Press release
Advanced Functional Materials Market To Witness Huge Growth and Revenue Acceleration by 2031
Advanced Functional Materials Market
Advanced functional materials are special quality compounds that exhibit superior properties such as high mechanical strength, resistance to corrosion, flexibility, and high thermal & chemical stability.
Advanced functional materials refer to a group of different compounds including ceramics, nanomaterials, composites, and conductive polymers.
Advanced functional materials consist of two or more materials prepared using various manufacturing processes. They are used in a wide range of applications in different end-use industries, including health care, automotive, aerospace, electronics, marine, and defense, due to their light weight, high strength to weight ratio, high stiffness to weight ratio, better resistance to wear and corrosion, and excellent properties at elevated temperature.
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Key Drivers and Restraints of Advanced Functional Materials Market
Advanced functional materials are primarily used in health care and electronics industries. Advanced functional materials such as composites and nanomaterials are increasingly replacing traditional materials such as wood, leather, and aluminum in the development of prosthetic and orthotic products. The application of advanced functional materials in diagnostic devices such as medical imaging scanners and disposable thermometers has also increased due to their ability to be shaped into complex designs. Technological advances in medical and diagnostic devices are expected to boost the global advanced functional materials market during the forecast period.
Rise in demand for advanced functional materials in the electrical & electronics industry is expected to create significant opportunities for the advanced functional materials market in the near future. Advanced functional materials are employed in a wide range of applications in the electronics sector during the production of high energy density capacitors, supercapacitors, batteries, and other products. Several advanced functional materials are also used in automobile and aerospace industries in order to produce lightweight and efficient vehicles as well as aircraft.
Advanced Functional Materials: Type Segment
In terms of type, the global advanced functional materials market can be divided into ceramics, energy materials, conductive polymers, nanomaterials, composites, and others
The nanomaterials segment is projected to hold major share of the global advanced functional materials market during the forecast period, as nanomaterials possess interdisciplinary functions that are utilized in various applications in materials, chemicals, health care, electronics, pharmaceuticals, and aerospace industries.
The conductive polymers segment is projected to follow the nanomaterials segment during the forecast period. Conductive polymers are advanced functional materials that are made up of organic polymers with electrical conducting property. These materials are preferred over metallic conductors due to their processability through dispersion. High demand for electronics applications is driving the global advanced functional materials market.
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Advanced Functional Materials: Application Segment
Based on application, the global advanced functional materials market can be segmented into electrical & electronics, automotive, health care, aerospace & defense, marine, and others
The electrical & electronics segment is projected to gain higher share of the global market during the forecast period. Advance functional ceramics that are used in the electrical & electronics industry exhibit piezoelectric, magnetic, semiconducting, and conducting properties which make them feasible for usage in applications such as cellular phones and computers. Advanced functional ceramics are also used as capacitor components, integrated circuits, insulators, and transducers.
The aerospace & defense segment is projected to hold key share of the global advanced functional materials market in the near future. Advanced functional materials have significant potential to address defense challenges and better enable armed forces to respond to future opportunities and threats. They can provide cost-effective and reliable solutions to improve mobility, survivability, and efficiency. New and advanced functional materials are rapidly discovered and developed to meet the defense industry needs. This is expected to drive the global advanced functional materials market during the forecast period.
Asia Pacific to Hold Leading Share of Advanced Functional Materials Market
In terms of region, the advanced functional materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is expected to hold major share of the global advanced functional materials market, followed by North America and Europe, during the forecast period. This can be ascribed to the growth in applications such as electronics, health care, and aerospace & defense in the region. China and India are the key markets for advanced functional materials. Increase in demand for automotive products and presence of a large number of consumer electronic device manufacturers are likely to boost the advanced functional materials market in Asia Pacific during the forecast period. Rise in investments in the aerospace & defense industry has boosted the demand for advanced functional materials in the region.
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Global Advanced Functional Materials Market, by Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Manufacturers Operating in Advanced Functional Materials Market
The advanced functional materials market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the advanced functional materials market include:
BASF SE
Arkema Group
3M
Covestro AG
Hexcel Corporation
KYOCERA Corporation
Sumitomo Chemical Co. Ltd.
SHOWA DENKO K.K.
DuPont de Nemours Inc.
Momentive
CeramTec GmbH
Dow Inc.
Advanced Functional Materials: Research Scope
Advanced Functional Materials Market, by Type
Ceramics
Energy Materials
Conductive Polymers
Nanomaterials
Composites
Others
Advanced Functional Materials Market, by Application
Electrical & Electronics
Automotive
Health Care
Aerospace & Defense
Marine
Others
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COVID-19 Impact on Advanced Functional Materials Market
On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic.
Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the advanced functional materials market.
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