USD 107.16 Billion
Advanced Functional Materials Market Size, Share, Growth Analysis, By Type(Ceramics, Energy Materials, Conductive Polymers, Nanomaterials), By End-user(Electrical and Electronics, Automotive, Healthcare, Aerospace and Defense), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2420 |
Region:
Global |
Published Date: April, 2024
Pages:
186
|Tables:
68
|Figures:
70
Advanced Functional Materials Market Insights
Advanced Functional Materials Market size was valued at USD 107.16 Billion in 2022 and is poised to grow from USD 115.3 Billion in 2023 to USD 207.18 Billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).
Industries require advanced reactive materials, such as electrical and electronics, power and energy, automotive, aerospace, healthcare and pharmaceuticals. Advanced reactive materials in three ways reduce the carbon footprint of a container. Advanced functional materials are an alternative to plastic metals in various industries due to their unique properties like high corrosion resistance, melting resistance, bending resistance and wear resistance etc. These advanced functional materials are more suitable for mass production.
Moreover, nanomaterials dominate the AFM market, as nanomedicine is rapidly applying nanomaterials in the healthcare industry. Treatment, diagnosis, drug delivery, biological tracking, and monitoring can be achieved through nanomedicine.
The use of nanoscale materials enables the fabrication of materials with unique properties. For example, nanoparticles are used to increase thermal conductivity in applications ranging from cooling electronics to advanced medical imaging. This trend is driving the development of nanomaterials with tailored properties for a specific application. Biomimetic materials mimic natural materials and systems to achieve specific functions. An example is self-healing materials, which mimic the repair mechanisms found in living organisms.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Nanomaterials
Fastest Growth
Ceramics
Growth Rate
7.6% CAGR
Global Advanced Functional Materials Market ($ Bn)
Country Share for North America Region (%)
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Advanced Functional Materials Market Segmental Analysis
The advanced functional materials market segmentation, based on type, includes ceramics, energy materials, conductive polymers, nanomaterials, composites, and others. Based on end-user the advanced functional materials market is segmented into electrical and electronics, automotive, healthcare, aerospace and defense, energy and power (incl. chemical industry and others). By Region, the report provides market insights into Europe, North America, Asia-Pacific, and the Rest of the World.
Advanced Functional Materials Market Analysis by End-User
The electronics & electrical industry is one of the major users of advanced functional components. Advanced functional ceramics, conductive polymers and nanomaterials contributed significantly to this market. In the electronics and electrical industries, advanced practical ceramic fabrics exhibit piezoelectric, mechanical, semiconductor and conductive properties that make them feasible for use in applications such as mobile phones and computers. R&D investments in specialty products made from new composite materials used for aerospace and automotive applications can open a new door for specialists in the materials sector. The increasing use of innovative processes integrated by blending two or more products maintains the uniqueness of market participants.
The aerospace and defense industry are expected to be one of the largest consumers of advanced automation during the forecast period. Nanotechnology offers many advances in military and warfare applications, including improvements in biological, nuclear and chemical sensing. In addition, nanotechnology leads to reduced military personnel reimbursements, reduced risks to soldiers on the battlefield, and improved vehicle efficiency. Several security challenges, such as extremist violence and separatist insurgencies, drove world military spending to a record high of $2.1 trillion in the second year of the pandemic in 2021, representing an increase of 6.7 % compared to 2020. It was the seventh year in which spending grew. U.S. and accounted for 38% of total military expenditure worldwide.
Advanced Functional Materials Market Analysis by End-Use
The nanomaterials segment dominates and holds the largest market share. Nanomaterials include nanoparticles, nanofibers, nanotubes, nano clays, and nanowires. Automotive and aerospace industries are increasingly using nanomaterials, especially carbon nanomaterials due to their thermal conductivity, electrical conductivity, durability, high strength and elasticity, high aspect ratio, area emissivity and high absorbent properties Furthermore, the use of nanomaterials large in nanomedicine the healthcare industry tends to drive the market.
Ceramics segment is known for its strength and weight. In the automotive industry, there is an increasing emphasis on lightweight materials to improve fuel efficiency and reduce carbon emissions. Lightweight and durable, the ceramic can be used in various applications in engine components, exhaust systems and brake systems, contributing to the overall performance of vehicles. Pots have excellent temperature. It can be used in components for temperature control in automobiles. This includes applications in engines, exhaust systems, and other areas where efficient heat dissipation is critical to performance and longevity.
Global Advanced Functional Materials Market By End Use (%)
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Advanced Functional Materials Market Regional Insights
North America is considered as one of the most important markets for advanced services, due to the presence of many manufacturers and suppliers in the region North America is predicted to have leading markets in U.S. and Canada. The market is forecasted to reach $41.33 billion (about $130 per person in the US) by 2032, compared to the previous estimate of $18.28 billion (about $56 per person in the US) by 2022, with a CAGR of 8.5% (2024-2031).
Asia-Pacific is predicted to be the fastest growing market for advanced utility products, owing to increasing demand from countries including China, Japan and South Korea. With a CAGR of 7.2% (2023-2032), the market is forecasted to reach USD 43.97 billion by 2032 as against the previous estimate of USD 21.94 billion by 2022.
