Global Advanced Functional Materials Market Overview
A large scope for a market study is provided by the advanced functional materials, as its prospect involves a wide range of applications and products. The advanced functional materials are the materials which not only bears the physical forces but also act as an essential component of a system by performing some function. Bio-medical and electrical & electronics industries are the prominent field of application for advanced functional materials. Extensive research is being conducted across the globe to evolve a broad range of advanced functional materials and its applications, such as textiles. South Korea, China, and Japan are projected to propel the growth of advanced functional materials market in the Asia Pacific region. The prime driver of the global advanced functional materials market is a requirement of highly compact and multifunctional devices which can be developed with the incorporation of advanced functional materials. The global demand for advanced functional materials is expected to get hampered, specifically in the emerging and under-developed economies, by the very high price of the end products which incorporate advanced functional materials.
Global Advanced Functional Materials Market Dynamics
Several electronic and electrical devices use advanced functional materials, specifically ceramics, as an essential component. Advanced functional materials also find extensive applications in bio-medical industry. Advanced functional materials are used in the manufacturing of medical devices and also used as femoral heads and acetabular cups in the hip replacement procedure. Nano-materials, one of the advanced functional materials, possess interdisciplinary functions which are utilized in various applications in materials, chemicals, healthcare, electronic products, pharmaceuticals, and aerospace industries. Functional composites are advanced functional materials which possess the desirable properties of multiple materials and utilize them to make a new functional material. Advanced energy materials are used in applications such as batteries, solar cells, high energy density capacitors, super-capacitors and flywheels among others. This segment of advanced functional materials has experienced steady growth in demand due to the advent of renewable energy systems and portable electronic devices. This advanced functional material is expected to grow at a faster pace than the average industry growth rate owing to the rising global demand for advanced technologies. Conductive polymers are advanced functional materials which are made up of organic polymers with the electrical conducting property. This advanced functional material is preferred over metallic conductors due to its processability through dispersion. A lot of research has been undertaken to explore other possible applications of nano-materials, and the segment is assured of growth in the future and create ample opportunity for the global advanced functional materials market.
Global Advanced Functional Materials Market Segmentation
The global advanced functional materials market can be segmented on the basis of product type as
The global advanced functional materials market can be segmented on the basis of the end-user industry as
Global Advanced Functional Materials Market Regional Outlook
The Asia Pacific region is estimated to account for the highest market share in the global advanced functional materials market. The presence of manufacturing sector based economies in the region is responsible for a large demand for different types of advanced functional materials. Aerospace, Automotive, and electrical & electronics industries of China, Japan, India, and South Korea are estimated to create the majority of demand in Asia Pacific region. The demand for advanced functional materials from the Asia Pacific is estimated to be followed by that from Western Europe and North America.
Global Advanced Functional Materials Market Key Players
Some of the key players in global advanced functional materials market include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis includes: