Engineering Material Market Report 2024 (Global Edition)

Global Engineering Material Market Report 2024 Market Size Split by Product Type (Polymers, Metal & Alloys, Glasses, Composites, Ceramics), by Application (Medical Devices, Automotive, Aerospace, Elec...

Engineering Material Market Report Description

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Engineering Material Market Insights Video

Competitive Landscape of the Engineering Materials Market

The Engineering Materials Market is a dynamic environment with a variety of competitors striving for market dominance. Companies are constantly looking for ways to expand their reach with strategies such as strategic partnerships. Key players include established material manufacturers, specialized engineering material producers, and rising startups that are bringing new and improved engineering material solutions to the market.

January 2024: Momentive Performance Materials partnered with SIGMA Engineering to advance the silicone processing industry by providing precise material data for Liquid Silicone Rubber (LSR) injection moulding. Momentive Performance Material aims to optimize material data for silicone elastomers in order to make process simulation with SIGMASOFT Virtual Molding more reliable. (Source: https://interplasinsights.com/plastics-machinery/injection-moulding-machine-news/sigma-engineering-and-momentive-performance-materials-agree-/) January 2023: PyroGenesis has signed a six-month contract with an advanced materials firm to supply its plasma-based materials. PyroGenesis develops, manufactures, and commercializes advanced plasma processes and sustainable solutions that are geared to reduce greenhouse gases (GHG). (Source: https://ir.pyrogenesis.com/news-releases/news-release-details/pyrogenesis-signs-6mm-contract-advanced-materials-firm-supply)

Top Companies Market Share in Engineering Material Industry: (In no particular order of Rank)

• 3M Company
• Momentive Performance Materials Inc.
• BASF SE
• DowDuPont Inc.
• Morgan Advanced Materials plc
• Hanwha Group
• PyroGenesis
• Cytec Industries Inc.
• Akzo Nobel N.V.
• Hexcel Corporation
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Engineering Materials Market

Which Region will dominate the Engineering Materials Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global due to the region's robust industrial base, including the automotive, aerospace, and construction sectors, which demand advanced materials for manufacturing high-performance products. The automotive industry, in particular, is pushing for lightweight and fuel-efficient materials to meet stringent environmental regulations and consumer preferences for eco-friendly vehicles. Moreover, North America is a hub for technological innovation, with significant investments in research and development. This has led to the development of cutting-edge materials that offer superior properties such as enhanced durability, thermal stability, and resistance to wear and corrosion. Additionally, the increasing focus on sustainability and environmental protection is propelling the demand for recyclable and eco-friendly materials. Regulatory bodies in the region enforce strict environmental standards, encouraging industries to adopt greener alternatives.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Engineering Materials Market due to the region's rapid industrialization and urbanization across countries like China, India, and Southeast Asian nations are driving extensive infrastructure development. This necessitates a substantial demand for construction materials, including advanced composites, steel, and concrete additives. Additionally, the automotive industry in Asia Pacific is experiencing exponential growth, fueled by increasing disposable incomes and urbanization. This surge in automotive production necessitates lightweight materials for vehicle manufacturing, contributing to the demand for advanced engineering plastics, alloys, and composites. Countries like Japan and South Korea are at the forefront of innovation in the electronics and automotive sectors, driving demand for specialized materials like semiconductors, conductive polymers, and high-strength alloys. Furthermore, the push towards sustainability and stringent environmental regulations are prompting industries in the Asia Pacific to adopt eco-friendly materials and practices. This includes the adoption of recycled materials and the development of energy-efficient solutions across various sectors.

 

The current report Scope analyzes Engineering Material Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Engineering Material Market

According to Cognitive Market Research, the global Engineering Materials Market size was estimated at USD 62045.85 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 24818.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Engineering Materials market with a market size of USD 19581.67 million in 2024 and is projected to grow at a CAGR of 12.2% during the forecast period. The demand is amplified by the increased investment in infrastructure projects, particularly in sectors such as construction and transportation.
• The Canada Engineering Materials Market had a market share of USD 2978.20 million in 2024 and is projected to grow at a CAGR of 13.2% during the forecast period. The growing investments in renewable energy projects, including wind and solar power infrastructure in Canada is a significant driver propelling the growth of the market.
• The Mexico Engineering Materials Market is projected to witness growth at a CAGR of 12.9% during the forecast period, with a market size of USD 2258.47 million in 2024.

