Novel materials with enhanced or unique properties in comparison with conventional materials are increasingly being developed. These materials are often known as advanced materials or AdMs and these materials facilitate technological innovations that could prove to be advantageous for the society. Various novel technologies are developed at an accelerated rate as developers of such technologies keep on utilizing materials that display enhanced or novel properties improving performance over regular processes and products. The global advanced materials market is estimated to observe growth due to rising demand for these materials in various technological processes.
Advanced material is a promising technology that could change the landscape of manufacturing industry, particularly in its substitution of metals and plastics with composites and ceramics in various high performance applications. A case in point is progress made in lightweight materials for various automotive applications such as polymer matrix composites, high-strength steels, aluminum alloys, and magnesium alloys. Use of lightweight materials can lead to conservation of energy and fuel efficiency, which is anticipated to support growth of the global advanced materials market over the tenure of analysis.
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Some of the prominent players in the global advanced materials market comprise Morgan Advanced Materials plc, Materion Corporation, Hexcel Corporation, 3M Advanced Materials, PyroGenesis Canada Inc. and Momentive Performance Materials Inc.
The global advanced materials market is expected to expand at a robust growth rate of 8.1% CAGR over the forecast period, from 2019 to 2027.
Driven by India and China, Asia Pacific to Remain at the Forefront of Market Growth
During the tenure of assessment, the global advanced materials market is anticipated to experience significant growth in the Asia Pacific region. Such growth of the market is due to the increased manufacturing activities and rising number of industries in many of the developing countries such as India and China.
Apart from Asia Pacific, Europe is likely to emerge as another prominent region with the demand for advanced materials is anticipated to observe substantial rise in the years to come. Such growth of the region is mainly owing to the augmented investment in the aerospace and automotive sectors, high adoption of advanced technologies, and availability of plentiful mineral resources. Countries like the U.K., Germany are expected to come up as the main contributors in the Europe advanced materials market in the forthcoming years.
North America and Middle East and Africa are likely to add to the growth of the global advanced materials market with substantial contribution in terms of revenue. Growth of the North America advanced materials market is attributed to the huge production capacity of related products and utilization of advanced technologies.
Demand for Fuel Efficiency and Lightweight Vehicles to Spur Growth of the Market
The augmented demand for these advanced materials is primarily driven by innovative and advanced use of these materials in many of the end use industries. The product is utilized in various applications such as solar glass industries, construction, heavy machineries, and automotive. For use in applications such as solar control efficiency, flat glass coated in the construction industry is utilized due to its feature of outstanding insulation. The requirement for flat glass in the architectural sector is anticipated to rise in the forthcoming years. Materials that are able to withstand harsh weather, major impact, natural disasters, and fire is anticipated to bolster the growth of the global advanced materials market in the years to come.
The global advanced materials market is primarily driven by the rising adoption and extensive utilization of these materials in the electronics and automotive industries. When it comes to superior qualities such as elasticity, durability, and high strength, these advanced materials are better than other conventional materials. This factor supports increased use of this product in many end products, components, and materials.
The information shared in this review is based on a TMR report, bearing the title, “Advanced Materials Market (Product – Ceramics, Glasses, Polymers, Composites, and Metals and Alloys; Application – Medical Devices, Automotive, Aerospace, Electricals and Electronics, Industrial, and Power) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027.”
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The global advanced materials market is segmented based on:
- Metals and Alloys
- Medical Devices
- Electricals and Electronics
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