Advanced Materials Market Share Analysis by Emerging Growth Factors and Revenue Forecast to 2024
Key Highlights of Global Advanced Materials Market
- Advanced Materials generally have superior properties than conventional materials available. They can outperform conventional materials, in terms of their applications.
- They are materials that are novel or have undergone modifications in existing materials to gain superior performance with respect to one or more characteristics that are essential for the applications under consideration.
Key Drivers of Global Advanced Materials Market
- The increasing demand for these materials is driven by innovative applications of advanced materials in various end use industries. The product is used, for example, in applications in the industries such as automotive, heavy machinery, construction, and solar glass industries. For solar control efficiency and other applications, flat glass coated in the construction industry is applied because of the product’s excellent insulation properties. The need for flat glass in the architectural sector over the coming years is expected to rise. Materials that can sustain fire, impact, harsh weather and natural disasters is expected to drive the demand for advanced materials.
- The complex process involved in producing these materials is the main factor limiting the development of the advanced materials market. In addition, manufacturing of such materials requires the workforce involved to provide high cost, expensive machines and technical expertise. Those factors therefore limit the acceptance of new players to a certain extent.
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Dire Need for Reducing Vehicle Weight to Boost Opportunity
- The fuel economy of cars is up 6-8 percent with the reduction of one-tenth of weight, according to Scientific American, an American science magazine. In light of this, the auto industry focuses more and more on developing vehicles that are both lightweight and energy-efficient. For example, Nissan automakers have decreased the mass of their cars such as Altima, Frontier and Juke to improve their fuel efficiency. Demand for lightweight vehicles is a key trend expected to influence the world’s advanced materials market in the next several years.
- Moreover, increased consumption of consumables and increased use of advanced materials in areas such as healthcare, aerospace, cars and others worldwide are intended to provide suppliers of advanced materials worldwide with an absolute opportunity.
Insufficient spread of market across the world to Hamper Global Advanced Materials Market
- Developed regions are major consumers of advanced materials, due to the efficient infrastructure and presence of high number of applications/end-user industries
- The advanced materials market is still in the development stage. Low number of end-users are present in the market due to the high costs of various advanced materials products.
- Production of advanced materials is carried out by developed countries, who outsource their production to developing regions.
North America Dominates Global Advanced Materials Market
- North America and Europe were the dominant consumers of advanced materials in the global market. The growing consumption of advanced materials in these regions will be attributable to the mammoth production capacities and sophistication with the advancement of technologies.
- Asia Pacific is also expected to be an emerging region in the global market over the forecast period as manufacturing industries pick up pace in developing countries of India and China. The booming industrial development in this region is expected to make a significant contribution of the rising revenue of the Asia Pacific advanced materials market between 2019 and 2027.
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Concentrated Nature of Global Advanced Materials Market
- The competitive landscape of the global advanced materials market is reported to be highly concentrated. A single vendor, 3M, in the global advanced materials market accounts for nearly three fourths of the overall market share. The company is expected to continue holding a dominant position in the market over the coming years. This could be attributed to their wide product portfolio, and extensive proprietary technologies.
- New vendors are expected to use 3M’s expertise as a benchmark when entering the global advanced materials market. Deep pocketed investors are expected to compete to gain more shares in the advanced materials market in the coming years. Vendors are further seen allocating huge chunks of resources to research and development activities.
- Key vendors operating in the global advanced materials market are Huntsman Corporation, 3M Advanced Materials, Morgan Advanced Materials, Hanwa Group, and Hexcel Corporation.
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