Europe Engineering Material Market

According to Cognitive Market Research, the global Engineering Materials Market size was estimated at USD 62045.85 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 18613.76 million in 2024 and will grow to a compound annual growth rate (CAGR) of 12.7% from 2024 to 2031.

• The United Kingdom Engineering Materials Market had a market share of USD 3127.11 million in 2024 and is projected to grow at a CAGR of 13.5% during the forecast period. In the UK, Engineering Materials sales witness an upswing due to the increased focus on sustainable construction practices and advancements in renewable energy projects.
• The France Engineering Materials Market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 1712.47 million in 2024.
• According to Cognitive Market Research, the Germany Engineering Materials Market size was valued at USD 3685.52 million in 2024 and is projected to grow at a CAGR of 12.9% during the forecast period. In Germany, Engineering Materials sales surged due to the technological innovations in automotive manufacturing, particularly in electric vehicles (EVs) and lightweight materials.
• The Italy Engineering Materials Market is projected to witness growth at a CAGR of 12.1% during the forecast period, with a market size of USD 1600.78 million in 2024.
• The Russia Engineering Materials Market is projected to witness growth at a CAGR of 11.7% during the forecast period, with a market size of USD 2885.13 million in 2024.
• The Spain Engineering Materials Market is projected to witness growth at a CAGR of 11.8% during the forecast period with a market size of USD 1526.33 million in 2024
• The Luxembourg Engineering Materials Market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 577.03 million in 2024.
• The Portugal Engineering Materials Market is projected to witness growth at a CAGR of 12.5% during the forecast period, with a market size of USD 390.89 million in 2024.
• The Greece Engineering Materials Market is projected to witness growth at a CAGR of 13.0% during the forecast period, with a market size of USD 223.37 million in 2024.
• The Rest of Europe's Engineering Materials Market is projected to witness growth at a CAGR of 11.4% during the forecast period, with a market size of USD 2885.13 million in 2024.

Asia Pacific Engineering Material Market

According to Cognitive Market Research, the global Engineering Materials Market size was estimated at USD 62045.85 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 14270.55 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Engineering Materials Market size was valued at USD 6421.75 million in 2024 and is projected to grow at a CAGR of 15.7% during the forecast period. Engineering Materials sales surged in China due to the government initiatives promoting infrastructure development, including the Belt and Road Initiative.
• The Japan Engineering Materials Market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 1969.34 million in 2024.
• The India Engineering Materials Market had a market share of USD 1712.47 million in 2024 and is projected to grow at a CAGR of 18.0% during the forecast period. India's rapid expansion of the manufacturing sector, coupled with infrastructure development initiatives like "Make in India," are driving market growth for Engineering Materials.
• The South Korea Engineering Materials Market is projected to witness growth at a CAGR of 15.3% during the forecast period, with a market size of USD 1427.05 million in 2024.
• The Australia Engineering Materials Market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 742.07 million in 2024.
• The South East Asia Engineering Materials Market is projected to witness growth at a CAGR of 17.2% during the forecast period, with a market size of USD 984.67 million in 2024.
• The Rest of Asia Pacific Engineering Materials Market is projected to witness growth at a CAGR of 16.0% during the forecast period, with a market size of USD 1013.21 million in 2024.

South America Engineering Material Market

According to Cognitive Market Research, the global Engineering Materials Market size was estimated at USD 62045.85 Million, out of which Latin America held the market of around 5% of the global revenue with a market size of USD 3102.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Engineering Materials Market size was valued at USD 1327.78 million in 2024 and is projected to grow at a CAGR of 14.2% during the forecast period. Engineering Materials sales flourished in Brazil due to the shift towards sustainable agriculture practices and increasing investments in renewable energy projects
• Argentina Engineering Materials Market had a market share of USD 521.19 million in 2024 and is projected to grow at a CAGR of 14.5% during the forecast period. In Argentina, the expansion of Brazil's aerospace industry, including increased demand for advanced engineering materials for aircraft manufacturing and maintenance, is boosting market growth.
• Colombia Engineering Materials Market is projected to witness growth at a CAGR of 13.4% during the forecast period, with a market size of USD 276.10 million in 2024.
• Peru Engineering Materials Market is projected to witness growth at a CAGR of 13.8% during the forecast period, with a market size of USD 254.39 million in 2024.
• The Chile Engineering Materials Market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 223.37 million in 2024.
• The Rest of Latin America Engineering Materials Market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 499.47 million in 2024.

