Advanced Materials Market Growth Accelerates: Strategic Forecast Predicts $128.1 Billion by 2029

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What Will the Advanced Materials Industry Market Size Be by 2025?
The market size of advanced materials has significantly expanded in the past few years. The market worth, which is projected to be $87.15 billion in 2024, is expected to rise to $92.71 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historical period can be linked to the escalating demand from the aerospace sector, more widespread usage in the automotive industry, a burgeoning electronics and electrical industry, a rising emphasis on renewable energy, and advancements in the field of medical devices.

What's the Long-Term Growth Forecast for the Advanced Materials Market Size Through 2029?
In the coming years, the advanced materials market is anticipated to exhibit robust growth, expanding to a market size of $128.1 billion by 2029 as it grows at a compound annual growth rate (CAGR) of 8.4%. This progress in the predicted period can be credited to the increasing emphasis on sustainable practices, swift proliferation of 5G technology, amplified spending on infrastructure advancement, a rise in production of electric vehicles (EV), and the advent of smart cities. Among the key trends predicted for this period are 3D printing and additive manufacturing, materials for energy storage, graphene along with carbon nanotubes, advanced surface treatments, and the incorporation of artificial intelligence (AI).

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What Are the Key Growth Drivers Fueling the Advanced Materials Market Expansion?
The expansion of the advanced materials market is believed to be fueled by the rise in vehicle production. The term "automotive production" refers to the creation of various types of motor vehicles like cars, trucks, motorcycles, etc. Various advanced materials are employed in automotive production to improve aspects like the vehicle's performance, safety, efficiency, and sustainability. These materials include advanced high-strength steels, aluminum alloys, and carbon fiber composites, all of which contribute to the lightening and performance enhancement of automobiles. As per data released by the European Automobile Manufacturers Association (ACEA), a vehicle manufacturing association based in Belgium, approximately 85.4 million motor vehicles were manufactured globally in 2022, marking a 5.7% increase compared to the previous year. Consequently, this surge in automotive production is catalyzing the expansion of the advanced materials market.

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What Are the Key Trends Driving Advanced Materials Market Growth?
The advanced materials market's growth can largely be attributed to the rise in product innovation trend. Prominent players in this market focus on devising unique products to maintain their market stance. An instance of this is Petroliam Nasional Berhad (PETRONAS), a Malaysia-based corporation specializing in energy solutions, which launched its maiden advanced material-based corrosion resistance technology named Proshield+ in April 2023. Made from graphene, an ultra-high barrier substance, Proshield+ is essentially a paint additive. Graphene, made up of a single layer of carbon atoms arranged in a hexagonal grid, is a two-dimensional material. Known for being one of the strongest and the lightest materials, graphene also has exceptional electrical and thermal conductivity. Proshield+ takes action by creating an intricate route in the coating, thereby obstructing corrosion agents from affecting the steel surface.

How Is the Advanced Materials Market Segmented?
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

Subsegments:
1) By Polymers: Thermoplastics, Thermosetting Plastics, Biopolymers
2) By Metals And Alloys: Aluminum Alloys, Titanium Alloys, Steel Alloys, Specialty Metals
3) By Glasses: Specialty Glasses, Glass-Ceramics, Photonic Glasses
4) By Composites: Polymer Matrix Composites (PMCs), Metal Matrix Composites (MMCs), Ceramic Matrix Composites (CMCs)
5) By Ceramics: Traditional Ceramics, Advanced Ceramics

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Which Companies Are Leading the Charge in Advanced Materials Market Innovation?
Major companies operating in the advanced materials market include 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.

Which Regions Are Leading the Global Advanced Materials Market in Revenue?
North America was the largest region in the advanced materials market in 2024. The regions covered in the advanced materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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