Advanced Materials Market is expected to be worth US$102.48 bn by 2024

Transparency Market Research states that the degree of competition in the global advanced materials market is relatively insubstantial. However, the global market is on the cusp of a revolution as several players are making big investments in developing state-of-art advanced materials to suit the modern needs of industries across the globe. 3M Advanced Materials held a leading share in the global market in 2015 of about 70%. The company’s dominance was a result of its wide product offerings and proprietary technologies it has been using for product development.

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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%.

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.

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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.

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This release was published on openPR.