The market for advanced functional materials is expected to grow at a CAGR of more than 6% during the forecast period. Major factors driving the market studied is increasing demand from the medical industry.
- The growth of usage in nanotechnology is expected to grow during the forecast period.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Nanomaterials to Dominate the Market
- Nanomaterials are those that have at least one external dimension measuring 100 nanometers or less or with internal structures measuring 100 nm or less.
- Nanomaterials include nanoparticles, nanofibers, nanotubes, nanoclays, and nanowires, among others. Nanomaterials, especially carbon nanomaterials, owing to their thermal conductivity, electrical conductivity, flexibility, high strength and elasticity, high aspect ratio, field emission, and high absorbent properties are being increasingly used in the automotive and aviation sector.
- Furthermore, the usage of nanomaterials is continually increasing in the nanomedicine field of the healthcare industry.
- Nanomedicine is defined as the application of nanotechnology for diagnosis, monitoring, drug delivery, treatment and control of the biological systems.
- Overall, with the increasing demand for nanomaterials from rapidly growing end-user industries, the market for nanomaterials is projected to increase at the highest CAGR during the forecast period.
China to Dominate the Asia-Pacific Region
- Asia-Pacific region was the largest market for advanced functional materials. China accounted for the major chunk of the consumption in the region.
- China has the world’s largest electronics production base and offers a tough competition to the existing upstream producers, such as South Korea, Singapore, and Japan.
- According to the Statista market forecast, the revenue generated by consumer electronics in the country has reached USD 114.48 billion, with an increase of 8.58% in 2018 over 2017.
- The Chinese aerospace industry is one of the leading industries in the country, and the government is heavily investing in the industry to increase domestic manufacturing capabilities. Additionally, the government is planning to construct new airports, while improving maintenance capacities of the existing airports.
- In China, the total civil aircraft fleet has been increasing steadily for the past five years. Moreover, in the next 20 years, the Chinese airline companies are planning to purchase about 7,690 new aircraft, which are valued at approximately USD 1.2 trillion.
- Also, Boeing estimated that the domestic average RPK (Revenue Passenger Kilometre) growth rate in China is expected to increase at an annual rate of 6.1% in the next ten years.
- Furthermore, with the consistent growth of the electrical and electronics, aerospace, etc industries in the country, the demand for the market is likely to increase over the forecast period.
The advanced functional materials market is partially consolidated. Some of the major players include 3M, Arkema Group., Evonik Industries AG., Covestro AG, and BASF SE, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support