Middle East and Africa Engineering Material Market

According to Cognitive Market Research, the global Engineering Materials Market size was estimated at USD 62045.85 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1240.92 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.9% from 2024 to 2031.

• The GCC Countries Engineering Materials Market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 531.11 million in 2024. Engineering Materials sales flourish due to the ambitious infrastructure projects and urban development initiatives, such as Vision 2030 in Saudi Arabia.
• The Egypt Engineering Materials Market is projected to witness growth at a CAGR of 14.2% during the forecast period, with a market size of USD 130.30 million in 2024
• The South Africa Engineering Materials Market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 196.06 million in 2024. Engineering Materials sales flourish in South Africa due to the country’s expansion of renewable energy projects, including solar and wind power installations.
• The Turkey Engineering Materials Market is projected to witness growth at a CAGR of 13.4% during the forecast period, with a market size of USD 106.72 million in 2024.
• The Nigeria Engineering Materials Market is projected to witness growth at a CAGR of 13.0% during the forecast period, with a market size of USD 130.30 million in 2024.
• The Rest of the MEA Engineering Materials Market is projected to witness growth at a CAGR of 12.9% during the forecast period, with a market size of USD 146.43 million in 2024.

Engineering Material Market Analysis

Engineering Materials Market Product Type Segment Analysis

According to Cognitive Market Research, the Polymers segment holds the largest Engineering Materials Market share. Polymers are extensively used across various industries due to their versatility, lightweight nature, and ease of processing. They find applications in automotive components, packaging materials, consumer goods, and construction products. The widespread adoption of polymers is driven by their cost-effectiveness, durability, and ability to be tailored to specific performance requirements. Additionally, advancements in polymer science have led to the development of high-performance polymers that offer superior mechanical properties, heat resistance, and chemical resistance, further expanding their utility across diverse sectors.

Composites emerges as the fastest-growing category in the Engineering Materials Market. Composites are materials made from two or more constituent materials with significantly different physical or chemical properties, which, when combined, produce a material with enhanced characteristics. These materials are increasingly preferred in industries such as aerospace, automotive, wind energy, and construction due to their lightweight nature, high strength-to-weight ratio, corrosion resistance, and design flexibility. The growing demand for fuel-efficient vehicles, renewable energy solutions, and durable infrastructure drives the adoption of composites. Technological advancements in composite manufacturing processes, such as automated layup techniques and resin infusion methods, have also contributed to their increasing use in critical applications where performance and reliability are paramount.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Engineering Material Industry. Request a Free Sample PDF!

Engineering Materials Market Application Segment Analysis

According to Cognitive Market Research, the Automotive sector dominates the Engineering Materials Market due to the automotive industry's substantial consumption of materials such as metals, polymers, composites, and ceramics. The automotive sector demands materials that are lightweight yet strong, corrosion-resistant, and capable of meeting stringent safety and regulatory standards. With the global push towards electric vehicles (EVs), there's an added emphasis on materials that enhance battery efficiency, reduce vehicle weight, and improve overall performance.

Electricals & Electronics is the fastest-growing segment within the Engineering Materials Market, driven by the rapid technological advancements and increasing consumer demand for smart devices, renewable energy solutions, and high-performance electronics. Engineering materials in this segment include semiconductors, conductive polymers, ceramics for circuit boards, and advanced alloys for electrical components. These materials are crucial for enhancing device efficiency, reducing energy consumption, and supporting the development of miniaturized electronics.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

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David Fuller

Senior Analyst at Cognitive Market Research

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I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.

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