Market Research Future (MRFR) has published a cooked research report on the “Global Advanced Material Market” that contains information from 2018 to 2032. The advanced material market is estimated to register a CAGR of 6.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global advanced material market - 3M Company, Momentive Performance Materials Inc., BASF SE, DowDuPont Inc., Morgan Advanced Materials, Hanwha Group, PyroGenesis Canada Inc., Cytech Products Inc., Akzo Nobel N.V. and Hexcel Corporation.
The global advanced material market is accounted to register a CAGR of 6.50% during the forecast period and is estimated to reach USD 107.869 billion by 2032.
The primary drivers of the market for advanced materials are an increase in R&D activities across several nations and a growth in manufacturing on a global basis. Demand for new materials is being fueled by the quick adoption of these materials in the automotive, aerospace, healthcare, and other industries. End consumers are converting to the usage of new materials as a result of the development of ceramics and composites with improved strength, abrasion resistance, and light weight. The majority of ceramics are used in medical devices, and demand for complex materials will increase as the size of the healthcare sector expands.
The global advanced material market has been segmented into product type and application.
On the basis of product type, the market is segmented into Polymers, Metal & Alloys, Glasses, Composites and Ceramics. The ceramics segment was attributed to holding the largest market share in 2022 because electroceramics are used in the electronic sector. The superior performance and lower cost compared to materials like plastic, metal, and glass are what are driving the demand. Government rules and environmental concerns around the use of plastics are advancing ceramic use.
Based on application, the global advanced material market has been segmented into Medical Devices, Automotive, Aerospace, Electricals & Electronics, Industrial, Power and Others. The automotive segment was expected to hold the largest market share in 2022. This is due to the introduction of cutting-edge materials like high-strength steel alloys and carbon fiber-reinforced polymers (CFRPs) in the manufacture of automobiles as a result of the growing need for lightweight and high-performance materials.
The global advanced material market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe advanced material market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The advanced material market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World advanced material market comprises of Middle East, Africa, and Latin America.
The largest market share for advanced material was maintained by the North American regional sector due to the robust development of the building sector and the substantial presence of major automakers in countries like the United States and Canada. Furthermore, it is projected that the presence of companies making equipment for renewable energy sources will stimulate the industry in this area.
Moreover, the Europe market has been persistently growing over the forecast period due to the accessibility of mineral resources, the high rate of adoption of cutting-edge technologies, and rising investments in the automotive and aerospace sectors. Additionally, the utilization of finished goods in sectors like automotive, electronics, and others is fueling the market for innovative materials.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period because significant producers may be found in big economies like China, India, and Japan. Additionally, as consumer awareness of renewable energy sources grows, it is projected that product demand for energy applications would rise.
Furthermore, the rest of the world's advanced material market is divided into the Middle East, Africa, and Latin America. Due to the urbanization of all major cities and the expansion of industries, the rest of the world presents profitable growth potential over the projected timeframe. The extensive use of manufacturing processes will cause the automation industry to expand greatly, which will eventually increase the demand of sophisticated materials.
Key Findings of the Study