Market Overview:

The Advanced Functional Materials Market size is estimated to reach $190 Billion by 2030, growing at a CAGR of 5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Advanced Functional Materials Market – By Type (Composites, Ceramics, Energy Materials, Nanomaterials, Conductive Polymers, and Others), By End Use (Automotive, Medical, Industrial, Aerospace and Defense, Energy & Power, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Growing focus on sustainable & eco-friendly materials and Integration of advanced materials in emerging technologies are expected to create growth opportunities in the market during forecast period.

APAC Dominated the Market in 2023:

APAC accounted for the largest share of 36% of the Advanced Functional Materials Market in 2023 followed by North America and Europe. One of the region’s leading industries is the aerospace industry, and the government is investing heavily in the industry to expand domestic manufacturing capacity. In addition, with the consistent growth and developing countries' electrical and electronics, aerospace and other industries. According to India Brand Equity Foundation, The Indian aerospace & defense (A&D) market is projected to reach ~US$ 70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust.

Advanced Functional Materials Market: Key Takeaways

Rising Demand for High-Performance Materials in Electronics & Energy:

The increasing adoption of advanced electronics, such as smartphones, flexible displays, and wearable devices, is a driver of the advanced functional materials market. These materials, including conductive polymers, nanomaterials, and advanced ceramics, enable miniaturization, enhanced efficiency, and durability in electronic components. Similarly, the transition to renewable energy sources like solar and wind power, as well as advancements in energy storage technologies, has driven demand for materials like lithium-ion batteries, fuel cells, and thermoelectric materials. Innovations in material science are crucial to improving the energy efficiency, lifespan, and sustainability of these systems, fueling ongoing investments in research and development.

Accelerating Electrification and Lightweighting in Automotive & Aerospace Sectors:

As automotive and aerospace industries pivot toward electrification and fuel efficiency, the demand for lightweight, high-strength materials has surged. Advanced composites, alloys, and functional polymers are essential for reducing vehicle weight, improving performance, and extending the range of electric vehicles (EVs). Similarly, in aerospace, these materials contribute to enhanced fuel efficiency and structural integrity while withstanding extreme conditions. Regulations pushing for reduced emissions and improved energy efficiency, coupled with the growing adoption of electric and hybrid vehicles, are driving the development and commercialization of these materials. This trend is further supported by government incentives and industry partnerships focused on green mobility and sustainable transportation solutions. 

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Scope of the Report: 

 

Report Metric

Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

5%

Market Size in 2030

$190 Billion

Segments Covered

By Type, By End-Use


 

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).



 

Key Market Players

1.  3M

2.  3A Composites

3.  Hexcel Corporation

4.  BASF SE

5.  CeramTec GmbH

6.  Arkema

7.  Henkel AG & Co. KGaA

8.  Convestro AG

9.  Kyocera Corporation

10.  Sumitomo Chemical Co., Ltd.

 

Recent Developments:

•    In February 2023, Kuraray partnered with PTT Global Chemical (GC) and Sumitomo Corporation to enhance industrial capabilities in Thailand. This collaboration led to the establishment of Kuraray GC Advanced Materials, a joint venture aimed at manufacturing and selling butadiene derivatives.
•    In September 2022, Henkel acquired NBD Nanotechnologies, a US-based advanced materials start-up, for an undisclosed sum. NBD Nano is headquartered in Boston, Massachusetts.

Advanced Functional Materials Market: Competitive Landscape

Key companies profiled in the Advanced Functional Materials Market are 3M, 3A Composites, Hexcel Corporation, BASF SE, CeramTec GmbH, Arkema, Henkel AG & Co. KGaA, Convestro AG, Kyocera Corporation, Sumitomo Chemical Co., Ltd., and Others.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

 

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