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Posted: January 21, 2008
Chinese Market for Advanced Materials Worth $60.5 Billion by 2012
(Nanowerk News) According to a new technical market research report, THE ADVANCED MATERIALS MARKET IN CHINA (AVM061A) from BCC Research (www.bccresearch.com), the Chinese market for advanced materials was worth $30.5 billion in 2007. This is expected to increase to over $60.5 billion by 2012, a compound average annual growth rate (CAGR) of 14.7%.
The market is broken down into applications of advanced nonmetal materials, advanced metals and alloys, energy materials and nano materials. Of these, advanced nonmetal materials have the largest share of the market. Valued at nearly $16.7 billion in 2007, this segment is expected to be worth about $29.2 billion by 2012, a CAGR of 11.8%. In this segment, advanced polymers and advanced composites are the largest groups. Their consumption accounted for more than 97% in 2006 in China.
The second largest segment, advanced metals and alloys, was worth $11.3 billion in 2007 and is expected to reach $26.8 billion by 2012. In terms of value, aluminum alloys and rare earth magnets (NdFeB) have been the top two segments in China’s advanced metals and alloys industry, accounting for more than 80% of the value of China’s advanced metals and alloys market in 2006.
China’s 2006 energy materials consumption saw a soaring growth of 116.8% over 2005, reaching $1.1 billion. This astonishing expansion was due to the substantial leap of solar cell production and the soaring price of imported multicrystalline silicon in 2006 in China. In the next 5 years, domestic planned multicrystalline silicon projects will be put into operation, and the price of multicrystalline silicon will stabilize. The overall energy materials segment is currently worth $1.8 billion and is expected to be worth $2.9 billion in 2012, a CAGR of 10.1%.
As an important part of China’s national sustainable development strategy, the development of advanced materials is furthering the competitive nature and state of the art for Chinese industry. The State has put advanced materials high on its development agenda for the next decade and listed it among the key high-tech industry sectors that should be given priority for development by the State Council. With over 1.3 billion people and steady economic growth, China has become one of the fastest growing advanced materials markets in the world.