Key Highlights of Global Advanced MaterialsMarket
· Advanced Materials generally have superiorproperties than conventional materials available. They can outperform conventionalmaterials, in terms of their applications.
· They arematerials that are novel or have undergone modifications in existing materialsto gain superior performance with respect to one or more characteristics thatare essential for the applications under consideration.
Key Drivers of Global Advanced Materials Market
· Theincreasing demand for these materials is driven by innovative applications ofadvanced materials in various end use industries. The product is used, forexample, in applications in the industries such as automotive, heavy machinery,construction, and solar glass industries. For solar control efficiency andother applications, flat glass coated in the construction industry is appliedbecause of the product's excellent insulation properties. The need for flatglass in the architectural sector over the coming years is expected to rise.Materials that can sustain fire, impact, harsh weather and natural disasters isexpected to drive the demand for advanced materials.
· Thecomplex process involved in producing these materials is the main factorlimiting the development of the advanced materials market. In addition,manufacturing of such materials requires the workforce involved to provide highcost, expensive machines and technical expertise. Those factors therefore limitthe acceptance of new players to a certain extent.
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Dire Need for Reducing Vehicle Weight to BoostOpportunity
· The fueleconomy of cars is up 6-8 percent with the reduction of one-tenth of weight,according to Scientific American, an American science magazine. In light ofthis, the auto industry focuses more and more on developing vehicles that areboth lightweight and energy-efficient. For example, Nissan automakers havedecreased the mass of their cars such as Altima, Frontier and Juke to improvetheir fuel efficiency. Demand for lightweight vehicles is a key trend expectedto influence the world's advanced materials market in the next several years.
· Moreover,increased consumption of consumables and increased use of advanced materials inareas such as healthcare, aerospace, cars and others worldwide are intended toprovide suppliers of advanced materials worldwide with an absolute opportunity.
Insufficient spread of market across the world toHamper Global Advanced Materials Market
· Developedregions are major consumers of advanced materials, due to the efficientinfrastructure and presence of high number of applications/end-user industries
· Theadvanced materials market is still in the development stage. Low number ofend-users are present in the market due to the high costs of various advancedmaterials products.
· Productionof advanced materials is carried out by developed countries, who outsourcetheir production to developing regions.
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North America Dominates Global Advanced MaterialsMarket
· NorthAmerica and Europe were the dominant consumers of advanced materials in theglobal market. The growing consumption of advanced materials in these regionswill be attributable to the mammoth production capacities and sophisticationwith the advancement of technologies.
· AsiaPacific is also expected to be an emerging region in the global market over theforecast period as manufacturing industries pick up pace in developingcountries of India and China. The booming industrial development in this regionis expected to make a significant contribution of the rising revenue of theAsia Pacific advanced materials market between 2019 and 2027.
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Concentrated Nature of Global AdvancedMaterials Market
· Thecompetitive landscape of the global advanced materials market is reported to behighly concentrated. A single vendor, 3M, in the global advanced materialsmarket accounts for nearly three fourths of the overall market share. Thecompany is expected to continue holding a dominant position in the market overthe coming years. This could be attributed to their wide product portfolio, andextensive proprietary technologies.
· Newvendors are expected to use 3M’s expertise as a benchmark when entering theglobal advanced materials market. Deep pocketed investors are expected tocompete to gain more shares in the advanced materials market in the comingyears. Vendors are further seen allocating huge chunks of resources to researchand development activities.
· Keyvendors operating in the global advanced materials market are HuntsmanCorporation, 3M Advanced Materials, Morgan Advanced Materials, Hanwa Group, andHexcel Corporation.
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The AdvancedMaterials Market hasbeen undergoing some remarkable growth dynamics, shaped increasingly by digitaltechnologies and environmental sustainability concerns of product development.Over the decades, the feedstock variability and the onslaught of cheapersubstitutes have squeezed in profit margins of the chemical and materialssector. On the other hand, the value chain of several businesses in the Advanced Materials Market has undergone overhaul, increasinglyrendering some aspiring players with greater control over the forces anddemand. The penetration of Industry 4.0 in in the market has stirredgame-changing trends for range of stakeholders in the overall chemicals andmaterials sector. Manufacturing and production environments of businesses inthe Advanced Materials Market are keen onformulating and implementing strategic frameworks that will turn them into digitalenterprises.
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