The global advanced material market reached USD 1,370,242.2 Million in 2016 by registering a CAGR of 5.1% across the globe. Moreover, the market is expected to garner USD 1,978,331.6 Million by the end of 2024.
The global demand for advanced material is increasing due to rapid industrialization across the globe. Further, increasing number of research and development activities of advanced materials in developing regions is key growth driver for global advanced material market over the forecast period.
Additionally, increasing consumption of consumer goods and expanding applications of advanced material in areas such as healthcare, aerospace, automobile and others across the globe is envisioned to bolster the growth of the advanced material market.
Asia Pacific is slated to account for a leading share of 58.0% by 2024 in the advanced material market. The growth in the region can be attributed to increasing number of industries and rising manufacturing activities in this region. Besides, rapid industrialization and urbanization in developing Asian countries such as China and India is also expected to impel the growth of advanced material market in the Asia Pacific. China is the prominent market driving the growth in the region.
Morgan Advanced Materials, Huntsman Corporation, Hexcel Corporation and Hanwha Advanced Materials are some of the prominent players of advanced material market.
- Dow Chemicals
- TATA Advanced Materials
- Morgan Advanced Materials
- Huntsman Advanced Materials
- Hexcel Corp
- Wolverine Advanced Materials
- 3M Company
- Thomas Swan and Co. Ltd
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