Trends in Advanced Materials Market 2024 by Production Market Analysis and Regional Market Performance

Advanced materials are high-quality materials that demonstrate superior properties over other materials in terms of functionality in diverse application areas. These can be used individually or in combination with other materials. These materials have improved physical and chemical properties, such as high stiffness, low-weight, superior strength with respect to fiber reinforcement, high resistance to chemicals and temperature, good dimensional stability, and high flexibility. In this report, the advanced materials market is segmented on the basis of product, industry, and geography.

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On the basis of industry, the advanced materials market is categorized into healthcare, automotive, aerospace, electrical and electronics, defense, petrochemicals, and others. Among these, the automotive industry generated a significant demand for these materials in the market during the historical period, owing to the increased demand for lightweight vehicles witnessed globally.

Lightweight materials enable higher fuel efficiency and improved performance and safety in vehicles due to the incorporation of carbon fiber-reinforced plastic (CFRP), which is strong and yet nearly 50% lighter than steel.

The advanced materials market is primarily driven by the increasing adoption of these materials in the automotive and electronics industries. These materials surpass conventional materials in terms of their superior properties, such as light weight and high strength, durability, and elasticity, which favor their widespread adoption in other materials, components, and end-products used in these industries.

According to Scientific American, an American science magazine, the fuel economy of a car increases by 6–8% with the reduction of one-tenth of its weight. In view of this, the automotive industry is increasingly focusing on the development of lightweight and energy-efficient vehicles. For instance, as an effort toward increasing fuel efficiency, automotive manufacturer Nissan has reduced the weight of its cars such as Altima, Frontier, and Juke.

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The key factor restraining the growth of the advanced materials market is the complex process associated with the production of these materials. Besides, the production of these materials is capital-intensive, as it requires expensive machinery and technical proficiency of the involved manpower. These factors, thus, restrict the entry of new players in the market to some extent.

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