According to a recent report, the global advanced materials market is forecasted to observe a definite growth curve in the coming years. Besides, the competitive view of the global advanced materials market is also recorded to be highly concentrated.
Advanced materials are known to have superior qualities as compared to conventional materials. As a result, they are used in wide-ranging applications. The materials are recognized to deliver excellent performance due to their extraordinary strength and high endurance to put up with the fatigue.
One single vendor in the global advanced materials market accounts for nearly three-fourths of the overall market share. Hence, the business is projected to continue holding a leading position in the market over the upcoming years. The factor could be attributed to their comprehensive product portfolio and extensive proprietary technologies.
New vendors are expected to use the company’s expertise as a benchmark when entering the international advanced materials market. Also, deep-pocketed investors are probable to compete to gain more shares in the advanced materials market in the coming years. So, vendors are further seen distributing huge chunks of resources to development and research activities.
The global advanced materials market will rise at 10.4 percent over the foretold period 2016 to 2024. The market was prognosticated to be worth US$42.76 billion in 2015 and is predictable to reach US$102.48 billion by 2024.
High Need for Sustainable Machinery to Drive Development
The increase in the demand for the materials is driven by innovative applications of advanced materials in a variety of end-use industries. The product is used, for instance, in tools in the industries like heavy machinery, automotive, construction, and solar glass industries. For solar control competence and other applications, flat glass covered in the construction industry is applied because of the product’s exceptional insulation properties. Additionally, the requirement for flat glass in the production sector over the coming years is expected to rise. Materials that can sustain fire, shock, natural disasters, and harsh weather are projected to drive the demand for advanced materials.
The intricate process involved in producing the materials is the primary factor restraining the growth of the advanced materials market. Besides, the manufacturing of such materials requires the labor force involved to offer high cost, expensive machines, and technical proficiency. The factors consequently restrict the recognition of new performers to a specific extent.
Dire Demand for Plummeting Vehicle Weight to Enhance Opportunity
The fuel economy of automobiles is up 6-8 percent with the decline of one-tenth of weight, according to a science magazine. So, the auto industry is focusing more on making vehicles that are both energy-efficient and lightweight. For instance, one automaker has decreased the mass of their cars to perk up their fuel effectiveness. Demand for lightweight vehicles is a chief inclination expected to change the world’s advanced materials market in the next several years.
Furthermore, augmented use of consumables and amplified exercise of advanced materials in areas like aerospace, healthcare, cars, and others are anticipated to offer suppliers of advanced materials globally with a perfect opportunity.
Geographically, the universal advanced materials market is segmented into Latin and North America, Europe, the Middle East, and Africa, and the Asia Pacific. Of these, North America and Europe are the dominant consumers of advanced materials in the global market. The mounting utilization of advanced materials in the regions will be attributable to the enormous production capacities and superiority with the development of technologies. Additionally, Asia Pacific is also likely to be a growing region in the universal market over the anticipated period. The manufacturing industries in the areas are picking up pace in developing countries of China and India.