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.
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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166 page report gives readers a comprehensive overview of the
Advanced Materials market.Browse Market Research Report @
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.
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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
- Ceramics
- Glasses
- Polymers
- Composites
- Metals & Alloys
Advanced
Materials Market – Application Analysis
- Medical devices
- Automotive
- Aerospace
- Electricals & Electronics
- Industrial
- Power
- Others
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Us
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