Advanced Materials Market To Reach USD 1,978,331.6 Million By 2024
Advanced Materials Market[/caption]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.
Growth Drivers and 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.
Global advanced material market includes some of the top players such as Morgan Advanced Materials, Huntsman Corporation, Hexcel Corporation, Hanwha Advanced Materials, Perpetuus Advanced Materials, Thomas Swan & Co. Ltd, TATA Advanced Materials Limited, 3M Company, Wolverine Advanced Materials and DowDuPont Inc.
· North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
· Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
· Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX, Turkey Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
· Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
· Middle East and Africa (GCC, Israel, North Africa, South Africa, Rest of Middle East) Market size, Y-O-Y growth & Opportunity Analysis.
For detailed segmentation visit here