PUBLISHER: Roots Analysis | PRODUCT CODE: 1830053
PUBLISHER: Roots Analysis | PRODUCT CODE: 1830053
As per Roots Analysis, the global advanced materials market size is estimated to grow from USD 134.88 billion in the current year to USD 275.41 billion by 2035, at a CAGR of 6.70% during the forecast period, till 2035.
The opportunity for advanced materials market has been distributed across the following segments:
Type of Material
Application
Company Size
Business Model
End User
Geographical Regions
Advanced Materials Market: Growth and Trends
Considering the rising preference for sustainable, energy-efficient, and corrosion-resistant materials in numerous industrial sectors, there has been a noticeable increase in the demand for advanced materials. These materials are being reengineered to improve their characteristics and enhance performance. Advanced materials are applicable in a wide range of industrial uses, including electronics, photonics, magnetic products, and more. It is important to note that the growing shift toward electric vehicles has spurred the need for advanced materials such as polymers and composites. Additionally, these materials play a crucial role in reducing the weight of large aircraft and automobiles to improve fuel efficiency and overall performance. Advanced polymers, like bio-based or medical polymers, exhibit excellent biocompatibility, making them suitable for fabricating medical devices and implants.
Due to the expanding market, many industrial leaders have expressed strong interest in this area to boost research on advanced materials. It is important to highlight that these leaders are utilizing nanotechnologies, which allow for the redesign of materials at a nanoscale to enhance efficiency, durability, and lightweight properties. Moreover, various government agencies and the defense sector are also concentrating on nanomaterials. Given the growing need across various industrial applications, the advanced materials market is expected to grow significantly during the forecast period.
Advanced Materials Market: Key Segments
Based on type of material, the global advanced materials market is segmented into polymers, metal & alloys, glasses, composites, and ceramics. According to our estimates, currently, the polymers and composites segment captures the majority of the market share, due to the high demand for these materials within the automotive and aerospace industries.
However, the ceramic materials segment is expected to grow at a higher CAGR throughout the forecast period, driven by the increasing demand for ceramics in the healthcare sector for creating medical devices.
Based on application, the global advanced materials market is segmented into medical devices, automotive, aerospace, electricals & electronics, industrial, power, and others. According to our estimates, currently, the automobile parts and lightweight aircraft segment captures the majority of the market share. Advanced materials such as lightweight polymers, bio-based polymers, and nanoparticles are crucial in the production of aircraft, airplanes, and automobile components. These materials are notably lightweight and heat-resistant, making them ideal for improving performance and decreasing fuel consumption.
Based on company size, the global advanced materials market is segmented into large enterprises and small and medium enterprises. According to our estimates, currently, the large enterprises segment captures the majority of the market share. This can be attributed to their broad product offerings and increasing investments in the expanding market.
Based on end user, the global advanced materials market is segmented into automotive, aerospace, marine, electric, healthcare, paint & coating, oil & gas Industry, defense and others. According to our estimates, currently, the automotive segment captures the majority of the market share. This can be attributed to the rising shift towards electric vehicles and the increasing demand for lightweight materials such as polymers, aluminum alloys, and composites, which help reduce vehicle weight and enhance fuel efficiency.
However, the healthcare industry segment is expected to grow at a higher CAGR throughout the forecast period, driven by the increasing application of biocompatible polymers, advanced ceramics, and nano polymers in drug delivery systems, medical implants, and the production of surgical instruments.
Based on geographical regions, the advanced materials market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, North America captures the majority share of the market. This can be attributed to the fact that leading automotive manufacturers are focusing on integrating advanced materials to reduce vehicle weight, thereby enhancing performance and lowering fuel usage.
Interestingly, the Asia-Pacific region is expected to experience a higher compound annual growth rate (CAGR), due to the presence of the electronics industry and increasing demand for electric vehicles.
Advanced Materials Market: Research Coverage
The report on the advanced materials market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits