Revolution by 2030: Tracking Emerging Technologies in the Advanced Materials Industry
The one thing that differentiates the manufacturing line of products, ranging from a Boeing airplane and a sophisticated rifle to a smartphone, is the application of advanced materials. In recent years, both private and public organizations have increased their investments in R&D for the development of newer materials and better-finished products. Such varied applications of unpopular chemical compounds have resulted in the creation of lighter, durable, corrosion-resistant, and customized components that have helped companies unlock higher revenue potentials, meet customer needs, and achieve efficiency at production levels.
Even in these tough times of global health emergency, companies have found a way of molding thermoplastics into necessary medical equipment by using the 3D printing technology. Other advanced materials such as polymer matrix and graphene have found enormous applications in several industries, including electronics, automotive, paints and coatings, energy solutions, and many more.
BIS Research analysts have highlighted certain tech advancements in this industry that are expected to bombard the market in the coming decade. Below-mentioned are some extensively researched market reports:
After being listed in the WHO’s “List of Essential Medicines” for its applications in the medical industry, various other industries, such as aluminum industry, steel industry, and tire industry, have discovered application areas for the usage of coal tar. Over the time, coal tar has developed its importance as an insulating agent used in paints, synthetic dyes, and photographic material, formulating material for coal tar pitch, carbon black oil, graphite electrodes, and many more. Due to its extensive industrial base, massive production capacity, and support from several government bodies, the Asia-Pacific region was registered as the highest revenue-generating region across the globe in 2018.
In the light of rising construction activities and the need for an environment-friendly solution, construction sealants have become an inevitable part of the construction industry, especially with the introduction of bio-based construction sealants. Such sealants are used extensively in waterproofing, UV resistance, insulating, and glazing of windows and doors of the rooms, houses, and buildings, among others. At BIS Research, industry analysts have predicted the global market for construction sealants to reach the mark of $10.4 billion by 2024.
Ranging from e-scooters to electric buses, the lithium-ion battery industry is growing by leaps and bounds with huge investments and intensive R&D efforts of various companies. However, this increased consumption has raised a rising concern of recycling or disposal of dead batteries, as they pose a great threat to the environment. While the tech is still niche, the global market for lithium-ion battery recycling is estimated to grow at a CAGR of 20.89% over the period 2019–2025. Companies across the globe are expanding their business models and entering into strategic partnerships to ensure smoothened processes for battery collection, sorting, and recycling.
Having extracted from two carbon sources, needle coke has found extensive application in the production of graphite electrodes and lithium-ion batteries by battery manufacturers and EAF steelmakers. Governments and companies are focusing on increasing the adoption of electric vehicles in the near future, further resulting in a rise in demand for needle coke, as it serves as an essential raw material in the making of lithium-ion batteries. Owing to the prevailing market trends, the global market for needle coke is projected to reach a value of $4.50 billion by 2024.
Smart nanomaterials have revolutionized several manufacturing sectors and have identified potential applications in various industries, including healthcare, electronics, construction, defense, and many more. With such widespread use cases and rising government funding and support, industry experts have predicted the global smart nanomaterials market to grow at a whopping CAGR of 33.32% from 2019 to 2029. Out of all the end-user industries, the pharmaceutical segment is currently observing rapid innovative advancements in the creation of biomarkers, electrochemical sensors and biosensors, gene therapy, drug delivery, and many more.
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