Global advanced material market is valued at US$ 213,134.24 million in 2019 and is expected to grow at a CAGR of 5.6% over the forecast period to reach US$ XX million by 2027.
Advanced materials means materials with engineered properties made through the development of particular processing and synthesis technology, comprising ceramics, high value-added metals, electronic materials, composites, polymers, and biomaterials.
The advanced material market is growing rapidly in the global market due to increasing application in aviation, automobile and transportation industry, growing research & development activities worldwide to solve various problems such as carbon emission and increasing investment as well as government initiatives in developed countries.
On the basis of type, the market is segmented into ceramic glass, Composites, fibers, nano materials, resins & polymers and others. The Ceramic and Glass segment has the highest share of 72.51% in 2019 and is expected to have a growth rate of 4.7% in the forecast period.
The market is segmented based on end-users into Aerospace & Defense, Building & Construction, Healthcare & Medical, Oil & Gas and Energy, Transportation and others. Building & Construction segment is expected to have the highest growth rate of 6.4% in the forecast period with market share of 33.77%.
In this report, the Global Advanced Materials market is segmented by region into North America, South America, Europe, Asia Pacific, and Middle East and Africa.
The global market is majorly occupied by Asia-Pacific with a market share of approximately 48.06%, followed by North America with a market share of approximately 29.24%.
Market Dynamics
Drivers
- Rise in industrialization
- Technological Advancements and burgeoning application spectrum
Restraints
- High prices of advanced materials
Rise in industrialization
The demand for advanced materials has been constantly growing with rapid industrialization across the globe. The use of advanced materials increased multifold in several end use industries including healthcare, oil & gas, building and construction, automotive, and aerospace. These industries use wide range of raw materials in bulk quantities. This growth of the market can be majorly attributable to the rising end user industries and increasing adoption of advanced materials in these sectors. Widespread industrialization globally with the need for mass production led to significant industrial growth for a few decades, in turn boosting the demand for advanced materials.
The changing functional requirements and design parameters had altered the material needs for industries. The manufacturers are focused towards procurement of superior raw materials that offer stronger, compact and reliable benefits over conventional materials. Advanced materials evolved as the technology of great significance owing to its potential benefits over conventional materials
Geographical Analysis
The Middle East and Africa advanced materials market reached US$ 4,539.76 Million in 2019 and is expected to reach US$ XXMillion by 2027, growing with a CAGR of 6.2% from 2020 to 2027
Between 2013 and 2018, only 58 construction projects were initiated in the African and Middle East region. Compared to other global regions, especially North America, Europe, and Asia, this is a low figure. However, 23 deals were registered over the same time by the Council (Oman, Qatar, Bahrain, Kuwait, Saudi Arabia, and the United Arab Emirates) Between 2013 and 2018, Israeli construction firms were involved in seven transactions. The improving construction projects in the MEA region are responsible for the building has increased the demand for advanced materials in the region and expected to maintain the momentum in the forecast period
Furthermore, renewables play a crucial role in developing the region’s sustainable energy transition and must be considered in a broader framework of socio-economic development of the region. Hence, improving the energy sector in the MEA region has forced the key players to adopt advanced material to get better output at a cheaper cost. The market is further expected to increase in the forecast period as the ambitious targets set by all the MEA countries are expected to translate into a combined 80 GW of renewable capacity by 2030. Automobile sales in the Middle East and North Africa totaled 1.99 billion units in 2019. Since 2014, the volume of revenue has decreased by about a third. Furthermore, in terms of passenger car sales, Iran led the Middle Eastern region in 2018, followed by Saudi Arabia and Israel
Currently, the Middle East's passenger car fleet stands at nearly 35 million vehicles, with Iran contributing the most. The moderately improving automobile units in the MEA region are more likely to create demand for advanced materials in the forecast period to build a more significant market share from the construction sector in the region
For instance, approval of some of the most significant projects of MEA region, including Sharjah Contracting, Khatib & Alami to work on 2.16km2 infra project, Saudi’s ACWA Power to build US$2.5billion Uzbekistan renewable energy plants, ONEIC wins TANWEER's US$7.4 million contracts to build a substation. Saudi’s Advanced Petrochemical, SK Gas, to build plants worth US$1.8 billion, has created an enormous market share for the construction industry and is expected to grow further in even the forecast period. Biomaterial is tremendously growing in the MEA region due to increasing key players in the region, and their efforts to expand products are accelerating the growth of the biomaterials in the region
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