Advanced Functional Materials Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2024-2030

The Advanced Functional Materials Market size is estimated to reach more than US$190 billion by 2030, after growing at a CAGR 5% during the forecast period 2024-2030. The production of handy and portable devices is gaining momentum in the industry as advanced functional materials are commonly used in the devices to minimize the total power consumption of miniature electronics. Nanotechnology integration is revolutionizing the development of advanced functional materials, allowing for precise manipulation and control at the nanoscale level. This trend encompasses the synthesis of nanomaterials such as carbon nanotubes, graphene, and quantum dots, which exhibit exceptional properties like high strength, conductivity, and optical characteristic. Industries ranging from electronics and healthcare to energy and aerospace are leveraging nanotechnology to enhance the performance and functionality of their products. For instance, in the electronics sector, nanomaterials are enabling the production of smaller, more efficient devices with enhanced computing capabilities and improved energy efficiency. Similarly, in healthcare, nanomaterials are facilitating advancements in drug delivery systems, medical imaging, and diagnostics, leading to more effective treatments and improved patient outcomes. Another prominent trend in the advanced functional materials market is the increasing emphasis on sustainability and eco-friendly solutions. With growing environmental concerns and stringent regulations regarding carbon emissions and waste management, businesses are shifting towards sustainable materials and manufacturing processes.

The report: “Advanced Functional Materials Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Advanced Functional Materials Acid Industry.

 

                                     

 

By Type: Composites, Ceramics, Energy Materials, Nanomaterials, Conductive Polymers, and Others.

By End Use: Automotive, Medical, Industrial, Aerospace and Defense, Energy and Power, and others. 

By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Russia, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, and Rest of APAC), South America (Brazil, Argentina, Colombia, and Rest of South America), Rest of the World (Middle-East and Africa) 

• Development in the use of nanotechnology is expected to bring diverse prospects for business growth in the coming years.

• With the growing consumption in electronics and automotive from countries such as China, India and other developing countries, the demand of advanced functional material tends to upsurge.

• In November and December 2022, new research facilities were launched at Oxford University to develop next-generation advanced functional materials. This indicates a strong focus on innovation and advancement in this area.

Nanomaterials segment is dominating and accounting with the highest share in the market. Nanomaterials include nanoparticles, nanofibers, nanotubes, nano clays, and nanowires among others. In the automotive and aviation industries, nanomaterials, especially carbon nanomaterials, are increasingly used due to their thermal conductivity, electrical conductivity, durability, high strength and elasticity, high aspect ratio, field emissions and high absorbent properties. Furthermore, the growing usage of nanomaterials in nanomedicine field of healthcare industry tends to increase the growth of advanced functional materials market.

Electronics & electrical industry is one of the main advanced functional material users. With advanced functional ceramics, conductive polymers and nanomaterials being a significant contributor to this market. In the electronics and electrical industry, advanced practical ceramics exhibit piezoelectric, mechanical, semiconducting, and conducting characteristics that make them viable for use in applications such as mobile phones and computers. India is one of the largest consumer electronics markets in Asia Pacific Region and is home to considerable talent for electronic chip design and embedded software. According to India Brand Equity Foundation, India has committed to reach US$ 300 billion worth of electronics manufacturing and exports of US$ 120 billion by 2025-26.  In addition. R&D investments in specialized product production using innovative dimensional composites for aerospace and automobiles are expected to open up a new gateway for experienced players in the materials industry. Growing the use of innovative functional composites assembled by mixing two or more materials maintains the distinctive properties that market participants are creating.

Asia-Pacific region was the largest market for advanced functional materials. The largest chunk of consumption in the region was China. China has the largest manufacturing base of electronics in the world and provides tough competition to existing upstream manufacturers such as South Korea, Singapore and Japan. One of the country's leading industries is the Chinese aerospace industry, and the government is investing heavily in the industry to expand domestic manufacturing capacity. In addition, with the consistent growth of China's and other developing countries' electrical and electronics, aerospace and other industries. According to India Brand Equity Foundation, The Indian aerospace & defence (A&D) market is projected to reach ~US$ 70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust.

             

                                                    For More Details on This Report - Request for Sample

The variety of applications of advanced functional materials in the medical and healthcare sectors has been expanded by technical developments in the versatile substrate market. For instance, specialized functional components, such as hip joint reconstruction, bone fixing plates, bone grafts, and bone cement, are commonly used in orthopaedic applications. Advanced functional materials often allow integrated systems to be mounted, thus expanding their use in MRI scanners, mammography plates, tables, X-ray couches, C scanners, and surgical target instruments. In addition, in the production of prosthetic and orthotic devices, innovative functional technologies such as composites and nanomaterials are rapidly replacing conventional materials such as wood, rubber, and aluminium. In order to fuel the development of the advanced functional materials industry, technical developments in medical and diagnostic instruments would be a critical consideration.

The lack of expansion capability to satisfy consumer demand, combined with technological enhancement, is projected to impede the development of advanced functional content market participants. Also, the manufacturing process in order to produce advanced functional materials is bit expensive, owning to this, only few manufacturers have the capability to deal with production and demand requirements. Due to the availability of few manufacturers, the cost of advanced functional materials tends to be high, which also becomes the major factor that constraints the growth of the market.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Advanced Functional Materials Acid market. In 2023, the market of Advanced Functional Materials Acid has been consolidated by the top five players accounting for xx% of the share. Key companies of this market are

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.

 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.