Advanced Materials Market Size, Share, Value, Insights, Report Analysis 2024-2031

Report Overview

The market is expected to grow at a CAGR of 5.6 % during the forecast period.

Advanced materials are high-quality materials that perform better than other materials in terms of functionality in various application areas. These materials offer improved physical and chemical properties, including high stiffness, low weight, stronger strength than fiber reinforcement, excellent resistance to chemicals and temperature, superior dimensional stability, and high flexibility.

Advanced materials are a promising technology that is transforming the global industrial sector, especially in high-performance applications where ceramics and composites are replacing plastics and metals. Increasing customer interest in end-product alternatives will drive the demand for novel materials throughout the forecast period.

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Market Drivers

Rise in Industrialization Drives Market Growth

The market's application landscape is growing increasingly broad as technology advances. Huntsman's Thermal Management Solutions, which launched in the North American market in September 2019, are likely to set a new standard for novel materials used in electric car manufacturing.

Royal DSM, 3M, and BASF SE are among the world's leading advanced materials research and development businesses. DSM launched the Advanced Materials Forum (AMF) in India and Southeast Asia, North America, and Europe to promote education and knowledge of novel materials.

Market Trends

Graphene, a system of carbon particles structured in thick sheets, has excellent electrical characteristics, making it a suitable material for batteries. Graphene is also among the most durable materials known. Researchers may employ multi-scale modeling to investigate the exceptional characteristics of nanomaterials, swiftly and effectively identifying diverse formulations in silico and structuring materials with unique properties for each new application.

New programmable material systems have been created that can adapt and respond to their environment. Wood alters form in reaction to temperature, pH, gravity, and electric fields. These characteristics may be modified to give peak performance in a range of scenarios. Furthermore, given enough time and fundamental supplies such as water and carbon dioxide, wood can recreate itself.

Segmentation Analysis

The global advanced materials market is segmented by type, and end user.

By End User Building & Construction Segment Dominates the Market

The building and construction industries are expected to dominate the end-user market for advanced materials. The building and construction industries are increasingly using advanced materials such as polymer composites. Using these materials in construction or building projects offers various advantages, including enhanced strength and integrity and lower overall system costs, there by growing the global advanced materials market.

Many reputable businesses provide a various cutting-edge building and construction materials. For example, Owens Corning provides over 50 cutting-edge products especially for the building and construction industry. Some of the products available from the company are Acoustimax Glass Non-Wovens for Ceiling Tile Backing and Sustaina Glass Non-Wovens for Cushion Vinyl Flooring.

Geographical Share

Geographically the advanced materials market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Asia-Pacific dominates the global advanced materials market. 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 industry is the primary user of advanced materials, with China holding the largest market share in terms of vehicle unit production since 2008. In 2019, China sold 25 million vehicles, of which around 21 million were passenger cars. The passenger vehicle class includes sedans, sport-utility vehicles, and multi-purpose vehicles, with sedans being the most popular passenger car type in China in 2018.

Market Key Players

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.

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This release was published on openPR.