Advanced Materials Market Overview
Investments in research for the development of new advanced materials and for the improvement of existing products in terms of properties is the key trend witnessed in the global advanced materials market. The high quality of these materials encourages their usage in industries such as healthcare, aerospace, and automotive. Moreover, the growing application of advanced steel and aluminum alloys in various end-use industries is resulting in their increased demand around the world.
Advanced materials are high-quality materials that demonstrate superior properties over other materials in terms of functionality in diverse application areas. These can be used individually or in combination with other materials. These materials have improved physical and chemical properties, such as high stiffness, low-weight, superior strength with respect to fiber reinforcement, high resistance to chemicals and temperature, good dimensional stability, and high flexibility. In this report, the advanced materials market is segmented on the basis of product, industry, and geography.
Based on product, the advanced materials market is classified into lightweight materials, ceramics, glass, polymers, composites, metals and alloys, nanomaterials, and others. Of these, ceramics held a significant market share during the historical period. This can be attributed to the increased usage of electroceramics in the electronics industry in recent years. Moreover, the market for lightweight materials and nanomaterials is expected to witness considerable growth during forecast period, on account of the growing demand for lightweight two-wheelers and four-wheelers and the increasing usage of nanomaterials in the healthcare industry.
On the basis of industry, the advanced materials market is categorized into healthcare, automotive, aerospace, electrical and electronics, defense, petrochemicals, and others. Among these, the automotive industry generated a significant demand for these materials in the market during the historical period, owing to the increased demand for lightweight vehicles witnessed globally. Lightweight materials enable higher fuel efficiency and improved performance and safety in vehicles due to the incorporation of carbon fiber-reinforced plastic (CFRP), which is strong and yet nearly 50% lighter than steel.
Geographically, the advanced materials market is categorized into North America, Europe, Latin America, Asia-Pacific (APAC), and the Middle East and Africa. During the forecast period, the market is expected to witness significant growth in the APAC region, owing to the increasing number of industries and rising manufacturing activities in the emerging countries of the region, such as China and India. Furthermore, the European advanced materials market is expected to witness increased consumption of advanced materials during the forecast period, owing to the availability of mineral resources, high adoption rate of advanced technologies, and increasing investments in the automotive and aerospace industries.
Advanced Materials Market Dynamics
The advanced materials market is primarily driven by the increasing adoption of these materials in the automotive and electronics industries. These materials surpass conventional materials in terms of their superior properties, such as light weight and high strength, durability, and elasticity, which favor their widespread adoption in other materials, components, and end-products used in these industries. According to Scientific American, an American science magazine, the fuel economy of a car increases by 6–8% with the reduction of one-tenth of its weight. In view of this, the automotive industry is increasingly focusing on the development of lightweight and energy-efficient vehicles. For instance, as an effort toward increasing fuel efficiency, automotive manufacturer Nissan has reduced the weight of its cars such as Altima, Frontier, and Juke.
Furthermore, the adoption of electroceramics in semiconductors and electronics is increasing globally, owing to the superior properties of these materials, such as high damage tolerance, toughness, temperature resistance, and corrosion resistance. Moreover, the usage of electroceramics helps reduce the overall weight and size of electronic devices. This has propelled the demand for these materials in the electronics industry and has positively impacted the growth of the advanced materials market.
The key factor restraining the growth of the advanced materials market is the complex process associated with the production of these materials. Besides, the production of these materials is capital-intensive, as it requires expensive machinery and technical proficiency of the involved manpower. These factors, thus, restrict the entry of new players in the market to some extent.
Advanced Materials Market Competitive Landscape
Some of the major players operating in the global advanced materials market are Akzo Nobel N.V., 3M Company, BASF SE, DowDuPont Inc., Momentive Performance Materials Inc., Morgan Advanced Materials, Hanwha Group, PyroGenesis Canada Inc., Cytech Products Inc., and Hexcel Corporation.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.