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Advanced Materials Market Trends, Industry Size, Growth Opportunities And Forecast To 2033
Advanced Materials Market
The Business Research Company presents an extensive market research report on the Advanced Materials Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The advanced materials market size has grown strongly in recent years. It will grow from $82.74 billion in 2023 to $88.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased demand from the aerospace industry, increased adoption in the automotive sector, expanding electronics and electrical industry, increasing focus on renewable energy, and advancements in medical devices..
The advanced materials market size is expected to see strong growth in the next few years. It will grow to $117.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growing emphasis on sustainable solutions, rapid expansion of 5g technology, increased investment in infrastructure development, surge in electric vehicle (ev) production, emergence of smart cities.. Major trends in the forecast period include 3d printing and additive manufacturing, energy storage materials, graphene and carbon nanotubes, advanced coatings, integration of artificial intelligence (ai)..
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Key Market Players:
Major companies operating in the advanced materials market report are Toyota Group, Pfizer Inc., BASF SE, Hitachi Chemical Co. Ltd., Volkswagen Group, DowDuPont Inc., Saint-Gobain, Hanwha Group, Novartis, Aluminum Corporation of China, 3M Company, Broadcom Ltd., HBIS Group, Toray Industries Inc., Stanley Black & Decker, Atlas Copco USA, Owens Corning, Teijin Limited, Akzo Nobel N.V., Cytech Products Inc., Hexcel Corporation, Morgan Advanced Materials PLC., Momentive Performance Materials Inc., New-Indy Containerboard LLC, Tata Advanced Systems Limited., Thomas Swan And Co. Ltd., Optomec Inc., QD Vision Inc., Perpetuus Advanced Materials, CM Tucker Lumber, Plastics Advanced Research Technology Inc., Reynolds Industries Inc., Quick Tech Machining Inc.
Market Drivers:
Increasing automotive production is expected to propel the growth of the advanced materials market going forward. Automotive production refers to the process of manufacturing vehicles, including cars, trucks, motorcycles, and other motor vehicles. Automotive production utilizes a variety of advanced materials to enhance vehicle performance, safety, efficiency, and sustainability. It includes advanced high-strength steels, aluminum alloys, and carbon fiber composites to lighten and enhance performance in automobiles. For instance, in May 2023, according to reports released by the European Automobile Manufacturers Association (ACEA), a Belgium-based automobile manufacturers association, around the world, 85.4 million motor vehicles were produced, an increase of 5.7% compared to 2021. Therefore, the increase in automotive production is driving the growth of the advanced materials market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/advanced-materials-global-market-report
The advanced materials market covered in this report is segmented -
1) By Product Type: Polymers, Metals And Alloys, Glasses, Composites, Ceramics
2) By Distribution Channel: Direct, Indirect
3) By Application: Medical Devices, Automotive, Aerospace, Electrical And Electronics, Industrial, Power, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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