Global Advanced Materials Market Drivers 2024, Forecast To 2033
8 Mar, 2024
The advanced materials market has experienced strong growth, rising from $82.74 billion in 2023 to $88.39 billion in 2024, with a CAGR of 6.8%. This growth is driven by factors such as increased demand from the aerospace industry and advancements in medical devices. Looking ahead, the market is expected to see strong growth, reaching $117.01 billion in 2028, with a CAGR of 7.3%. Factors such as growing emphasis on sustainable solutions and rapid expansion of 5G technology will contribute to this growth.
Global Advanced Materials Market Key Driver
Increasing automotive production, as indicated by the production of 85.4 million motor vehicles globally in 2023, an increase of 5.7% compared to the previous year, according to reports from the European Automobile Manufacturers Association (ACEA), is expected to fuel the growth of the advanced materials market. Advanced materials such as advanced high-strength steels, aluminum alloys, and carbon fiber composites are utilized in automotive production to enhance vehicle performance, safety, efficiency, and sustainability.
Get A Free Sample Of The Global Advanced Materials Market ReportGlobal Advanced Materials Market Segments
The advanced materials market covered in this report is segmented –
1) Product Type:Polymers, Metals And Alloys, Glasses, Composites, Ceramics
2) Distribution Channel:Direct, Indirect
3) Application:Medical Devices, Automotive, Aerospace, Electrical And Electronics, Industrial, Power, Other Applications
By Geography: The countries covered in the advanced materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the advanced materials market in 2023. The regions covered in the advanced materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Advanced Materials Industry Players
Toyota Group; Pfizer Inc.; BASF SE; Hitachi Chemical Co. Ltd.; Volkswagen Group; DowDuPont Inc.; Saint-Gobain; Hanwha Group; Novartis; Aluminum Corporation of China; 3M Company; Broadcom Ltd.; HBIS Group; Toray Industries Inc.; Stanley Black & Decker; Atlas Copco USA; Owens Corning; Teijin Limited; Akzo Nobel N.V.; Cytech Products Inc.; Hexcel Corporation; Morgan Advanced Materials PLC.; Momentive Performance Materials Inc.; New-Indy Containerboard LLC; Tata Advanced Systems Limited.; Thomas Swan And Co. Ltd.; Optomec Inc.; QD Vision Inc.; Perpetuus Advanced Materials; CM Tucker Lumber; Plastics Advanced Research Technology Inc.; Reynolds Industries Inc.; Quick Tech Machining Inc.
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Advanced Materials Market Overview
Advanced materials refer to a class of materials that possess superior or enhanced properties compared to traditional materials. These materials are designed and engineered to exhibit specific characteristics, such as high strength, durability, conductivity, flexibility, heat resistance, or lightness, which surpass those of conventional materials.