Global Advanced Material Market Will Multiply At An Impressive CAGR Of 5.1% By 2024 & Top Key Players Huntsman Corporation, Hexcel Corporation, Hanwha Advanced Materials, Perpetuus Advanced Materials, Thomas Swan & Co. Ltd, TATA Advanced Materials Limited, 3M Company, Wolverine Advanced Materials & Morgan Advanced Materials
New York, United States - July 19, 2018 /MarketersMedia/ —
The global advanced material market is segmented into product type such as structural material, functional material, emerging material. Among these segments, Structural material segment is expected to reach USD 1,376,082.9 Million by the end of 2024 from USD 1,055,519.5 Million in 2016. Structural material market is anticipated to achieve absolute opportunity of USD 268,716.6 Million during 2018-2024. Additionally, structural material segment is expected to grow at a CAGR of 3.7% over the forecast period i.e. 2018-2024.
Global Advanced Material Market reached USD 1,370,242.2 Million in 2016 by registering a CAGR of 5.1% across the globe. Moreover, the market is expected to garner USD 1,978,331.6 Million by the end of 2024. The global demand for advanced material is increasing due to rapid industrialization across the globe. Further, increasing number of research and development activities of advanced materials in developing regions is key growth driver for global advanced material market over the forecast period. Additionally, increasing consumption of consumer goods and expanding applications of advanced material in areas such as healthcare, aerospace, automobile and others across the globe is envisioned to bolster the growth of the advanced material market.
In terms of regional platform, Asia Pacific is slated to account for a leading share of 58.0% by 2024 in the advanced material market. The growth in the region can be attributed to increasing number of industries and rising manufacturing activities in this region. Besides, rapid industrialization and urbanization in developing Asian countries such as China and India is also expected to impel the growth of advanced material market in the Asia Pacific. China is the prominent market driving the growth in the region.
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China advanced material market was held at USD 389,099.1 Million in 2016 and is anticipated to reach USD 530,564.7 Million by the end of 2024. China advanced material market accounted for a market share of 47.8% in 2016 and further, is expected to stand at a market share of 46.2% by the end of 2024.
Increasing Research and Development Activities
Rising electrical & electronics sector and development of aerospace sector is expected to drive the growth of advanced materials market over the forecast period. Continuous enhancement in research and development activities regarding Lithium-ion battery has found a decrease of 80% in the past 6 years due to which purchase of Lithium-ion battery has increased due to its low cost. Further, this factor is anticipated to drive the growth of advanced materials market.
Wide Scale Application Usage in Advanced Materials
Increasing construction solutions provided by steel makers for buildings and infrastructure is expected to drive the market at a significant rate across the forecast period. Apart from this, wide scale application usage of steel for reinforcing bars & structural sections, roofing & insulating panels in building and infrastructure is anticipated to strengthen and drive the growth of advanced materials market in the upcoming years. In contrast with, Decrease in steel capacity utilization ratio and ferrochrome prices is expected to dampen the growth of advanced materials market.
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The report titled “Global Advanced Material Market : Global Demand Analysis & Opportunity Outlook 2016-2024” delivers detailed overview of the global advanced material Market in terms of market by product type, by end use, by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global advanced material market which includes company profiling of includes Huntsman Corporation, Hexcel Corporation, Hanwha Advanced Materials, Perpetuus Advanced Materials, Thomas Swan & Co. Ltd, TATA Advanced Materials Limited, 3M Company, Wolverine Advanced Materials, DowDuPont Inc., and Morgan Advanced Materials. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global advanced material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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