The global demand for advanced material is increasing due to rapid industrialization across the globe. Further, increasing number of research and development activities of advanced materials in developing regions is key growth driver for global advanced material market over the forecast period.
Additionally, increasing consumption of consumer goods and expanding applications of advanced material in areas such as healthcare, aerospace, automobile and others across the globe is envisioned to bolster the growth of the advanced material market.
Asia Pacific is slated to account for a leading share of 58.0% by 2024 in the advanced material market. The growth in the region can be attributed to increasing number of industries and rising manufacturing activities in this region. Besides, rapid industrialization and urbanization in developing Asian countries such as China and India is also expected to impel the growth of advanced material market in the Asia Pacific. China is the prominent market driving the growth in the region.
China advanced material market was held at USD 389,099.1 Million in 2016 and is anticipated to reach USD 530,564.7 Million by the end of 2024. China advanced material market accounted for a market share of 47.8% in 2016 and further, is expected to stood at a market share of 46.2% by the end of 2024.
Europe market is expected to expand at highest CAGR of 5.9% during the forecast period i.e. 2017-2024. Growth and expansion of automobile and aerospace industry in the region is expected to be the key factor behind the growth of advanced material market in the Europe region. Further, huge availability of mineral resources and significant adoption rate of advanced technologies are expected to fuel the growth of Europe advanced material market during the forecast period. France & Germany are the major contributors to the growth of advanced material market in Europe region.
Germany is projected to grab 21.0% market share in global advanced material market by the end of 2024. Further, Germany advanced material market is expected to grow at a CAGR of 6.5% over the forecast period. The market of advanced material in Germany is expected to achieve Y-o-Y growth rate of 7.6% in 2024 as compared to previous year.
Global advanced material market is segmented on the basis of product into Structural Material, functional material and emerging material. Among these segments, Structural Material segment (77.0% share in 2016) occupies the largest market of advanced material across the globe. Further, global structural material segment is anticipated to reach USD 1,376,082.9 Million by the end of 2024 from USD 1,055,519.5 Million in 2016. Moreover, this segment is anticipated to flourish at a CAGR of 3.7% over the forecast period. Wide scale application of Advanced Material in the building and construction applications is expected to supplement the growth of global Advanced Material market.
Global advanced material market is also segmented by end-user. In end-user segment, the building & construction segment is estimated to remain highest during the forecast period. This segment contributed around 33.5% market share of total advanced material market in 2016. Further, this segment is projected to capture 27.7% market share by 2024. This segment is projected to achieve Y-o-Y growth rate of 3.5% in 2024 as compared to previous year.
Morgan Advanced Materials, Huntsman Corporation, Hexcel Corporation and Hanwha Advanced Materials are some of the prominent players of advanced material market.
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