Global Advanced Materials Market Analysis, Growth, Trends and Forecast- 2024
According to the research report, the global advanced materials market is expected to be worth US$102.48 bn by 2024 as compared to US$42.76 bn in 2015. During the forecast years of 2016 and 2024, the global advanced materials market is expected to progress at a CAGR of 10.4%.
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North America Paces Ahead with CAGR of 9.1% during Forecast Period
Advanced materials are extensively being used in areas such as medical devices, automotive, electrical and electronics, power, and industrial amongst others. Out of these, the automotive segment is expected to dominate the global market in the coming years. This demand will be due to the increasing requirement for high-strength and lightweight components in the aerospace industry. The analysts state that the aerospace segment will surge at a CAGR of 10.8% during the forecast period in terms of revenue. Geographically, the market is segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The report suggests that North America show a remarkable CAGR of 9.1% during the forecast period. However, this regional market is expected to mature in the coming years, giving emerging economies such as Asia Pacific and the Middle East and Africa a chance to flourish in the global market.
Need for Improved Aerospace Components Shifts Preference toward Advanced Materials
The booming development of sectors such as electrical and electronics and aerospace have been the driving factors behind the growth of the global advanced materials market. These materials have been in a great demand in these segments as they deliver better performance, strength, and durability. Improvement in the development and design of these materials has also improved their uptake in the past few years. Over the years, the extensive and exhaustive research and development have rendered these materials with high endurance to handle the amount of fatigue, abrasion, and stiffness. For the same reasons, composite materials are being adopted in manufacturing aerospace structures.
The market is also expected to be driven by the growing demand for electrical and electronics, which is slated to be characterized by miniaturization in the coming years. The adoption of ceramics will be significantly high in this segment as well as in medical equipment manufacturing. The automobile industry is also expected to be another leading end user of advanced materials due to the benefits these materials offer in improving the performance of vehicles. The growing prices of fuel and the increasing demand for efficient vehicles are expected to drive manufacturers to make vehicles that will be lighter in weight.
Price Difference between Advanced and Conventional Materials to Hinder Market Growth
The massive price difference between conventional materials and advanced materials is one of the key restraints in the global advanced materials market. Currently, carbon fiber reinforced polymers are used in industries such as aerospace, wind energy, and sports due to their excellent mechanical and thermal properties at high temperatures. Despite these advantages, the demand for carbon fiber is likely to suffer as its production is seven times more expensive than its conventional counterpart aluminum. The market could also be stifled by the high costs involved in manufacturing advanced ceramics, which demand controlled environment at a high temperature for achieving the desired result.
This review is based on Transparency Market Research’s report, titled “Advanced Materials Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global advanced materials market has been segmented as follows:
Advanced Materials Market – Product Analysis
Metals & Alloys
Advanced Materials Market – Application Analysis
Electricals & Electronics
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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