Increasing demand for lightweight vehicles coupled with fuel economy is expected to drive the advanced functional material market
The global advanced functional materials market surpassed USD 86.02 billion in 2019 and is expected to rise at a CAGR of 7.6% by the end of 2028. As advanced functional materials are extensively used in these devices to minimize the overall power consumption of miniature electronics, the development of small and compact devices is gaining traction in the market. In the manufacturing of miniature electronical instruments, versatile substratum material is still used. This will raise demand for advanced functional products, and the overall market growth is expected to have a positive impact.
The healthcare and medical industries use advanced functional materials for a wide variety of applications. They can shape advanced functional materials into complex designs. Consequently, they are analytical methods like unparalleled thermometers and medical imaging scanners. These applications would lead to a rise of more than 7% in the global demand for advanced functional materials over the projected period to a CAGR. The manufacturer's preference from conventional end-user materials is modified by advanced functional materials with superior chemical & physical properties and load-bearing capability. Functional materials are demanding for advanced low carbon applications in products such as advanced functional ceramics, new energy materials, conductive polymers, nanomaterials and advanced operational composites. Functional Advance ceramics are the main advanced products used for functional materials, such as electronics, automotive, vehicles and military use for end-user industries.
The nano-materials segment accounted for the largest share of the overall market, in terms of value, in 2019. It is also projected to be the fastest growing segment in the forecast era. In the study, the analysis of the market value chain also analyses the different features of the global advanced functional materials industry. Furthermore, several quality components are included in the market study for market constraints, key industry factors and opportunities. The report also includes a detailed market assessment of profiling companies and local and global competition between suppliers.
On the advanced functional materials market there is a strong competition between the already known and new players. Furthermore, liner players seek potential markets to compete with other players in the sector through the establishment of mergers and acquisitions, contracts, the purchases of other companies and new startups, partnerships and the improvement of business lives.
The emerging advanced functional materials industry in Asia Pacific is expected to increase demand. There is projected to be higher growth rates in the regions of China, India, Korea South, Japan , Thailand, Malaysia, the Philippines , and Indonesia. The rise of the automotive, paint & coating, infrastructure and aerospace industries, for example, is due to the rising demand from end-users. Due to the development of the automotive industry, other big demand is expected from key areas of Europe. The 3M Company, ReneSola Ltd; DuPont, DuPont; and Bayer AG are the main industrial participants and Ceradyne, Inc., Kyocera Corporation, Samsung Electro Mechanics Company are other significant players.
Segment Overview of Global Advanced Functional Materials Market
Key Segments of the Global Advanced Functional Materials Market
Type Overview, 2018-2028 (USD Million) (Kilo Tons)
Application Overview, 2018-2028 (USD Million) (Kilo Tons)
- Paints and coatings
- Cosmetics and Personal care
- Adhesives and Sealants
- Construction inks
- Oil and Ga
Regional Overview, 2018-2028 (USD Million) (Kilo Tons)
- Rest of Europ
- Rest of Asia-Pacifi
Middle East and Africa
- South Africa
- Rest of Middle East and Afric
- Rest of South America