Advanced Materials Market Size Forecast to Reach $2.1 Trillion by 2025
Advanced Materials Market Size Forecast to Reach $2.1 Trillion by 2025
"Growing Demand for Battery Electric Vehicles Driving the Growth of Advanced Materials Market."

Advanced Materials Market is forecast to reach $2.1 trillion by 2025, after growing at a CAGR of 4.5% during 2020-2025. 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. Growing public interest towards end products replacements will further enhance the overall market demand for advanced materials during the forecast period.

Advanced Materials Market Segment Analysis - By Product Type

Ceramics segment holds the largest share in the advanced materials market. Advanced ceramics such as alumina, aluminum nitride, zirconia, silicon carbide, silicon nitride and titania-based materials, each with their own specific characteristics, offer a high-performance, economic alternative to conventional materials such as glass, metals and plastics. Physical properties such as hardness, strength, wear resistance, corrosion resistance and thermal stability are considered while choosing a material. Each of these can be optimized depending on the choice of material. Several ceramic materials are favored and have a proven track record for their mechanical, electrical, thermal and/or chemical properties.

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Advanced Materials Market Segment Analysis - By End Use

Automotive sector has been the primary market for Advanced Materials. China is APAC’s largest fuel consumer, and the world's second largest consumer after the U.S. U.S. and China held a share of 20 and 14 percent respectively in the world oil consumption as reported by the BP Statistical Review of World Energy. 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 such as advanced high-strength steels, non-ferrous alloys (aluminum and titanium), and a variety of composites (carbon fiber and metal matrix) to produce lightweight vehicles. Owing to the increasing demand for lightweight vehicles the advanced materials market will grow.

Advanced Materials Market Segment Analysis - By Geography

APAC has dominated the Advanced Materials market with a share of more than xx%, followed by North America and Europe, Owing to the increasing number of industries and rising manufacturing activities in the emerging countries of the region, such as China and India. While some advanced materials are already well known as groups such as polymers, metal alloys, ceramics, semiconductors, composites and biomaterials. Due to the usage of the end products in industries such as automotive, electronics and others are the driving the market of advanced materials market. In the automotive sector, the adoption of safety-related electronics systems has grown explosively. Automotive various semiconductor devices in cars, including microcontrollers (MCUs), sensors and memory are the major parts.

Advanced Materials Market Drivers

Evolving Aviation Sector

The aerospace industry is constantly evolving due to the increasing requirement and subsequent introduction of new materials to replace the existing ones. Composite parts of aircrafts are defined by their material, processing, manufacturing specifications, and material allowed by engineering. The amount of carbon fiber reinforced polymer (CFRP) used in their structure is only slightly less than the number of metals. Along with these, other reinforced matrices are also employed. As aircraft climbed higher and faster, aluminum eventually became the go-to material.

Growing demand for battery electric vehicles

The shift towards electric vehicles in the developed and developing nations would increase the growth of existing IC engine vehicles and also increase the advanced materials market over the forecast timeframe. According to IEA, Norway, the Netherlands and Japan are frontrunners in the electronic vehicles segment. Norway held the share of 46 percent in terms of the global new electric car sales as reported by IEA in 2018. In order to meet zero emission targets under the “Paris Climate Accord”, in 2017, France government has announced that it will ban diesel and gasoline-powered vehicles completely and switch to electric powered vehicles by 2040.

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Advanced Materials Market Challenges

High Prices of Advanced Materials

Prices of advanced materials are very high compared to their traditional counterparts. For instance, carbon fiber reinforced polymers are widely used in a diverse range of aerospace, sports, and wind energy applications, owing to their outstanding mechanical and thermal properties at high temperatures. However, the current prices for the production of carbon fiber’s traditional counterparts (e.g. aluminum) are five to seven times cheaper in comparison. This hampers the usage of carbon fiber, thereby acting as a major restraint for the carbon fiber reinforced polymers market.

Impact of COVID 19 on Advanced Materials

The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for Advanced Materials.

Advanced Materials Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Advanced Materials market. In 2019, the market of Advanced Materials has been consolidated by the top five players accounting for xx% of the share. Major players in the Advanced Materials Market are 3M Advanced Materials, Morgan Advanced Materials plc, Hexcel Corporation, Hanwa Group, Materion Corporation, Huntsman International LLC, among others.

Acquisitions/Technology Launches

In January 2020, 3M has completed the sale of the company’s advanced-ballistic protection business to Avon Rubber p.l.c. for $91 million.

Key Takeaways

Asia-Pacific dominates the advanced materials market owing to increasing demand from various end use industries such as automotive, aviation, building & constructions with others.

The demand for ceramics has been on the rise due to their application in the production of medical devices. As uptake of ceramics will continue to remain high as the healthcare industry grows and the need for medical attention surges during the forecast period, is likely to aid in the market growth of advanced materials.

COVID 19 pandemic will create few hurdles for the advanced materials market.

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