Advanced Materials Market by Product (Ceramics, Polymers, Glass, Composites, Nanomaterials, Metals and Alloys, and Others), Industry (Automotive, Aerospace, Petrochemicals, Electrical and Electronics, Defence, Healthcare), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019-2027

Advanced materials are the modified products of traditional materials with enhanced features like durability, elasticity, hardness, and toughness. With the use of advanced materials, it led to many new technological innovations. The latest developments made in advanced materials have created a way to discover new advancements in computers, warships, and medical devices.

Advanced Materials Market Analysis:

Advanced materials possess superior properties and have applications in diverse industrial sectors. These are made up of high-quality materials that are utilized solely or in combination with other materials. The attributes of advanced materials include low weight, stiffness, resistance to chemicals, flexibility, good dimensional stability, high strength concerning fiber reinforcements, and resistance to temperature.

Heavy investments in R&D efforts and rapid industrialization are the key driving factors for the advanced materials market.

The rise in industrialization globally and an increase in R&D efforts in many regions in the advanced materials market are the major driving factors. The rapid utility of advanced materials in automobile, aerospace, healthcare, and other sectors is leading to demand for advanced materials market. Analysts predict that these advanced materials will replace metal and plastic usage in the forecasted period. Due to the development of ceramics and composites that have higher strength, resistance to abrasion, and light in weight, end users are switching to the use of advanced materials. Ceramics are mostly utilized in medical devices, and the scope of the healthcare industry is increasing, which will drive the demand for ceramics proportionally.

Higher manufacturing costs and tedious production process are the restraints for the global advanced materials market.

The major restraint for the global advanced materials market is increased production costs for producing materials like nanomaterials; carbon-reinforced polymers. Despite the advantages possessed by these materials, their price is relatively seven times higher than the conventional materials, which leads to hiked prices of the final products. The manufacturing process of advanced materials is tedious and requires high temperatures and a controlled environment, which is a potential threat to its growing demand globally. Lack of qualified labor in the organizations is considered to be the major restraint for the market in the forecast period.

Growing demand for advanced materials in automotive, aerospace, and consumer goods is creating new opportunities for the players in the market.

The advanced materials market has better opportunities in aerospace, which has a requirement for evolving products like carbon fiber reinforced polymer (CFRP), which are used in high quantities next to the metal in the construction of aircraft. In the automation sector, the need for emission controls and fuel efficiency has maximized the use of advanced materials like high strength steels, composites, and non-ferrous alloys that will decrease the weight of vehicles. The exponential growth of the consumer goods industry majorly the laptops, smart cars, and smartphones is moreover an opportunity for investors in the advanced materials market.

Advanced Materials Market, by Product:

Ceramics are showing the highest demand in the advanced material market.

Ceramics have a higher market share due to the application of electroceramics in the electronic industry. The reason behind the demand is its higher performance and is an economical alternative for materials such as plastics, metals, and glass. The environmental concerns over the usage of plastics and government regulations are propelling the utilization of ceramics further. In combination with other materials, ceramics attain electrical conductivity property, just like metals. These advanced ceramics address the specific needs in their application, which will create a growing demand in the forecasted period.

Advanced Materials Market, by Industry:

The automation sector accounts for the highest market share in the advanced material market.

The major utilization and demand arise from the automation sector for the advanced material market. Adoption of lightweight materials like carbon fiber reinforced plastic (CFRP) enable automobiles to perform better and enhance efficiency. These advanced materials are 50% lighter than steel and are much stronger.

The growing utility of advanced materials in the healthcare sector is anticipated in the forecasted period. It is due to its utilization in medical devices and dental fixes.

Advanced Materials Market, by Region:

The Asia Pacific has significant growth opportunities in the forecasted period.

North America shows the highest demand in the advanced materials market. It is due to rapid industrialization and technological advancements in this region. Together with Europe, North America constitutes about 50% of the market share in the advanced materials market.

Asia Pacific region shows lucrative growth opportunities in the estimated period due to urbanization in all the major cities and an increase in the number of industries. Manufacturing processes are done extensively in emerging nations like India and China due to which automation sector is expected to grow significantly and eventually, this will lead to enhanced advanced material consumption.

Key Players in Advanced Materials Market:

The key manufacturers in the advanced materials market are 3M Advanced Materials, Huntsman Corporation, Hexcel Corporation, Morgan Advanced Materials plc, Materion Corporation, and Hanwa Group. The
strategies adopted by these few market players are extensive R&D for innovations and globalization.