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Global Advanced Materials Market 2024 - By Size, Share, Price, Growth, Analysis, Outlook And Forecast Report 2033
Global Advanced Materials Market
As per the report, 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 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%.
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Automotive Production Surge Propels Growth In Advanced Materials Market
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.
Innovative Breakthrough In Advanced Material-Based Corrosion Protection
Product innovation is the key trend gaining popularity in the advanced materials market. Major companies operating in the advanced materials market are developing innovative products to sustain their position in the market. For instance, in April 2023, Petroliam Nasional Berhad (PETRONAS), a Malaysia-based energy and solutions corporation, launched Proshield+, its first advanced material-based corrosion protection technology. This innovative Proshield+ is a paint additive that is made from graphene, an ultra-high barrier material. Graphene is a two-dimensional material that is made up of a single layer of carbon atoms arranged in a hexagonal lattice. It is one of the strongest and lightest materials known to science, and it has a number of other unique properties, such as high electrical conductivity and thermal conductivity. Proshield+ works by forming a tortuous pathway in the coating, which hinders corroding agents from reaching the steel surface.
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
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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.
Contents of the report:
1. Executive Summary
2. Advanced Materials Market Report Structure
3. Advanced Materials Market Trends And Strategies
4. Advanced Materials Market - Macro Economic Scenario
5. Advanced Materials Market Size And Growth
…..
27. Advanced Materials Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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