What Does the Historical and Current Advanced Materials Market Size Trend Indicate?
The advanced materials market has seen considerable growth due to a variety of factors.
•The market size for advanced materials has been experiencing substantial growth in the past few years. There will be an increase from $87.15 billion in 2024 to $92.71 billion in 2025, yielding a compound annual growth rate (CAGR) of 6.4%.
Factors contributing to this growth during the historic period include an upsurge in demand from the aerospace industry, wider usage in the automotive sector, growth in the electronics and electrical industry, an escalating emphasis on renewable energy and developments in medical devices.
How Will the Advanced Materials Market Size Evolve over the Forecast Period?
The advanced materials market is expected to maintain its strong growth trajectory in upcoming years.
• The market for advanced materials is anticipated to experience robust expansion in the upcoming years. By 2029, it is predicted to reach a value of $128.1 billion with a compound annual growth rate (CAGR) of 8.4%.
Factors contributing to the projected growth in this period include a heightened focus on sustainability, rapid 5G technology proliferation, significant investment in infrastructure development, a boost in electric vehicle (EV) production, and the advent of smart cities. Key trends during this forecast period are expected to be 3D printing and additive manufacturing, energy storage materials, graphene and carbon nanotubes, advanced coatings, and the incorporation of artificial intelligence (AI).
What Factors Are Driving Growth In The Advanced Materials Market?
The growth of the advanced materials market is anticipated to be driven by the rise in automotive production. The manufacturing of vehicles, including cars, trucks, motorcycles, and other motor vehicles, is known as automotive production. A broad range of advanced materials, such as advanced high-strength steels, aluminum alloys, and carbon fiber composites, are utilized in this sector to elevate vehicle performance, safety, efficiency, and sustainability. For instance, the European Automobile Manufacturers Association (ACEA), a Belgium-based association, reported in May 2023 that there was a global production of 85.4 million motor vehicles in 2022, marking a 5.7% increase from 2021. Consequently, the surge in automotive production is fueling the expansion of the advanced materials market.
What Are The Main Segments Of The Global Advanced Materials Market?
The advanced materials market covered in this report is segmented –
1) By Product Type: Polymers, Metals And Alloys, Glasses, Composites, Ceramics
2) By Distribution Channel: Direct, Indirect
3) By Application: Medical Devices, Automotive, Aerospace, Electrical And Electronics, Industrial, Power, Other Applications
Subsegments:
1) By Polymers: Thermoplastics, Thermosetting Plastics, Biopolymers
2) By Metals And Alloys: Aluminum Alloys, Titanium Alloys, Steel Alloys, Specialty Metals
3) By Glasses: Specialty Glasses, Glass-Ceramics, Photonic Glasses
4) By Composites: Polymer Matrix Composites (PMCs), Metal Matrix Composites (MMCs), Ceramic Matrix Composites (CMCs)
5) By Ceramics: Traditional Ceramics, Advanced Ceramics
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What Emerging Trends Are Influencing The Growth Of The Advanced Materials Market?
Product innovation is emerging as a crucial trend in the advanced materials market. Prominent companies within the advanced materials industry are creating novel products to maintain their standing. For example, in April 2023, the Malaysia-based energy and solutions corporation, Petroliam Nasional Berhad (PETRONAS), introduced Proshield+, its initial offering in advanced material-based corrosion protection technology. This inventive Proshield+ employs graphene - an ultra-high barrier material, as a paint additive. Graphene, a two-dimensional material composed of a single layer of carbon atoms in a hexagonal arrangement, is touted as being one of the most robust and lightest materials known in science. Its unique characteristics include a high electrical and thermal conductivity. Proshield+ operates by establishing a complex pathway within the coating to keep corroding agents from making contact with the steel surface.
Who Are the Key Players in the Advanced Materials Market?
Major companies operating in the advanced materials market include:
• 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.
What Is The Most Dominant Region In The Advanced Materials Market?
North America was the largest region in the advanced materials market in 2024. The regions covered in the advanced materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
