The global advanced material market is driven worldwide by increasing numbers of end users and growing global shift towards new technology, while deft balancing between performance and cost. The opportunities witnessed in the global advanced material market include reasonable and environmentally proficient housing, information connectivity and communication, mobility, and increasing demand for health care. Advanced materials are used in industrial sectors, such as Bio-science and Healthcare, Defense, Aerospace, Automobile, Energy, Electronics, Construction, & Petrochemicals. The advance materials surpass conventional material with superior properties, such as weight, strength, durability and elasticity. Automobile sector is emphasizing on light weight and more energy efficient vehicles. The technical advancement and high R&D cost is hindering the growth of advanced material market. The companies are collaborating for partnership, technology sharing, and joint ventures to overcome this hurdle.
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In 2014, North America accounted for the largest share in the global advanced material market. The demand in the region is driven by the aerospace and automotive industries. The U.S. led the demand for advanced materials in the region. In the U.S., Ford Motor Company with the funding from the U.S. Department of Energy is developing advanced body panels for lighter weight, and greater fuel efficiency. Asia-Pacific became the fastest growing market for the advanced materials. The region is driving huge demand for advanced materials, due to increased investment in sectors, such as medical & healthcare, automotive, transportation and energy. China and Japan has the highest demand from this region. However, the countries such as India, Taiwan and Singapore are likely to offer huge upcoming opportunities for the advanced material market in the future. Europe had the third largest demand for advanced materials in 2013. However, the countries, such as the U.K., Spain and Italy had the highest demand in the region. The Middle East is expected to witness optimistic growth, owing to the increasing demand from energy sector.
Ford Motor, The Dow Chemical, and Oak Ridge National Laboratory have collaborated to develop carbon fiber for cost effective and energy efficient transportation. Energy is the emerging market for advanced material sector. There is a huge demand of advanced materials to sustain high pressure and temperature operations in refineries and petrochemical plants. Wind and Solar energy also offers great market opportunities.
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Some of the key players companies in the global market include DuPoint, Morgan Advanced Materials, Hanwha, Pyrogenesis, 3M, Cytech Industries, Hexcel Corporation, and Huntsman Corporation.
Global Advanced Material Market Segmentation
- Security and Defense
- North America
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