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Advanced Functional Materials Market size is experienced with a revenue of $150 billion and expected to grow at a CAGR of 6.4% during 2020-2025. The production of handy and portable devices is gaining momentum in the industry as advanced functional materials are commonly used in the devices to minimize the total power consumption of miniature electronics. The flexible substratum material is still used in the manufacture of miniature electronic instruments. This factor boosts demand for innovative practical goods, and it is predicted that overall industry growth will have a positive impact. However, due to the COVID-19 pandemic, the shut down of manufacturing facilities and lower in production due to this cause, as well as, the market recession in developing countries have reduced the growth of electronics and automotive industry, which tends to constrain the growth of the market.
Advanced Functional Materials Market Segment Analysis – By Type
Nanomaterials segment is dominating and accounting with the highest share in the market. Nanomaterials include nanoparticles, nanofibers, nanotubes, nano clays, and nanowires among others. In the automotive and aviation industries, nanomaterials, especially carbon nanomaterials, are increasingly used due to their thermal conductivity, electrical conductivity, durability, high strength and elasticity, high aspect ratio, field emissions and high absorbent properties. Furthermore, the growing usage of nanomaterials in nanomedicine field of healthcare industry tends to increase the growth of advanced functional materials market.
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Advanced Functional Materials Market Segment Analysis – By End Use
Electronics & electrical industry is one of the main advanced functional material users. With advanced functional ceramics, conductive polymers and nanomaterials being a significant contributor to this market. In the electronics and electrical industry, advanced practical ceramics exhibit piezoelectric, mechanical, semiconducting, and conducting characteristics that make them viable for use in applications such as mobile phones and computers. In addition. R&D investments in specialized product production using innovative dimensional composites for aerospace and automobiles are expected to open up a new gateway for experienced players in the materials industry. Growing the use of innovative functional composites assembled by mixing two or more materials maintains the distinctive properties that market participants are creating.
Advanced Functional Materials Market Segment Analysis – By Geography
Asia-Pacific region was the largest market for advanced functional materials. The largest chunk of consumption in the region was China. China has the largest manufacturing base of electronics in the world and provides tough competition to existing upstream manufacturers such as South Korea, Singapore and Japan. One of the country’s leading industries is the Chinese aerospace industry, and the government is investing heavily in the industry to expand domestic manufacturing capacity. In addition, with the consistent growth of China’s and other developing countries’ electrical and electronics, aerospace and other industries, consumer demand is expected to rise over the projected period.
Advanced Functional Materials Acid Market Drivers
Growing demand in healthcare and medical industries
The variety of applications of advanced functional materials in the medical and healthcare sectors has been expanded by technical developments in the versatile substrate market. For instance, specialized functional components, such as hip joint reconstruction, bone fixing plates, bone grafts, and bone cement, are commonly used in orthopaedic applications. Advanced functional materials often allow integrated systems to be mounted, thus expanding their use in MRI scanners, mammography plates, tables, X-ray couches, C scanners, and surgical target instruments. In addition, in the production of prosthetic and orthotic devices, innovative functional technologies such as composites and nanomaterials are rapidly replacing conventional materials such as wood, rubber, and aluminium. In order to fuel the development of the advanced functional materials industry, technical developments in medical and diagnostic instruments would be a critical consideration.
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Advanced Functional Materials Acid Market Challenges
Lack of expansion capacities
The lack of expansion capability to satisfy consumer demand, combined with technological enhancement, is projected to impede the development of advanced functional content market participants. Also, the manufacturing process in order to produce advanced functional materials is bit expensive, owning to this, only few manufacturers have the capability to deal with production and demand requirements. Due to the availability of few manufacturers, the cost of advanced functional materials tends to be high, which also becomes the major factor that constraints the growth of the market.
Advanced Functional Materials Acid Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Advanced Functional Materials Acid market. In 2019, the market of Advanced Functional Materials Acid has been consolidated by the top five players accounting for xx% of the share. Advanced Functional Materials Acid Market top companies are Morgan Advanced Materials plc, KYOCERA Corporation, Hexcel Corporation, Nanophase Technologies Corporation, KURARAY CO., LTD, Murata Manufacturing Co., Ltd. and Henkel AG & Co. KGaA (OTCMKTS: HENKY), among others.
Development in the use of nanotechnology is expected to bring diverse prospects for business growth in the coming years.
With the growing consumption in electronics and automotive from countries such as China, India and other developing countries, the demand of advanced functional material tends to upsurge.
Related Reports :
A. Conductive Polymers Market
B. Nanomaterials Market
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