Sales in Advanced Materials Market to Touch 28 Kilo Tons by
- Utilization of ceramics and composites in high-performance applications help propel growth in advanced materials market, Opportunities to Progress at CAGR of 8.1% during 2019 and 2027
- Automotive and aerospace sector to see proliferating uptake of engineering materials made of carbon fiber reinforced polymer (CFRP) and high-end reinforced matrices, Fueling New Avenues
ALBANY, N.Y., Aug. 4, 2020 /PRNewswire/ -- Advanced materials comprise a wide range of metals, ceramics, composites, and polymers. They are growing in adoption owing to their superior properties over conventional materials. Rise in utilization of these materials in high-end applications in automotive and aerospace manufacturing is key to growth. One of the popular advanced materials is carbon fiber reinforced polymers.
Use of high-end engineering applications in sports, and wind energy is key to rising revenues.
The global advanced materials market stood at 13 Kilo Tons in 2018, and analysts at Transparency Market Research anticipate the opportunities to rise at CAGR of 8.1% during 2019 and 2027. By the period end, the market valuation is expected to reach around 28 Kilo Tons.
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Key Findings of Advanced Materials Market Report
- The advanced materials market witnesses lucrative opportunities in aerospace industry
- Geographically North America is the leading market
- Europe also accounts for a promising share in overall valuation
- Asia Pacific market is expected to see rapidly rising revenues during 2019 – 2027
- India and China key revenue generator due to rising use in manufacturing industries
- Advanced materials market has highly consolidated competitive landscape
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Advanced Materials Market: Key Driving Factors and Promising Avenues
- Adoption of advanced materials has helped manufacturers and fabricators attain high-end thermal and physical properties to meet end-user requirements.
- The growing trend of replacing conventional materials in composites and ceramics in range of industries. A strikingly lucrative market is the use of ceramics in medical devices
- Over the years, end-use industries have committed sizable funds in research and development of high-performance composites that can meet needs of the medical industry. This is boosting prospects in the advanced materials market
- Rising demand for carbon fiber reinforced polymer (CFRP) in high-end structural materials for automotive market is fueling revenue generation in the advanced materials market
- The increasing trend of miniaturization of electrical circuits is a key driver for new avenues for manufacturers of advanced materials.
- Advanced materials have shown a high potential in making lightweight materials for making automotive, thereby boosting opportunities for stakeholders in the market.
- Rise in demand for composites in making wind turbines and solar panels is spurred by strides the renewable sector has made globally over the past few years. This has been offering a robust undercurrent to opportunity in the advanced materials market.
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Advanced Materials Market: Key Challenges
- The high cost of developing all advanced materials is a key impediment for their widespread uptake.
- The commercialization in the advanced materials market is further hindered by the availability of inexpensive substitute materials for carbon fiber reinforced polymers.
Advanced Materials Market: Competitive Dynamics
The advanced materials market is characterized by relatively few players holding prominent stakes. They have spruced up their research and development spending in recent years, on the back of advancing chemistries of composites.
Well-entrenches players in the advanced materials market currently include Materion Corporation, Hanwa Group, Huntsman Corporation, Morgan Advanced Materials plc., and 3M Advanced Materials.
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Advanced Materials Market: Regional Landscape
Geographically, North America and Europe account for more than half of the overall share in the advanced materials market. These regional markets have prospered on the back of robust production capacities and vast appetite for high-performance composites in numerous end-use industries. Moreover, stakeholders in these markets have benefitted from the use of cutting-edge material processing technologies.
The Advanced Materials Market can be segmented as follows:
- Metals & Alloys
- Medical devices
- Electricals & Electronics
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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