularity in the aerospace industry. The growing aerospace industry in the North American region is responsible for a significant share of advanced materials sales. As per the studies, Canada and Mexico hold 2nd and 6th position in the global aerospace and defense export destination ranking

Continuous evolution of aerospace and defense sector due to increasing demand and subsequent introduction of new materials to substitute the existing ones to improve strength, durability with lightweights further creates the demand for advanced materials in the region

Carbon-fiber composites have revolutionized aerospace engineering over the last two decades. Fuselages, wings, bulkheads, overhead storage containers, and other parts made of the lightweight material are now used in a broad range of applications in the North American aerospace and defense market, thereby building the market share of the products in the region

The presence of aerospace giants such as Boeing, an American multinational corporation that designs, manufactures and sells airplanes, rockets, rotorcraft, satellites, telecommunications equipment and missiles globally, has to strengthen the market. The company is accelerating the most commonly used advanced and lighter-weight materials such as carbon fiber reinforced polymers (CFRP) and honeycomb materials in recent times

For instance, 3M has announced that it has agreed with Avon Rubber p.l.c. to purchase 3M's advanced ballistic-protection business at a purchasing cost of US$ 91 million, subject to closing and other adjustments

The economy in North America is characterized by high diversity due to major developed and advanced economies such as the U.S. and Canada. Over the forecast period, the demand for nanomaterials in the area is expected to be driven by continued efforts in nanoparticle research and development to explore potential product applications in various end-use industries

Nanomaterial is expected to have the highest application in the biomedical sector in the North American region owing to the increasing occurrence of chronic diseases and a rising elderly population in the U.S. over the forecast period. Hence, increasing demand for nanomaterials in the region is expected to improve the market of advanced materials in the region

Furthermore, nanomaterial is gaining popularity in the automotive industry in the North American region due to increased demand for fuel-efficient vehicles and efforts to minimize total carbon emissions. Nanomaterial, such as nanopowders and nanocoatings, are increasingly being used to improve the sustainability of automotive paints and coatings at a lower cost

The market of nanomaterial is further expected to grow in the North American region due to the increasing demand for the product in various industries such as energy, electronics, biomedical and wastewater treatment

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