Specialty Materials Market Analysis 2024 – Estimated Market Size And Key Drivers

The Specialty Materials by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Specialty Materials, 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.

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.

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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

Top Major Players:

• IKEA
• Nike Inc.
• Bridgestone
• Christian Dior SE
• Hennes & Mauritz Retail Pvt. Ltd.

Europe was the largest region in the specialty materials market in 2023.

Product innovation is a key trend gaining popularity in the specialty materials market. Major companies operating in the specialty materials market are focused on developing new technological solutions to strengthen their position. For instance, in February 2021, Nike Inc., a US-based footwear manufacturing company, launched the lace-free, slip-on sneakers, hoping to experience the same growth that competitors like Vans, APLand Crocs have experienced during the epidemic as people search for simple footwear.

The specialty materials market report table of contents includes:
1. Executive Summary
2. Specialty Materials Market Characteristics
3. Global Specialty Materials Market Trends And Strategies
4. Specialty Materials Market – Macro Economic Scenario
5. Global Specialty Materials Market Size and Growth
…….
26. Global Specialty Materials Market Competitive Benchmarking
27. Global Specialty Materials Market Competitive Dashboard
28. Key Mergers and Acquisitions Specialty Materials Market
29. Specialty Materials Market Future Outlook and Potential Analysis
30. Appendix

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