According to a new research report by Transparency Market Research (TMR), the global market for advanced materials is highly concentrated with only one player, 3M, capturing most of the global market. In 2015, the company acquired nearly 70% of the overall market and is expected to continue holding bigger chunk of the market in the years to come. The wide product range and proprietary technologies, the company use for product development, are the main factor behind the dominance of 3M over the market. The market, however, is all set to witness a revolution as a number of players are making huge investments to develop advanced materials in order to match up the modern needs of industries across the world, states the research report.
According to the research report, the global market for advanced materials is expected to rise at a CAGR of 10.40% during the period from 2016 to 2024. The opportunity in this market, which was worth US$42.76 bn in 2015 is anticipated to rise to US$102.48 bn by the end of the period of the forecast.
Boom in Aviation and Electrical and Electronics Industries to Drive Growth
“The global market for advanced materials is anticipated to gain significant momentum in the near future, thanks to the boom in the aviation and the electrical and electronics industries,” says a TMR analyst. Since advance materials deliver better performance, durability, and strength, their demand in these sectors has been increasing substantially, leading to remarkable growth in this market. The extensive research and development activities to equip these materials with high endurance to handle the amount of abrasion, fatigue, and stiffness, is also projected to support the growth of this market in the years to come.
On the other hand, wide price difference between advanced materials and conventional materials may limit the uptake of the former, which is likely to disturb the growth trajectory of this market over the next few years, states the market report.
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North America to Lead Global Advanced Materials Market
A geographical assessment of the global advanced materials market has also been offered in this research report. According to it, North America, the Middle East and Africa, Europe, Latin America, and Asia Pacific are the main geographical segments of this market. Rising at a CAGR of 9.0% CAGR between 2016 and 2024, North America is expect to dominate the global market. However, the North America market for advanced materials is anticipated to mature soon, giving the markets in Asia Pacific and the Middle East and Africa a chance to proliferate in the near future, notes the market study.