Key Highlights of Global Advanced Materials Market
·
Advanced
Materials generally have superior properties than conventional materials
available. They can outperform conventional materials, in terms of their
applications.
·
They
are materials that are novel or have undergone modifications in existing
materials to gain superior performance with respect to one or more
characteristics that are essential for the applications under consideration.
Key Drivers of Global Advanced
Materials Market
·
The
increasing demand for these materials is driven by innovative applications of
advanced materials in various end use industries. The product is used, for
example, in applications in the industries such as automotive, heavy machinery,
construction, and solar glass industries. For solar control efficiency and
other applications, flat glass coated in the construction industry is applied
because of the product's excellent insulation properties. The need for flat
glass in the architectural sector over the coming years is expected to rise.
Materials that can sustain fire, impact, harsh weather and natural disasters is
expected to drive the demand for advanced materials.
·
The
complex process involved in producing these materials is the main factor
limiting the development of the advanced materials market. In addition,
manufacturing of such materials requires the workforce involved to provide high
cost, expensive machines and technical expertise. Those factors therefore limit
the acceptance of new players to a certain extent.
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Dire Need for Reducing Vehicle
Weight to Boost Opportunity
·
The
fuel economy of cars is up 6-8 percent with the reduction of one-tenth of
weight, according to Scientific American, an American science magazine. In
light of this, the auto industry focuses more and more on developing vehicles
that are both lightweight and energy-efficient. For example, Nissan automakers
have decreased the mass of their cars such as Altima, Frontier and Juke to
improve their fuel efficiency. Demand for lightweight vehicles is a key trend
expected to influence the world's advanced
materials market in the next several years.
·
Moreover,
increased consumption of consumables and increased use of advanced materials in
areas such as healthcare, aerospace, cars and others worldwide are intended to
provide suppliers of advanced materials worldwide with an absolute opportunity.
Insufficient spread of market
across the world to Hamper Global Advanced Materials Market
·
Developed
regions are major consumers of advanced materials, due to the efficient
infrastructure and presence of high number of applications/end-user industries
·
The
advanced materials market is still in the development stage. Low number of
end-users are present in the market due to the high costs of various advanced
materials products.
·
Production
of advanced materials is carried out by developed countries, who outsource
their production to developing regions.
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North
America Dominates Global Advanced Materials Market
·
North
America and Europe were the dominant consumers of advanced materials in the
global market. The growing consumption of advanced materials in these regions
will be attributable to the mammoth production capacities and sophistication
with the advancement of technologies.
·
Asia
Pacific is also expected to be an emerging region in the global market over the
forecast period as manufacturing industries pick up pace in developing
countries of India and China. The booming industrial development in this region
is expected to make a significant contribution of the rising revenue of the
Asia Pacific advanced materials market between 2019 and 2027.
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Concentrated Nature of Global Advanced
Materials Market
·
The
competitive landscape of the global advanced materials market is reported to be
highly concentrated. A single vendor, 3M, in the global advanced materials
market accounts for nearly three fourths of the overall market share. The
company is expected to continue holding a dominant position in the market over
the coming years. This could be attributed to their wide product portfolio, and
extensive proprietary technologies.
·
New
vendors are expected to use 3M’s expertise as a benchmark when entering the
global advanced materials market. Deep pocketed investors are expected to
compete to gain more shares in the advanced materials market in the coming
years. Vendors are further seen allocating huge chunks of resources to research
and development activities.
·
Key
vendors operating in the global advanced materials market are Huntsman
Corporation, 3M Advanced Materials, Morgan Advanced Materials, Hanwa Group, and
Hexcel Corporation.
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