Advanced Materials Global Market Report 2024

Advanced materials comprise a category of substances that demonstrate superior or enhanced properties in comparison to traditional materials. These materials are specifically designed and engineered to manifest exceptional characteristics, including but not limited to high strength, durability, conductivity, flexibility, heat resistance, or lightness, surpassing those exhibited by conventional materials.

The primary types of products within the realm of advanced materials include polymers, metals and alloys, glasses, composites, and ceramics. Polymers, for instance, are large molecules composed of repeating subunits known as monomers, chemically bonded together to form extensive chains or network structures. These advanced materials find application across various industries, with products distributed through both direct and indirect channels. The diverse sectors benefiting from advanced materials include medical devices, automotive, aerospace, electrical and electronic, industrial, power, and others, where the unique properties of these materials cater to specific needs and requirements.

The advanced materials market research report is one of a series of new reports from The Business Research Company that provides advanced materials market statistics, including the advanced materials industry global market size, regional shares, competitors with an advanced materials market share, detailed advanced materials market segments, market trends and opportunities, and any further data you may need to thrive in the advanced materials industry. This advanced materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The advanced materials market size has grown strongly in recent years. It will grow from $82.74 billion in 2023 to $88.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period can be attributed to several factors, including increased demand from the aerospace industry, greater adoption in the automotive sector, expansion in the electronics and electrical industry, a heightened focus on renewable energy, and advancements in medical devices. These factors collectively contributed to the increased utilization and demand for advanced materials across various industries during the historical period.

The advanced materials market size is expected to see strong growth in the next few years. It will grow to $117.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to various factors, including a growing emphasis on sustainable solutions, the rapid expansion of 5G technology, increased investment in infrastructure development, a surge in electric vehicle (EV) production, and the emergence of smart cities. Key trends expected in the forecast period encompass the utilization of 3D printing and additive manufacturing, advancements in energy storage materials, applications of graphene and carbon nanotubes, the development of advanced coatings, and the integration of artificial intelligence (AI). These trends collectively contribute to the continued evolution and demand for advanced materials in diverse industries.

The anticipated surge in automotive production stands as a pivotal driver propelling the expansion of the advanced materials market. Automotive production entails the manufacturing process of various vehicles, including cars, trucks, motorcycles, and other motor vehicles. Within this domain, a diverse range of advanced materials is employed to augment vehicle performance, safety, efficiency, and sustainability. These materials encompass advanced high-strength steels, aluminum alloys, and carbon fiber composites, all geared towards enhancing and lightening vehicles' performance. As per reports released by the European Automobile Manufacturers Association (ACEA) in May 2023, the global production of motor vehicles reached 85.4 million units, marking a substantial 5.7% increase compared to 2021. This remarkable surge in automotive production serves as a driving force spurring the growth of the advanced materials market.

The burgeoning aerospace and defense industry is poised to significantly contribute to the expansion of the advanced materials market. This sector encompasses the development, production, and maintenance of aerospace systems such as aircraft, spacecraft, missiles, rockets, and associated components, as well as defense systems and equipment. Advanced materials play a crucial role in enhancing aircraft performance, durability, and overall capabilities within this industry. Materials such as composites, alloys, and high-strength metals are incorporated to reduce weight, enhance fuel efficiency, and ensure superior structural integrity, particularly in challenging operational environments. Notably, the Airspace Industries Association (AIA) reported in November 2022 that the aerospace and defense (A&D) industry achieved a combined sales figure of $892 billion in 2021, marking a 2.1% increase from the preceding year. Furthermore, exports from the A&D sector witnessed a significant 11.2% rise to $100.4 billion. Consequently, the escalating growth within the aerospace and defense industry emerges as a significant catalyst propelling the advancement of the advanced materials market.

The prevailing trend of product innovation serves as a significant driver in the flourishing advanced materials market. Major players in this sector are actively engaged in developing pioneering products to fortify their market standing. A noteworthy instance occurred in April 2023 when Petroliam Nasional Berhad (PETRONAS), a Malaysia-based energy and solutions corporation, introduced Proshield+, its inaugural advanced material-based corrosion protection technology. This groundbreaking innovation entails Proshield+, a paint additive crafted from graphene, an ultra-high barrier material renowned for its exceptional properties. Graphene, a two-dimensional material composed of a single layer of carbon atoms in a hexagonal lattice, exhibits remarkable strength, lightness, high electrical conductivity, and thermal conductivity. Proshield+ operates by creating a convoluted path within the coating, obstructing corrosive elements from reaching the steel surface, thereby offering effective corrosion protection.

Prominent entities within the advanced materials market are embracing a strategic partnerships approach to foster organic growth. Strategic partnerships denote collaborative ventures wherein companies leverage each other's strengths and resources, aiming for mutual benefits and success. A prime example unfolded in July 2023 when Azelis Holding S.A., a Belgium-based specialty chemicals company, forged a partnership with Solvay S.A., another Belgium-based chemicals company. This alliance aims to reinforce their collaboration specifically in the advanced materials and additives market within the EMEA region. Focused on sustainable and innovative solutions, the partnership capitalizes on Azelis' market expertise complemented by Solvay's proficiency in advanced materials, seeking to amplify their market presence and deliver cutting-edge solutions in this specialized sector.

In September 2022, Henkel AG & Co. KGaA, a Germany-based chemicals company, completed the acquisition of NBD Nanotechnologies Inc. for an undisclosed amount. This strategic move is designed to augment Henkel's portfolio of functional coatings, providing customers with a broader array of solutions for diverse applications. The acquisition positions Henkel to gain a competitive edge in the expanding market for functional coatings. NBD Nanotechnologies Inc., based in the U.S., specializes in nanotechnology and offers advanced materials, including functional coatings and additives. The acquisition aligns with Henkel's objectives to enhance its product offerings and strengthen its presence in key markets.

Major companies operating in the advanced materials market report are 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.

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.

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.

The advanced materials market consists of sales of fluoropolymers, multifunctional materials, nanomaterials, smart textiles, wearables, flexible batteries, biomedical implant devices, and fiber optics. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Advanced Materials Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on advanced materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for advanced materials ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The advanced materials market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Toyota Group; Pfizer Inc.; BASF SE; Hitachi Chemical Co. Ltd.; Volkswagen Group
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.