Advanced Materials Market
Market Overview:
According to the USD Analytics published latest research report, the global “Advanced Materials Market” is expected to grow at a tremendous CAGR of 6.27% during the forecast period 2023-2030.
Advanced materials are materials that have been designed to have improved qualities or performance characteristics over conventional materials. These materials are often created for particular uses and may increase strength, durability, electrical conductivity, thermal conductivity, corrosion resistance, and other characteristics. Polymers, metals, ceramics, and composites are some of the materials that may be used to create advanced materials. They may be designed at the molecular or nanoscale to attain desired qualities and performance characteristics.
Aerospace, automotive, healthcare, electronics, and energy are among the areas that are increasing in using advanced materials. Their distinct features and performance qualities make them excellent for a wide range of applications, allowing businesses to create new products and solutions that would not be conceivable with standard materials. LANXESS AG, Veolia Group, Arxada AG, Ecolab Inc., Nouryon, General Electric Company, Evonik Industries AG, Solvay SA, and Clariant AG are the companies involved.
Market Drivers:
Increasing Demand in the Aerospace Industry to Brighten the Market Prospect
The aircraft sector is a critical component of the advanced materials market. During the projection period, the aerospace industry’s need for these materials will skyrocket. The aircraft industry continually seeks lightweight materials that are still robust enough to survive intense flying conditions.
The growing usage of carbon fiber composites in aircraft production will increase demand for the advanced material industry. Carbon fiber composites are lightweight, high-strength materials that are increasingly used in the aerospace sector to reduce aircraft weight and improve performance.
For example, The Boeing 787 Dreamliner was released in 2011. It is made up of 50% carbon fiber composites by weight, making it substantially lighter and more fuel-efficient than earlier generations of aircraft. The industry is driven by the desire for more fuel-efficient aircraft that can lower operating costs while meeting more rigorous environmental standards. Consequently, the aerospace industry’s need for innovative materials is projected to continue to be robust in the future years.
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Electric Car Demand is Increasing
The increased demand for electric vehicles (EVs) is propelling the automotive industry’s usage of innovative materials. For example, Lithium-ion batteries are rechargeable batteries that employ lithium ions to store and release energy. Because they are lightweight, have a high energy density, and can be recharged fast, these batteries are increasingly employed in EVs. Furthermore, they are more ecologically friendly and last longer than lead-acid batteries.
Moreover, innovative materials, such as composites and aluminum alloys, are employed in EVs to generate lightweight materials. These materials may decrease vehicle weight and enhance the energy efficiency, extending vehicle range. For example, carbon fiber reinforced polymer (CFRP) is a lightweight and high-strength composite material used in the body and chassis of electric vehicles to decrease weight and increase performance.
Market Challenges:
The advanced materials industry is projected to face considerable challenges due to the scarcity of raw resources. Many sophisticated materials depend on rare earth metals and other finite resources, and manufacturing these materials may be costly and resource-intensive. For example, neodymium is a rare earth metal used to create permanent magnets in various applications such as wind turbines, electric cars, and computer hard drives. However, neodymium supplies are limited, and manufacturing may harm the environment.
Covid-19 Impact Analysis:
The fast spread of coronavirus has greatly impacted global markets since the outbreak has paralyzed the world’s largest economies. Because of the severe closure, the consumer market has lost interest in purchasing any items. One of the most serious difficulties confronting the sector is the closure of all modes of international transit. The worldwide economic downturn has slowed the Advanced Materials market, which has been hit by decreased demand for goods manufactured and exports.
Recent Industry Developments:
- Evonik Industries debuted a new line of high-performance additives for the plastics sector in December 2020, with the ability to increase plastics’ mechanical, thermal, and electrical characteristics.
- Solvay and Boeing inked a collaboration agreement in March 2021 to develop new materials and processes for aircraft applications, such as thermoplastic composites and 3D printing technology.
- Arkema debuted a new line of bio-based thermoplastic elastomers for use in automotive and consumer goods applications in June 2021 to lower the carbon footprint of the final products.
- Covestro announced the purchase of DSM’s thermoplastic polyurethane (TPU) business, which comprises manufacturing facilities in China, the Netherlands, and the United States, in July 2021.
Segmentation Analysis:
As per the research analysis, the global advanced materials market is segmented by type into Graphene, Lightweight Materials, Bio-Derived Materials, Ceramics, Nanomaterials, Smart Materials, Fibers, Resins, Polymers, Composites, Catalysts, Others; by application into Building and Construction, Aerospace and Defense, Automotive and Transportation, Electrical and Electronics, Energy and Power, Healthcare, Marine, Others.
The aerospace sector is also a significant market for advanced materials, notably those manufacturing aircraft parts and components.
Geographical Analysis:
The global advanced materials market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Advanced Materials Market:
Geographically, North America leads the market, fueled mostly by the aerospace and military sectors. Several major aerospace businesses, notably Boeing and Lockheed Martin, are located in the area, driving demand for innovative composites and other high-performance materials. Furthermore, the region’s robust automobile sector fuels demand for new materials, especially lightweight materials, that may increase fuel economy.
Asia-Pacific Advanced Materials Market:
Asia-Pacific is expected to have the highest CAGR because of the region’s strong electronics and automotive sectors. Several prominent electronics businesses, notably Samsung and LG, generate demand for innovative materials such as semiconductors, ceramics, and specialized coatings in the area. Furthermore, the region’s expanding middle class is driving demand for high-end automotive goods, which in turn is boosting demand for new materials that may assist in increasing performance and decreasing weight.
Competitive Landscape:
The major companies included in the global advanced materials 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., Hexcel Corporation.
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Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query regarding the scope offered will be addressed within 24- 48 hours.
3) An excel sheet with market numbers will be provided separately.
The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
- Visualize the composition of the global advanced materials market segmentation product type, application, and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the global advanced materials market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
- Excel data sheet with thousands of the global advanced materials market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players.
- The report will provide access to approximately 50+ market data tables, 40+ figures and close to 200 pages.
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Website: https://www.usdanalytics.com/industry-reports/advanced-materials-market