ALBANY, New York, December 23, 2016 /PRNewswire/ --
Transparency Market Research has published a new report titled "Advanced Materials (Ceramics, Glasses, Polymers, Composites, and Metals & Alloys) Market for Medical Devices, Automotive, Aerospace, Electricals & Electronics, Industrial, Power and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global Advanced Materials market was valued at US$ 42.76 Bn in 2015 and is anticipated to reach US$ 102.48 Bn by 2024, expanding at a CAGR of 10.4% between 2016 and 2024.
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.
The advanced materials products are segmented as follows: ceramics, glasses, polymers, composites and metals & alloys. Ceramics have been the popular choice of material for medical applications since the last few years. This trend is anticipated to continue in the next few years. Major reason behind high consumption of composites is that they can be mass-produced as per requirement and have a vast number of applications (such as construction, automotive, oil & gas), which are expected to continue to increase. The demand for advanced materials products is estimated to grow during the forecast period due to rising demand of high performance materials with properties such as high specific strength, stiffness, excellent fatigue and abrasion resistance.
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Major applications of advanced materials are observed in industries such as automotive, aerospace, and electricals & electronics. They are also used in medical devices, power industry along with serving industrial purposes.
The automotive industry is currently tackling increasing demands for improvements in fuel economy and emission control. Therefore, there is a great deal of interest in the usage of advanced materials to produce lightweight vehicles. Electricals & Electronics, especially consumer goods, is a rapidly growing industry due to constant developments in mobile phones and laptops.
North America and Europe are major regions for the global advanced materials market. This is due to large production capacity available and sophistication with the advancement of technologies in these regions. The market in a region is dependent on its industrial developments. Different regions are expected to continue performing unevenly, with North America exhibiting the leading growth rate.
As climate change statistics are continuously rising, there's growing pressure from all areas - consumers, businesses, and governments - to search for more eco-friendly manufacturing techniques. This acts as another opportunity for advanced materials market because of always advancing technologies that are used for production of advanced materials. Advanced materials is a promising technology transforming the global manufacturing industry, especially in its replacement of plastics and metals with ceramics and composites in high-performance applications.
The market is anticipated to undergo constant changes due to emerging technologies in various segments, as any advancement carried out on existing products results in the inclusion of the modified product in the existing market. Limited number of players operate in the advanced materials market. Their share of R&D expenditure is expected to reflect on the overall investment in R&D for advanced materials.
Major players in the Advanced Materials market include 3M Advanced Materials, Morgan Advanced Materials plc, Huntsman Corporation, Hexcel Corporation, Hanwa Group, and Materion Corporation.
The Advanced Materials market has been divided into the following segments.
Advanced Materials Market - Product Analysis
- Metals & Alloys
Advanced Materials Market - Application Analysis
- Medical devices
- Electricals & Electronics
Advanced Materials Market - Regional Analysis
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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