Thanks to increased adoption of eco-friendly products, the advanced materials market is gaining traction with more and more research and development being carried out across the world.
Conventional materials have been our primary focus for development of all kinds of goods – from consumer to capital – however, with increased R&D industry players have been demanding materials that can cope up with the demand for novel products. Advanced materials are way more superior than conventional materials because they are either tailored for specific needs or have been enhanced by eliminating the limitations of conventional material.
Climate change and global warming are also forcing governments around the world to not only cast away conventional material, but also look for new advanced materials for environment-friendly products as well as processes.
Some of the other factors that are aiding the demand for advanced materials are extended product lifecycle, higher fuel efficiency, low power consumption, and consistent research and development of other advanced materials.
Advanced Materials Industry – the most lucrative segments
While advanced materials market is picking up in almost every major industry vertical, some of the key market that are very lucrative include glasses, ceramics, composites, polymers, and metals and alloys. Currently ceramics is the most popular product segment – the primary reason being its use in the production of medical devices. Healthcare industry has been prospering over the last few years and in turn pushing forward the demand for ceramics advanced materials market.
If we look into the application-wise segments where the advanced materials market is lucrative – they include medical devices, electrical and electronics, automotive, aerospace, power, industrial, and others. Among these, the rapid growth of the automotive industry is clearly evident on the market. Lightweight and high-strength advanced materials are highly useful for the automotive industry.
North America is the region that is geographically most lucrative because of high adoptability rate of new technology and high demand of efficient automobiles, especially since the advent of hybrid vehicles. However, important North America countries such as the U.S. and Canada are reaching maturity, while Asia Pacific and the Middle East offer substantial new opportunities due to the presence of several emerging economies, rapid industrialization, and increasing disposable income among the urban population.
Advanced materials offer several benefits over conventional materials, but cost factors is hindering the market from attaining its full potential. In this scenario, players in this market must research and develop cheaper products with equal advantages in order to meet the desires of potential customers.