Overview and Scope
Special materials are the materials with unique features, used for special applications.
Sizing and Forecast
The specialty materials market size has grown strongly in recent years. It will grow from $224.33 billion in 2023 to $243.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to emergence of niche markets, globalization and trade dynamics, r&d investments, shift in consumer preferences, industrialization and manufacturing growth..
The specialty materials market size is expected to see strong growth in the next few years. It will grow to $335.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to global market expansion, industry-specific requirements, innovation in material science, demand in emerging industries, focus on sustainable solutions.. Major trends in the forecast period include nanotechnology integration, bio-based and sustainable materials, miniaturization and lightweight materials, smart and functional materials, high-performance polymers..
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Segmentation & Regional Insights
The specialty materials market covered in this report is segmented –
1) By Type: Apparel And Leather Products, Furniture, General Manufacturing, Paper Products, Plastics And Rubber Products, Printing And Related Support Activities, Textile, Wood Products
2) By Nature: Organic, Conventional
3) By Distribution Channel: Supermarkets Or Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
4) By Application: Construction, Manufacture, Industry, Other Applications
Europe was the largest region in the specialty materials market in 2023. The regions covered in the specialty materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising consumption of convenience food is expected to propel the growth of the specialty materials market. Convenience food refers to food that can be heated and prepared quickly and easily, such as frozen, dried, or canned foods. Specialty materials are used in addition to primary packaging to facilitate consumers’ handling or transportation of one or more products, such as bags and boxes. For instance, in September 2022, according to a report published by the US Bureau of Labor Statistics, a US-based agency in the field of labor economics and statistics, spending on food increased by 13.4% from the prior year. Spending on food outside the house increased by 27.6%, while spending on food inside the home increased by 6.6%. Therefore, the rising consumption of convenience food is driving the growth of the specialty materials market.
Key Industry Players
Major companies operating in the specialty materials market are introducing sustainable and animal-free biomaterial to sustain their position in the market. Sustainable, animal-free biomaterials are eco-friendly alternatives derived from renewable resources without involving the use of animal products or by-products. For instance, in May 2023, Modern Meadow, a US-based biotechnology company launched Bio-VERA. Bio-VERA is a specialty material, novel, sustainable, and animal-free biomaterial which aims to reduce reliance on traditional animal-based sources. Bio-VERA is designed to look, feel, and naturally age like traditional leather, suede, or chamois, with a high-quality, consistent, and versatile alternative to conventional leather. It uses Bio-Alloy technology application platform made with cultured biomaterial. It is used in transportation, footwear, interior design, and wall coverings sectors, providing ethical and eco-conscious alternatives.
The specialty materials market report table of contents includes:
1. Executive Summary
2. Specialty Materials Market Characteristics
3. Specialty Materials Market Trends And Strategies
4. Specialty Materials Market – Macro Economic Scenario
5. Global Specialty Materials Market Size and Growth
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31. Global Specialty Materials Market Competitive Benchmarking
32. Global Specialty Materials Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Specialty Materials Market
34. Specialty Materials Market Future Outlook and Potential Analysis
35. Appendix
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