Advanced Materials

Advanced materials are known to possess superior quality compared to their conventional counterparts. Such materials are known to demonstrate superior performance due to their heightened strength and high tolerance to fatigue. Advanced materials are expected to re-shape the entire manufacturing industry in the coming years. These materials are expected to substitute metals and plastics with composites that are lightweight, strong, and have superior resistance to abrasion. High quality of such products has resulted in high usage of advanced materials in several end-use industries such as medical devices, electronics, and green packaging among others. Aluminum alloys and reinforced steel are some of the key advanced materials that enable the manufacturers to meet the rising demand.

Emergence of lightweight vehicles is one of the key factors responsible for the growth of the advanced materials market at present. Applying lightweight materials results in reduced fuel consumption, and heightened safety among others. Reduction in the kerb weight of the cars results in an improved fuel efficiency. Magnesium alloys have the capability to reduce the component weight by approximately 60%. Magnesium is used for sub-assembly closures and powertrains among others. High stiffness and strength are some of the key attributes of magnesium. Moreover, carbon fiber composites also demonstrate similar features such as enhanced stiffness and strength, which allows the manufacturers to develop complex shapes and saves on a lot of weight.

According to Insights and Reports, Europe is anticipated to lead the market throughout the forecast period on account of high demand for advanced materials from the end-use industries. The automotive industry in Europe showed significant growth in the past few years, which in turned paved the way for the growth of the advanced materials industry in the regions. According to European Automobile Manufacturers Association, over 16 million passenger cars were produced in the European Union in 2016. Germany is the leading producer of a passenger cars, followed by Spain, France and U.K.

Asia Pacific is anticipated to exhibit a considerable during the forecast period due to rising investments being made by the players operating in this advanced materials industry in the region. China, India and Japan are flourishing markets for several industries.