Advanced Materials Market
REPORT DESCRIPTION
Advanced Materials Market ( Product - Ceramics , Glasses , Polymers , Composites , and Metals & Alloys ; Application - Medical Devices , Automotive , Aerospace , Electricals & Electronics , Industrial , and Power ) - Global Industry Analysis , Size , Share , Growth , Trends , and Forecast 2016 - 2024
Transparency Market Research states that the degree of competition in the global advanced materials market is relatively insubstantial . However , the global market is on the cusp of a revolution as several players are making big investments in developing state-of-art advanced materials to suit the modern needs of industries across the globe . 3M Advanced Materials held a leading share in the global market in 2015 of about 70 %. The company ’ s dominance was a result of its wide product offerings and proprietary technologies it has been using for product development . According to the research report , the global advanced materials market is expected to be worth US $ 102.48 bn by 2024 as compared to US $ 42.76 bn in 2015 . During the forecast years of 2016 and 2024 , the global advanced materials market is expected to progress at a CAGR of 10.4 %.
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North America Paces Ahead with CAGR of 9.1 % during Forecast Period Advanced materials are extensively being used in areas such as medical devices , automotive , electrical and electronics , power , and industrial amongst others . Out of these , the automotive segment is expected to dominate the global market in the coming years . This demand will be due to the increasing requirement for high-strength and lightweight components in the aerospace industry . The analysts state that the aerospace segment will surge at a CAGR of 10.8 % during the forecast period in terms of revenue . Geographically , the market is segmented into North America , Latin America , the Middle East and Africa , Europe , and Asia Pacific . The report suggests that North America show a remarkable CAGR of 9.1 % during the forecast period . However , this regional market is expected to mature in the coming years , giving emerging economies such as Asia Pacific and the Middle East and Africa a chance to flourish in the global market .
Need for Improved Aerospace Components Shifts Preference toward Advanced Materials
Transparency Market Research
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