As per the report published by Kings Research, the global Advanced Materials Market was valued at USD 70.72 billion in 2022. The market is projected to reach USD 115.80 million by 2030, growing at a CAGR of 6.54% from 2023 to 2030.
The advanced materials market is growing rapidly, driven by technological advancements and increased demand for innovative materials across various sectors. One key driver supporting this progress is the growing need for lightweight and high-performance materials in the aerospace and automotive industries. These industries are constantly seeking materials that can enhance fuel efficiency, reduce emissions, and improve overall performance.
Furthermore, the healthcare industry plays a pivotal role in driving the demand for advanced materials. This is primarily due to the increasing requirement for materials that possess biocompatibility, durability, and distinctive properties to be used in medical devices and implants. In addition, the renewable energy sector is contributing to the surge in demand for groundbreaking materials. The global shift toward cleaner and more sustainable energy sources highlights the need for materials capable of effectively capturing and storing energy, such as advanced solar panels and batteries.
Moreover, there is an increasing need for materials with exceptional electrical conductivity, resistance to heat, and durability in the electronics industry. This requirement arises from the growing demands of consumer electronics and emerging technologies such as 5G and Internet of Things (IoT) devices. Overall, the demand for innovative materials is being driven by the continuous advancements in technology and the necessity for sustainable and efficient solutions in various sectors.
Key Insights
- Based on product, the polymers segment held the largest market share of 45.58% in 2022
- Based on application, the automotive & transportation segment accounted for 38.33% of the segment’s share in 2022
- Based on region, Asia-Pacific garnered the largest market share of 36.38% in 2022
Solvay and Boeing Partner to Develop Advanced Materials
March 2021: Solvay and Boeing signed a partnership agreement to develop advanced materials and processes for aerospace applications, including thermoplastic composites and 3D printing technologies.
Technological Innovation and R&D to Drive the Growth of Advanced Materials Market
Technological innovation and research & development (R&D) have emerged as key drivers boosting the growth of the advanced materials market. These advancements have revolutionized various industries by introducing new materials with superior properties and performance. For instance, the development of graphene, a single layer of carbon atoms, has created new possibilities in the electronics, energy storage, and aerospace sectors. Its exceptional strength, conductivity, and flexibility have propelled it to the forefront of material innovation, ultimately increasing the demand for advanced materials.
In addition to graphene, advancements in nanotechnology have played a significant role in the expansion of the advanced materials market. Nanomaterials, such as nanoparticles and nanocomposites, possess unique properties that make them highly desirable for various applications. These materials offer improved strength, durability, and conductivity at the nano-scale, leading to their increased adoption in industries such as healthcare, electronics, and automotive. As the demand for more efficient and sustainable materials continues to rise, ongoing technological innovation and R&D are likely to shape the future of the advanced materials market.
Increasing Demand for Advanced Materials from End Use Industries to Boost Advanced Materials Market Growth
The increasing demand for advanced materials from end-use industries such as automotive, aerospace, electronics, and healthcare is a key driver of growth in the advanced materials market. These industries require materials with superior properties such as strength, durability, conductivity, and flexibility to meet the evolving needs of their products. For instance, the automotive industry is increasingly using advanced materials such as carbon fiber composites to reduce weight and improve fuel efficiency in vehicles.
Similarly, the aerospace industry relies on advanced materials like titanium alloys for their high strength-to-weight ratio and corrosion resistance. Overall, the demand for advanced materials is expected to continue growing as industries seek to innovate and stay competitive in the global market. As technological advancements continue to progress, there is a parallel need for materials that can meet the increasingly complex requirements of modern applications. Consequently, advanced materials have emerged as pivotal components in enabling industries to surpass existing limits in terms of performance and efficiency. These materials find extensive utilization across a wide range of sectors, from consumer electronics to renewable energy systems, owing to their exceptional versatility.
Thus, the continued development of new and enhanced materials by researchers is expected to result in further groundbreaking advancements, as they strive to address the constantly evolving demands of the market. Thus, the ongoing technological evolution necessitates the adoption of advanced materials, ensuring sustained innovation and progress across various industries.
North America Emerges as Second-Largest Market for Advanced Materials with an Estimated Value of USD 28.37 Billion by 2030
North America holds a prominent position in the advanced materials market as the region boasts a highly developed and technologically advanced industrial sector, which drives the demand for advanced materials across various industries such as aerospace, automotive, and electronics. For instance, North American companies such as Boeing and General Motors heavily rely on advanced materials to enhance the performance and efficiency of their products. This strong presence of key industry players is fostering innovation and driving the adoption of advanced materials in the region.
Additionally, North America boasts a robust research and development ecosystem, with renowned universities and research institutions actively contributing to the advancements in materials science. These collaborations between academia and industry further fuel the growth of the advanced materials market in the region.
Market Players Focus on Launching New Products to Gain a Competitive Edge in the Market
The global advanced materials market is consolidated with significant players viz., 3M, Momentive Performance Materials Inc., BASF SE, DowDuPont Inc., Morgan Advanced Materials, Hanwha Group, PyroGenesis Canada Inc., Cytech Products Inc., Akzo Nobel N.V., and Hexcel Corporation, among others. These players are concentrating on expanding their business through collaboration and partnership strategies.