Advanced Material Market Size was valued at USD 61.2 Billion in 2022. The advanced material industry is projected to grow from USD 65.17 Billion in 2023 to USD 107.869 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.50% during the forecast period (2023 - 2032). The demand for long-lasting and environmentally friendly products is rising, and new product creation is made possible by technical developments like nanotechnology. These are the main market drivers fueling this expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the important sectors for the market for advanced materials is the aircraft industry. During the projection period, there will be a significant increase in the demand for these materials from the aerospace industry. The aerospace sector is continuously looking for materials that are both lightweight and robust enough to sustain difficult flight conditions. Demand for innovative materials will be further fueled by the growing usage of carbon fiber composites in the manufacture of airplanes. In order to lighten and strengthen airplanes, the aerospace industry is using carbon fiber composites, which are lightweight materials. For instance, the Boeing 787 Dreamliner, which made its debut in 2011, is 50% carbon fiber composites by weight, making it substantially lighter and more fuel-efficient than earlier generations of airplanes. The demand for more environmentally friendly, operating-cost-saving, fuel-efficient aircraft that can satisfy increasingly strict environmental requirements is what propels the market. Because of this, it is anticipated that there will be a continued high demand for innovative materials in the aerospace sector in the years to come.
The usage of innovative materials in the automotive sector is being driven by the increasing demand for electric cars (EVs). For instance, lithium ions are used to store and release energy in rechargeable lithium-ion batteries. Due to their high energy density, small size, and speedy recharging, these batteries are being employed in EVs more and more. In addition, they outlast conventional lead-acid batteries and are environmentally beneficial. Furthermore, lightweight materials like composites and aluminum alloys are developed using innovative technologies and employed in electric vehicles. The car's range can be extended by using these materials to lighten the vehicle and increase energy efficiency. In the body and chassis of EVs, for instance, carbon fiber reinforced polymer (CFRP), a lightweight and high-strength composite material, is utilized to reduce weight and boost performance.
The primary driving forces behind the market for advanced materials are an increase in R&D efforts across numerous countries and a rise in industrialisation on a scale. Demand for advanced materials is being driven by the quick adoption of these materials in the automotive, aerospace, healthcare, and other industries. According to analysts, during the anticipated time, these cutting-edge materials will displace the use of metal and plastic. End consumers are transitioning to the usage of innovative materials as a result of the development of ceramics and composites that have increased strength, resistance to abrasion, and light weight. The majority of ceramics are used in medical devices, and as the breadth of the healthcare sector expands, so will the demand for ceramics. Thus, driving the advanced material market revenue.
The advanced material market segmentation, based on product type includes Polymers, Metal & Alloys, Glasses, Composites and Ceramics. The ceramics segment dominated the market. Advanced ceramics offer a high-performance, cost-effective alternative to traditional materials like glass, metals, and plastics. These materials include alumina, aluminum nitride, zirconia, silicon nitride, silicon carbide, and titania-based materials, each having their own unique properties. When selecting a material, physical characteristics like hardness, wear resistance, strength, corrosion resistance, and thermal stability are taken into account.
Figure 1: Advanced Material Market, by Product Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The advanced material market segmentation, based on application, includes Medical Devices, Automotive, Aerospace, Electricals & Electronics, Industrial, Power and Others. The automotive category generated the most income. The automotive industry is currently dealing with escalating expectations for improvements in fuel efficiency and pollution control. Therefore, there is a lot of interest in the use of cutting-edge materials like improved high-strength steels, non-ferrous alloys (aluminum and titanium), and a range of composites (carbon fiber and metal matrix) to manufacture lightweight cars. The market for innovative materials will expand as a result of the rising demand for lightweight cars.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American advanced material market area will dominate this market because of the building industry's strong growth and the significant presence of major automakers in nations like the United States and Canada. Additionally, it is anticipated that the presence of businesses that produce equipment for renewable energy sources will boost this industry.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ADVANCED MATERIAL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe advanced material market accounts for the second-largest market share because of the ease with which mineral resources may be accessed, the rapid uptake of cutting-edge technology, and the growth of investments in the automobile and aerospace industries. The demand for novel materials is also being stimulated by the use of finished items in industries like automotive, electronics, and others. Further, the German advanced material market held the largest market share, and the UK advanced material market was the fastest growing market in the European region
The Asia-Pacific Advanced Material Market is expected to grow at the fastest CAGR from 2023 to 2032 because major economies like China, India, and Japan may contain large producers. Additionally, it is anticipated that product demand for energy applications would increase as consumer knowledge of renewable energy sources increases. Moreover, China’s advanced material market held the largest market share, and the Indian advanced material market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the advanced material market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, advanced material industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the advanced material industry to benefit clients and increase the market sector. In recent years, the advanced material industry has offered some of the most significant advantages to medicine. Major players in the advanced material market are attempting to increase market demand by investing in research and development operations includes 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.
Explosives, machinery, trading, and defense products are all produced and offered by Hanwha Corp (Hanwha). Among its machinery items are plant and other machinery products, machine tools, powertrain, solar products, factory automation, and aerospace equipment. The business provides a lifestyle platform via which it runs its luxury hotel operations, as well as the construction and management of commercial complexes. Its products are employed in livestock products, aerospace items, rockets, fuses, grenades, fireworks, and subsea equipment.
A diversified corporation is Morgan Advanced Materials Plc (Morgan). The business develops, produces, and sells technical ceramics, braze alloys, thermal ceramics, fire protection products, seals and bearings, speciality graphite, electrical carbon, molten metal systems, composites, and military systems. It also designs, manufactures, and markets braze alloys. Engineered coatings, ceramic cores, laser products, wax injection goods, extruded products, mass spectrometry components, and zirconia products are a few of the technological ceramics it offers.
3M Company
Momentive Performance Materials Inc.
BASF SE
DowDuPont Inc.
Hanwha Group
Cytech Products Inc.
Akzo Nobel N.V.
Hexcel Corporation
June 2021:Â For usage in automotive and consumer goods applications, Arkema has introduced a new line of bio-based thermoplastic elastomers that can lower the carbon footprint of finished goods.
December 2020:Â In order to create new lithium-ion battery electrolyte solutions that are safer, more effective, and have a longer life cycle, Mitsubishi Chemical Corporation and Ube Industries have partnered.
December 2020:Â For the plastics industry, Evonik Industries has introduced a new array of high-performance additives that can enhance the mechanical, thermal, and electrical qualities of plastics.
January 2020:Â The advanced-ballistic protection division of 3M has been successfully sold to Avon Rubber p.l.c. for a sum of $91 million.
Polymers
Metal & Alloys
Glasses
Composites
Ceramics
Medical Devices
Automotive
Aerospace
Electricals & Electronics
Industrial
Power
Others
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 61.2 Billion |
| Market Size 2023 | USD 65.17 Billion |
| Market Size 2032 | USD 107.869 Billion |
| Compound Annual Growth Rate (CAGR) | 6.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | Rising demand for sophisticated materials in the automotive and consumer goods sector is opening up new business prospects |
| Key Market Dynamics | Rapid industrialization and significant R&D expenditures are the primary market drivers for advanced materials Increasing demand in the aerospace sector will improve market prospects |
Advanced Material Market Highlights:
Frequently Asked Questions (FAQ) :
The advanced material market size was valued at USD 61.2 Billion in 2022.
The market is projected to grow at a CAGR of 6.50% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are 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 ceramics category dominated the market in 2022.
The automotive category had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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