Global Advanced Functional Materials Market By Geography
- Largest
- Fastest
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Advanced Functional Materials Market Dynamics
Advanced Functional Materials Market Drivers
Rise in the Demand for Innovations
- The global advanced functional materials (AFM) market is driven by several key factors that significantly impact its growth trajectory. The demand for innovation in business is a key driver. From electronics and healthcare to energy and automotive, companies are looking for ways to make their products and systems more efficient. AFM offers unique assets that can revolutionize these industries, improving productivity, scalability and efficiency. For example, in the electronics industry, graphene and other AFMs enable faster and more efficient electronics, while in the energy sector, materials such as perovskite solar cells promise efficient energy conversion. The increased emphasis on sustainability and environmental considerations is also driving the AFM market forward. Traditional raw materials and manufacturing processes often have a negative impact on the environment, leading businesses to look for environmentally friendly alternatives to which our surroundings do not deteriorate much.
Rising Research & Development Innovations
- The rapid growth in research and development within the global advanced functional materials (AFM) market drives innovation. Nanotechnology insights, new materials and manufacturing processes open new possibilities for functional materials with unprecedented properties. Research institutions, academia, and the private sector collaborate to develop materials as it has increased strength, excellent thermal resistance and improved biocompatibility. It also reduces the barrier to penetration of root canals.
Advanced Functional Materials Market Restraints
High R&D Costs
- The development of advanced consumer products often requires significant investments in research and development. The high costs associated with innovation and testing can hold companies back, especially smaller ones with limited resources.
Regulatory Challenges
- Strict regulations and compliance requirements across industries may challenge the adoption of advanced products. Additional testing and approval processes may be required to meet safety and environmental standards, adding complexity and time to the market.
Lack of Standards
- The lack of standardized testing methods and performance specifications for advanced applications can hinder widespread adoption. Companies are reluctant to adopt these products without clear norms and standards.
Lack of Growth Capacities
- The lack of enlargement capability to satisfy consumer call for, combined with technological enhancement, is projected to impede the development of superior practical content material marketplace members. Also, the manufacturing system to produce superior functional materials is high priced, proudly owing to this, the best few producers can deal with production and call for requirements. Due to the supply of few producers, the cost of superior useful materials tends to be excessive, which additionally becomes the important element that constraints the growth of the market.
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Advanced Functional Materials Market Competitive Landscape
The competitive environment of the Global Advanced Functional Materials Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Advanced Functional Materials Market Top Player’s Company Profiles
- Nanophase Technologies Corporation
- KURARAY CO., LTD
- Murata Manufacturing Co., Ltd.
- Henkel AG & Co. KGaA (OTCMKTS: HENKY)
- 3M Corp
- AMETEK Inc.
- Applied Materials Inc.
- Arkema Group
- BASF SE
- CeramTec GmbH
- Compagnie de Saint Gobain SA
- Covestro AG
Advanced Functional Materials Market Recent Developments
- In January 2022, Oxford University's Department of Physics planned to establish the Advanced Functional Materials Research Facility known as the National Thin Film Cluster Facility (NTCF) This facility supports the development of new advanced material-consuming materials environmental, technological, social and other challenges.
- In November 2022, Covestro Ag developed functional materials solutions for automotive applications. In the future, this innovation can be used in automobiles to meet the changing demands of the automotive industry.
- In February 2022, Oxford University's Department of Physics established an Advanced Functional Materials Research Facility called the National Thin Film Cluster Facility (NTCF). This facility supports the development of new advanced functional materials that consume the environment, technological, social and other challenges. In November 2022, Covestro Ag developed functional materials solutions for automotive applications. In the future, this innovation can be used in automobiles to meet the changing demands of the automotive industry.
Advanced Functional Materials Key Market Trends
Increased Demand from Various Industries
- The increased demand for advanced functional components in electronics is due to their improved properties including even higher mechanical strength and corrosion resistance, an increasing overall machine performance and life.
R&D Investments
- R&D investments lead to the development of advanced products with high utility capacity, mechanical strength and versatility, which are essential for a variety of applications. Government grants enable advanced manufacturing by funding research and development, encouraging innovation and supporting sustainable building practices.
Advanced Functional Materials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The advanced materials (AFM) market is characterized by a remarkable combination of scientific innovation and technological applications. Often engineered at the nanoscale, these materials exhibit unique physical, chemical and mechanical properties that go beyond traditional materials, enabling a remarkable variety of applications. A few examples of AFM Graphene for unique electrical properties, shape-memory alloys used in biomedical implants, light manipulation for optical computing. The advantages of AFMs, including photocrystals, broaden the range of applications from electronics and energy storage to healthcare and aerospace, where these materials are used in flexible electronics, efficient batteries, targeted drug delivery systems, lightweight yet structurally robust. and facilitate product development.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 107.16 Billion |
| Market size value in 2031 | USD 207.18 Billion |
| Growth Rate | 7.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Advanced Functional Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Advanced Functional Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Advanced Functional Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Advanced Functional Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Advanced Functional Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Advanced Functional Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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