Research Nester has released its report titled “Global Advanced Materials Market: Industry Analysis& Opportunity Evaluation 2016-2024” that delivers detailed overview of the global advanced materials market in terms of market segmentation byproduct type, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global advanced materials market is anticipated to grow at a CAGR of 5.1% over the forecast period (2018-2024), owing to various factors such as industrialization taking place swiftly across several regions of the world. Moreover, with consumption of consumer goods undergoing a rapid rise across many regions and advanced materials finding their applications across several areas such as healthcare, aerospace, automobile and others are all some of the factors that are increasingly anticipated to boost the growth of the market over the forecast period.
The growth of the market is driven by various factors such as growing research and developmental activities of advanced materials being witnessed across several developing regions around the world. Additionally, increasing production and sales of automobiles on account of rise in demand and a growing affluent middle class population with high disposable incomes more prominently present in developing regions is anticipated to raise the demand for production of automobiles. Moreover, growing number of solutions provided by steel makers in construction of buildings as well as infrastructure is anticipated to boost the growth of the market over the forecast period.
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However, the global advanced materials market suffers from a few limitations such as the cost of advanced materials still being unaffordable to the majority of the global population. Further, other factors such as reduced steel capacity utilization ratio, apart from decreasing ferrochrome prices are increasingly anticipated to operate as major restraints to the growth of the market over the forecast period.
The global advanced materials market comprises of two segments which are segmented by product type and end user. Structural material forming part of product type segment occupied the highest market share of 77% in 2016 across the globe. The structural material segment is estimated to garner revenues of around USD 13,76,082.9 million by 2024 as against USD 10,55,519.5 million generated in 2016. On the other hand, building and construction forming part of end user segment is predicted to occupy the highest market share of about 27.7% by 2024.
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