Global Advanced Functional Materials Market 2019-2023
Global Advanced Functional Materials Market: About this market
Advanced functional materials exhibit several exceptional properties, such as high resistance to bending, stretching, melting, corrosion, and wear and tear. Technavio’s advanced functional materials market analysis considers sales from types including composites, ceramics, energy materials, nanomaterials, and conductive polymers. Our analysis also considers the sales of advanced functional materials in APAC, Europe, North America, South America, and MEA. In 2018, the composites segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the rising concerns over aircraft weights in the aviation industry will play a significant role in the composites segment to maintain its market position. Also, our global advanced functional materials market report looks at factors such as the increase in automotive regulatory requirements, growing demand for fuel-efficient aircraft and locomotive, and technological advances in medical and diagnostic devices. However, fluctuating raw materials prices and high cost of materials, concerns regarding the performance of advanced functional materials, and limitations in recyclability of lightweight materials may hamper the growth of the advanced functional materials industry over the forecast period.
Global Advanced Functional Materials Market: Overview
Technological advances in medical and diagnostic devices
The medical and healthcare industries are using advanced functional materials for a wide range of applications. Advanced functional materials can be shaped into complex designs. As a result, they are used in diagnostic devices such as disposable thermometers and medical imaging scanners. These applications will lead to the expansion of the global advanced functional materials market at a CAGR of over 7% during the forecast period.
Increasing need for miniaturization and microelectronics
The development of small and compact devices is gaining traction in the market as advanced functional materials are extensively used in these devices to minimize the overall power consumption of miniature electronics. Also, the flexible substrate technology is used to develop miniaturized electronic devices. This will boost the demand for advanced functional materials and is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global advanced functional materials market during the forecast period 2019-2023, click here.
With the presence of several major players, the global advanced functional materials market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading advanced functional materials manufacturers, that include 3M Co., Arkema SA, BASF SE, Covestro AG, and DowDuPont Inc.
Also, the advanced functional materials market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook