Advanced Materials Market: Overview
- Advanced Materials is a promising technology transforming the global manufacturing industry, especially in its replacement of plastics and metals with ceramics and composites in high-performance applications.
- High-performance structural materials include a broad range of metals, polymers, ceramics, and composites which improve the strength and engineering performance of various applications. For instance, advancements in high-strength, lightweight materials for automotive applications such as magnesium alloys, aluminum alloys, high-strength steels, and polymer matrix composites can lead to energy conservation.
- The research report states that the global advanced materials market is expected to be around 28 Kilo Tons by 2027 as against 13 Kilo Tons in 2018. Between the years of 2019 and 2027, the global market is expected to surge at a CAGR of 8.1%.
What are Key Growth Drivers of Global Advanced Materials Market?
- Analysts anticipate that the demand for advanced materials will continue to be on the rise as it is expected to transform the overall manufacturing industry in the coming years. Over the years, these materials are expected to replace plastics and metals with improved ceramics and composites that are light in weight, higher strength, and excellent resistance to abrasion.
- Emerging technologies and advancements in product development and manufacturing are expected to keep the demand for advanced materials at an all-time high during the forecast period. The growing expenditure on research and development of these materials is also projected to make a significant impact on the growing demand in the global market.
- The demand for ceramics has been on the rise due to their application in the production of medical devices. As uptake of ceramics will continue to remain high as the healthcare industry grows and the need for medical attention surges during the forecast period.
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What are Key Challenges for Global Advanced Materials Market
- Prices of advanced materials are very high compared to their traditional counterparts. For instance, carbon fiber reinforced polymers are widely used in a diverse range of aerospace, sports, and wind energy applications, owing to their outstanding mechanical and thermal properties at high temperatures. However, the current prices for the production of carbon fiber’s traditional counterparts (e.g. aluminium) are five to seven times cheaper in comparison. This hampers the usage of carbon fiber, thereby acting as a major restraint for the carbon fiber reinforced polymers market.
- High energy costs involved in the production of advanced ceramics may prove to be a roadblock in the long run. Production of advanced ceramics is carried out in a controlled environment at a high temperature. The entire process to get the final produce is time consuming and energy intensive. Hence, prices of advanced ceramics are higher due to the high manufacturing cost. Thus, it becomes difficult to achieve competitive pricing in the market.
Lucrative Opportunities for Players in Global Advanced Materials Market
- The aerospace industry is constantly evolving due to the increasing requirement and subsequent introduction of new materials to replace the existing ones. Composite parts of aircrafts are defined by their material, processing, manufacturing specifications, and material allowed by engineering. The amount of carbon fiber reinforced polymer (CFRP) used in their structure is only slightly less than the number of metals. Along with these, other reinforced matrices are also employed.
- The automotive industry is currently tackling increasing demands for improvements in fuel economy and emission control. Therefore, there is a great deal of interest in the usage of advanced materials such as advanced high-strength steels, non-ferrous alloys (aluminum and titanium), and a variety of composites (carbon fiber and metal matrix) to produce lightweight vehicles.
- E&E, especially consumer goods, is a rapidly growing industry due to constant developments in mobile phones and laptops. These changes are primarily focused on miniaturization of electrical circuits. Smart cars, with top-model features, are quickly becoming the new rage among auto manufacturers, where electronics are expected to constitute 40% of car component costs.