At A CAGR of 5.1%, Advanced Materials Market – Global Industry Is Expected To Reach USD 1,978,331.6 Million by the end of 2024 (With Impact Analysis of COVID-19)


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Kenneth Research

Jun 08, 2020, 14:50 EST


New York, United States, Jun 08, 2020, 14:50 /Comserve / -- The global advanced material market is expected to reach USD 1,978,331.6 Million by the end of 2024, is expected to grow at a CAGR of 5.1%. The advanced Material segment is expected to achieve a Y-o-Y growth rate of 6.4% in 2024.

Advanced Materials Market Overview

Advanced materials refer to the modification of existing materials in order to improve their performance in one or more than one characteristic. 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 technological advancements. Medical devices, automotive, electrical, power, and others are some of the major application areas of the advanced materials.

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Market Size & Forecast

Global advanced material market is expected to reach USD 1,978,331.6 Million by the end of 2024 from USD 1,370,242.2 Million in 2016. Advanced material market is anticipated to achieve absolute $ opportunity of USD 510,244.1 Million 2018-2024. Additionally, advanced material segment is expected to grow at a CAGR of 5.1% over the forecast period i.e. 2018-2024. Moreover, advanced material segment is expected to observe the growth rate of 1.3x over the forecast period. Advanced Material segment is expected to achieve Y-o-Y growth rate of 6.4% in 2024 as compared to previous year.

In terms of regions, 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. 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 stood at a market share of 46.2% by the end of 2024. In addition to this, Europe region is also anticipated to witness satisfactory growth during the forecast period. Economies such as U.K., Spain are likely to be the key contributors to the growth of advanced material market in this region. Furthermore, rising demand for energy in Middle East & Africa region is expected to fuel the growth of advanced material market in this region.

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Key Players

Morgan Advanced Materials
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
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.

Growth Drivers & Challenges

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. According to OICA, 94.7 million motor vehicle productions was held to be in 2016. Moreover, this represented a Y-o-Y growth of 5.0% as compared to 2015. Additionally, automotive production is anticipated to increase on the account of rising demand. This factor signals promising growth of the advanced materials market. 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. In contrast with, high cost of advanced materials such as Nanomaterial’s and other such product is anticipated to limit the growth of advanced materials market over the forecast period.

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WHAT IS THE SCOPE OF THE REPORT WITH IMPACT OF COVID-19?

This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

WHICH MARKET DYNAMICS AFFECTS THE BUSINESS DURING COVID-19?

The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.

  • Key Topic Covered in this Report
  • Market Growth Opportunities
  • Leading Market Players
  • Market Size and Growth Rate
  • Market Growth Drivers
  • Company Market Share
  • Market Trends and Technological Innovations
  • Impact Analysis of COVID-19 (CORONA Pandemic) on Global Market

"The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market)."

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