Advanced Materials Market
The booming development of sectors such as electrical and electronics and aerospace have been the driving factors behind the growth of the global advanced materials market . These materials have been in a great demand in these segments as they deliver better performance , strength , and durability . Improvement in the development and design of these materials has also improved their uptake in the past few years . Over the years , the extensive and exhaustive research and development have rendered these materials with high endurance to handle the amount of fatigue , abrasion , and stiffness . For the same reasons , composite materials are being adopted in manufacturing aerospace structures .
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The market is also expected to be driven by the growing demand for electrical and electronics , which is slated to be characterized by miniaturization in the coming years . The adoption of ceramics will be significantly high in this segment as well as in medical equipment manufacturing . The automobile industry is also expected to be another leading end user of advanced materials due to the benefits these materials offer in improving the performance of vehicles . The growing prices of fuel and the increasing demand for efficient vehicles are expected to drive manufacturers to make vehicles that will be lighter in weight .
Price Difference between Advanced and Conventional Materials to Hinder Market Growth The massive price difference between conventional materials and advanced materials is one of the key restraints in the global advanced materials market . Currently , carbon fiber reinforced polymers are used in industries such as aerospace , wind energy , and sports due to their excellent mechanical and thermal properties at high temperatures . Despite these advantages , the demand for carbon fiber is likely to suffer as its production is seven times more expensive than its conventional counterpart aluminum . The market could also be stifled by the high costs involved in manufacturing advanced ceramics , which demand controlled environment at a high temperature for achieving the desired result .
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