Global Advanced Materials Market is Segmented By Type (Ceramic Glass, Composites, Fiber, Nano Materials, Resins and Polymers, Others), By End-User (Building & Construction, Transportation, Aerospace and Defense, Oil & Gas and Energy, Healthcare & Medical, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The Global Advanced Materials Market is estimated to grow at a CAGR of 5.6% during the forecast period 2024-2031.
High-quality materials that outperform other materials in terms of functionality across a range of application areas are called advanced materials. These materials have enhanced physical and chemical characteristics such as high stiffness, low weight, greater strength compared to fiber reinforcement, strong resistance to chemicals and temperature, good dimensional stability, and high flexibility.
Advanced materials are a promising technology revolutionizing the worldwide industrial sector, particularly in the high-performance sectors, where they are replacing plastics and metals with ceramics and composites. Increasing consumer interest in end-product replacements will boost demand for innovative materials during the projection period.
Market Summary
| Metrics | Details |
| Market CAGR | 5.6% |
| Segments Covered | By Type, By End-User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | Asia Pacific |
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Market Dynamics
The rise in industrialization and technological advancements drive the global market for advanced materials. The high costs of advanced materials could hamper growth.
Rise in industrialization
The market's application landscape is becoming more diverse due to technological advancements. Huntsman's Thermal Management Solutions, which debuted in the North American market in September 2019, will probably raise the bar for innovative materials used in producing electric vehicles.
Leading companies in the worldwide advanced materials industry's research and development include Royal DSM, 3M, and BASF SE. DSM has established the Advanced Materials Forum (AMF) in India & Southeast Asia, North America, and Europe to increase education and understanding regarding innovative materials.
Technological Advancements
With fast industrialization occurring worldwide, the need for sophisticated materials has been steadily increasing in several end-use industries, such as healthcare, oil & gas, building & construction, automotive & aerospace, and the usage of advanced materials multiplied. These industries make extensive use of a variety of raw resources.
The market's expansion can be largely attributed to the booming end-use industries and their growing use of sophisticated materials. Since a few decades ago, there has been tremendous industrial expansion due to widespread industrialization and the requirement for mass production, which has increased the demand for advanced materials.
High prices of advanced materials
The main obstacle to expanding the worldwide market for advanced materials is their high cost. The majority of the categories of sophisticated materials, such as carbon fibers and nanomaterials, are significantly more expensive than their regular counterparts. Resources cost varies significantly based on the raw materials. However, the underlying design technology significantly increases the price of nanoparticles and other advanced materials.
A gram of pure gold cost US$ 58 in 2019, but the price of gold nanoparticles is listed as US$ 80,000 per gram. Additionally, nanotechnology is largely restricted to industrialized economies and is an expensive topic of study. It restricts the expansion of the nanomaterials market in developing and underdeveloped countries.
COVID-19 Impact on Market
The world's largest economies have been put on lockdown due to the coronavirus epidemic, which has severely impacted global markets. The consumer market has suddenly lost interest in buying goods due to this catastrophic shutdown.
One of the main issues facing the market is the suspension of all forms of international transportation. The global economic crisis has caused the demand for sophisticated materials to decline, affecting exports and manufacturing demand.
Market Segment Analysis
By end-user, the advanced materials market is segmented into building & construction, transportation, aerospace and defense, oil & gas and energy, healthcare & medical, and others.
Various advantages of advanced materials in the building & construction
The building & construction sector is anticipated to dominate the end-user market for advanced materials. The building and construction sector is progressively using various sophisticated materials, such as polymer composites. Using these materials in construction or building projects has numerous benefits, such as increased strength and integrity and a reduction in the cost of general systems, bolstering the global market for advanced materials.
Many reputable businesses offer a range of cutting-edge building and construction products. For instance, Owens Corning offers more than 50 cutting-edge materials exclusively for the building and construction sector. Acoustimax Glass Non-Wovens for Ceiling Tile Backing and Sustaina Glass Non-Wovens for Cushion Vinyl Flooring are a few items the business offers.
Market Geographical Share
The growing industrial sector in Asia-Pacific
Globally, the market for advanced materials is dominated by Asia-Pacific. A growing number of industries, including those in the automotive, aviation, building & construction, and other sectors, as well as an increase in manufacturing activities, are responsible for the region's growth.
The automotive sector is the main consumer of advanced materials and since 2008, China has held the biggest market share in terms of vehicle unit production. The total number of automobiles sold in China in 2019 was 25 million, with around 21 million being passenger cars. The passenger vehicle segment consists of sedans, sport-utility vehicles, and multi-purpose vehicles, with sedans being the most popular passenger car model in China as of 2018.
Advanced Materials Market Companies
The market for advanced materials is highly fragmented, with both international and local manufacturers present. With the introduction of sophisticated materials and the growth of the material sector, the market is extremely competitive. To maintain their market position, the top firms turn to alliances, product launches, and market growth.
Major global advanced materials market companies include 3M Company, Akzo Nobel Expancel, BASF SE, Dow Chemical, E. I. Du Pont De Nemours and Company, Teijin Limited, Owens Corning, Momentive Performance Materials Inc., Toray Industries, and Huntsman Corporation.
3M Company
Overview: A multinational company called 3M works in the healthcare and consumer products industries. The business provides more than 60,000 goods in homes, offices, hospitals, and other sectors. One-third of the company's sales are generated from items created in the previous five years. The business has corporate offices in 70 nations and sells its products in 200 nations. In 29 U.S. states, 3M has 64 production facilities. Additionally, the business runs 97 manufacturing and converting sites in 35 different nations.
Product Portfolio: In the following sectors: Electronics, Energy, Automotive, Health Care Commercial Solutions, Communications, Consumer, Design & Construction, Manufacturing, and Safety, the company offers a comprehensive range of product lines. It offers advanced ceramics, fluoropolymers, glass bubbles, coatings, and linings in terms of advanced materials.
Key Development: In June 2020, 3M will develop cutting-edge materials for filters that clean life-saving medications, such as the COVID-19 vaccination and therapeutic prospects.
The global advanced materials market report would provide access to approx. 53 market data tables, 48 figures, and 205 pages.
