Advanced materials refer to modification of existing materials in order to improve their performance in one or more than one characteristics. Advanced materials contain superior characteristics than their parent materials in terms of performance. Further, advanced materials are the key factors which have provided an extraordinary pace to the technological advancements. Medical devices, automotive, electrical, power and others are some of the major application area of the advanced materials.
The global advanced materials market is segmented into end user such as electronic industries, energy & power, petrochemical industries, security and defense, aerospace industries, automotive industries, healthcare industries and other, out of which automotive industries segment accounted for the largest market of overall advanced materials market in 2016. Additionally, increasing number of cars on roads along with growing demand for fuel efficient vehicles is expected to flourish the growth of global automotive industries market.
Apart from this, electronic industries segment is believed to grow significantly by 2024.
Global advanced materials market is expected to showcase a tremendous CAGR of 10.6% over the forecast period i.e.
2017-2024. Additionally, the market is riding on the back of growing electrical & electronics sector. Moreover, the global advanced materials market is anticipated to account noteworthy revenue of USD 102.6 Billion by 2024.
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The structural material segment by product is predicted to capture the dominating market of overall advanced materials by 2024. In terms of regional platform, North America region accounted for the top position in the global advanced materials market.
Moreover, U.S. is dominating country in this region owing high demand for advanced materials. Apart from this, Asia Pacific region is believed to be the fastest growing market of advanced materials owing to positive economic growth.
Moreover, rapidly growing automotive industry in this region is envisioned to supplement the growth of advanced materials market.
Increasing Demand for Advanced Materials
Advancement in materials in order to improve their effectiveness and rising spending in research & development activities are believed to be the dynamic factor behind the rapid growth of advanced materials market. Furthermore, increasing popularity of advanced material all across the globe is also expected to foster the growth of advanced materials market.
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Booming Various Industries
Swift growth of numerous industries such as automotive, healthcare, electronics and others on the back of favorable government initiatives is believed to bolster the market of advanced materials by the end of forecast period. In addition to this, booming industrial development throughout the globe is also projected to augment the demand for advanced materials.
On the contrary, high price associated with advanced materials is one of the major factors hampering the market of advanced materials all across the globe.
The report titled “Advanced Materials Market: Globa… Outlook 2024” delivers detailed overview of the global advanced materials market in terms of market segmentation by product, by end-user and 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.
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This report also provides the existing competitive scenario of some of the key players of the global advanced materials market which includes company profiling of Morgan Advanced Materials, Hanwha, Pyrogenesis Inc., 3M Advanced Materials, Cytec Solvay Group, Hexcel Corporation, Huntsman Corporation, Applied Materials Inc., Cnano Technology Ltd., Materion Corporation. 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 materials 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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