Advanced Functional Materials Market is forecast to reach $80.25 billion by 2025, after growing at a CAGR of 7.5% during 2020-2025. Lower energy consumption and reduced carbon footprint combined with high performance are the key factors responsible for growing popularity and key demand drivers for AFMs in various end-use industries such as energy & power, aerospace, electrical & electronics, automotive and healthcare & pharmaceuticals.
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The development of small and compact devices is gaining traction on the market as advanced functional materials are commonly used in these devices to reduce the overall power consumption of miniature electronics.
Asia Pacific is estimated to have the highest market share in the global advanced functional materials market. The emergence of industry-based economies in the region is responsible for the high demand for various types of advanced functional materials.
Type – Segment Analysis
In 2018, advanced functional composites dominated the market and accounted for a large share of the total volume due to the increasing use of composite materials in the electrical and electronics industries. However, the rapid adoption and increasing demand for nanomaterials in various end-use applications are expected to drive the market for nanomaterials resulting in the highest growth in this segment.
Application – Segment Analysis
Electrical & electronics industry dominates the global AFM industry in 2018. Electrical & electronics industry is rapidly increasing the use of AFMs in various devices, such as capacitors. Nanomaterials, advanced energy materials, and conductive polymers are the most researched types of AFMs for electrical and electronic applications.
Geography – Segment Analysis
Asia-Pacific holds the largest share in the advanced functional materials market in 2018, up to 35%. Growth in the Asia-Pacific region is due to the growing number of industries in the Asia-Pacific region and growing manufacturing activities. Rapid industrialization and urbanization are also expected to fuel the growth of Asia Pacific’s advanced functional materials market in emerging Asian countries such as China and India. China is the leading market in the APAC region, driving the growth of the market.
Drivers – Advanced Functional Materials Market
Growing demand for advanced materials in various end-use industries such as electronics, aerospace and others.
The rapid growth of various end-use industries such as aerospace, construction, healthcare, electronics, and others, driven by favorable government initiatives, anticipates the market demand for advanced functional materials. It is also expected that increasing industrial growth will increase the demand for advanced functional materials worldwide. Electrical equipment is increasingly using advanced functional ceramics in devices such as capacitors. Nanomaterials, advanced energy materials, and conductive polymers are the most researched categories of AFMs for electrical and electronic applications. Furthermore, manufacturers of advanced functional materials tend to be technology-driven. They are focused primarily on the superior technical performance of advanced materials and are looking for both military and commercial applications. They are also tending to take a long-term view, basing their R&D investment decisions on qualitative assessments of the technical potential of advanced functional materials.
Challenges – Advanced Functional Materials Market
Stringent government regulations on the usage and production of advanced materials
There are various government restrictions on the manufacture, use, export and import of advanced functional materials. For example, in the AFM industry, manufacturers and end-users should take into account specific rules and regulations specified by the Toxic Substances Control Act, the Environmental Protection Agency for the production and use of graphene. Also the United States Environmental Protection Agency for the protection of the environment which governs the use of carbon nanotubes. Regulation (EC) No 1935/2004 establishes guidance for the safety of specialized packaging materials primarily used in food packaging. Directive 84/500/EEC lays down EU legislation on advanced ceramic products coming into contact with foodstuffs.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Advanced Functional Materials Market. In 2019, the market of Advanced Functional Materials has been consolidated by the top five players accounting for xx% of the share. Major players in the Advanced Functional Materials Market are 3M Company, ReneSola Ltd, DowDuPont Inc., Bayer AG, Covestro AG, Ceradyne, Inc., Arkema SA, Kyocera Corporation, Samsung Electro Mechanics Company and Momentive Performance Materials, Inc., among others.
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