According to a new report published by KD Market Insights, titled, “Advanced Materials Market Insights, Trends, Opportunity & Forecast, 2021–2026,” the global Top Treinds in advanced materials market size is anticipated to witness significant growth during forecast period i.e. 2021-2026.
Rapid industrialization across the globe, widespread use of advanced materials in various industries such as manufacturing & construction, aerospace, consumer electronics, automotive and others are believed to be some of the prime factors contributing toward the growth of global advanced materials market. Further, healthy growth of end use industries is expected to fuel the growth of advanced materials.
Continuous government investment in infrastructure development in emerging countries displays significant potential for market growth. Addition to that, rapid urbanization in developing Asia countries such as China, India and others will drive the demand for advanced building materials. Apart from this, technological advancement and growing use of advanced nano-materials in various electrical and electronics industries are poised to grow global advanced materials market. Few of other noteworthy trends shaping the growth of global advanced materials include rise of smart cities and creation of opportunities in public infrastructure.
According to product type, the structural material segment accounted for significant portion of market share during 2020 and the emerging material segment is anticipated to witness highest growth rate during the forecast period.
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The global advanced materials market is segmented into product type, end user and region. Based on product type, the market is bifurcated into structural material, functional material and emerging material. Structural material segment is further categorized into steel, light alloys, advanced composite material, particulate material and ultra-high temperature material. Functional material segment is further categorized into electronic material, energy material, optoelectronic material, smart material and earth abundant element based functional material. Emerging material segment is further categorized into nanomaterial, biomaterial, polymeric & soft material and bio inspired and patterned functional materials. Based on end-user, it is classified into building & construction, automotive, aerospace, defense, marine, electrical & electronics, healthcare, oil & gas and energy and other end-users.
The global advanced materials market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina and the Rest of Latin America) and Middle East & Africa (GCC, North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Advanced Materials Market
- On the basis of product type, the structural materials segment accounted for the largest share in the global advanced materials market in 2020.
- On the basis of product type, the emerging materials segment is expected to witness highest growth during the forecast period.
- On the basis of end user, the building and construction segment captured highest share of the advanced materials market in 2020.
- On the basis of region, Asia-Pacific is predicted to observe swift growth rate during the forecast period due to rapid urbanization in developing Asian countries such as India, China.
Some of the major advanced materials companies profiled in the report include The 3M Company, DowDuPont Inc., Hexcel Corporation, Hanwha Advanced Materials, Perpetuus Advanced Materials, Thomas Swan & Co. Ltd, Huntsman Corporation, Morgan Advanced Materials, TATA Advanced Materials Limited and Wolverine Advanced Materials.
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