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Global Advanced Materials Market Analysis – 2018-2027
Advanced Materials are defined as materials, both new and already existing materials, with various modifications taking place in the existing materials, in such a way to increase the quality of performance, whether it is limited to a single characteristic or higher number of characteristics that are significant for the application under consideration. The properties present in advanced materials are of a greater quality that is considered to be better than conventional materials in their applications. The global advanced materials market is anticipated to record a CAGR of 3.65% over the forecast period, i.e. 2018-2027. Factors such as increasing research and development activities for advanced materials, followed by growing automobile industry and wide scale application of advanced materials in end user industries are anticipated to promote significantly towards the growth of the global advanced materials market. According to the statistics by the European Automobile Manufacturers’ Association (ACEA), Greater China, Europe and North America registered the highest production of motor vehicles in the year 2016 with value of 28413 thousand units, 22090 thousand units and 18299 thousand units respectively.
The advanced materials market consists of various segments that are segmented by product, end user and by region. The product segment is sub-divided into structural material, functional material and emerging material. Out of these, the structural material segment is projected to grow at a CAGR of 2.72% over the forecast period. On the basis of end user, the buildings and construction segment is anticipated to hold the biggest market share and reach a CAGR of 2.47% during the forecast period, on account of construction of large number of buildings taking place in various regions across the globe.
Based on region, the global advanced materials market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is estimated to witness the highest CAGR of 4.74% over the forecast period, on account of factors such as automobile and aerospace industry witnessing significant growth in the region, apart from undergoing faster expansion over the past few years. Additionally, advanced technologies are being adopted on a larger scale, including abundant mineral resources present in the region that are helping drive the demand for advanced materials in the region. The market in Asia Pacific region had accounted for 59.1% of the market share in the year 2017 and is estimated to grow at a CAGR of 3.22% over the forecast period, with several industries being set up, in addition to growth in manufacturing activities being witnessed in the region. Moreover, the rapid rate at which urbanization had been affecting the region as well as industrialization taking place in Asian nations such as China and India are all anticipated to boost the growth of the market in the next decade.
Some of the key industry leaders in the global advanced materials market are Morgan Advanced Materials, Huntsman Corporation, Hexcel Corporation, Hanwha Advanced Materials, Perpetuus Advanced Materials, Thomas Swan & Co. Ltd., Tata Advanced Materials Ltd., 3M Company, Wolverine Advanced Materials and DowDuPont Inc.