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Advanced Material Market – Comprehensive Market Approach, Focus on Key Drivers, Trends and Forecast to 2023
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The advance materials surpass conventional material with superior properties, such as weight, strength, durability and elasticity. Automobile sector is emphasizing on light weight and more energy efficient vehicles. The technical advancement and high R&D cost is hindering the growth of advanced material market.
In 2014, North America accounted for the largest share in the global advanced material market. The demand in the region is driven by the aerospace and automotive industries. The U.S. led the demand for advanced materials in the region. In the U.S., Ford Motor Company with the funding from the U.S. Department of Energy is developing advanced body panels for lighter weight, and greater fuel efficiency.
Ford Motor, The Dow Chemical, and Oak Ridge National Laboratory have collaborated to develop carbon fiber for cost effective and energy efficient transportation. Energy is the emerging market for advanced material sector. There is a huge demand of advanced materials to sustain high pressure and temperature operations in refineries and petrochemical plants.
Read summary of report here : https://www.psmarketresearch.com/market-analysis/advanced-material-market
Some of the key players companies in the global market include DuPoint, Morgan Advanced Materials, Hanwha, Pyrogenesis, 3M, Cytech Industries, Hexcel Corporation, and Huntsman Corporation.
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