Market Overview

As per an Extensive Research Report by Market Research Future (MRFR), Advanced Functional Materials Market Information By Type, End-User Industry, and Region – Forecast till 2032” The advanced functional materials industry will be expanding from USD 116.09 Billion in 2023 to USD 197.9 Billion by 2032, at a rate of 6.90% during the study period (2023 – 2032).

Market Synopsis

One of the main factors promoting the growth of the market for advanced functional materials is the expansion of automotive regulatory requirements. Regarding the reduction of CO2 emissions from autos, there are an increasing number of legislation and regulations.

Every day that goes by, the emission regulations get stricter, which increases the need for lightweight materials because their use in automotive components can help meet the necessary pollution standards and boost vehicle efficiency. The fuel economy of an automobile increases by 6% with a 10% reduction in mass.

The US Environmental Protection Agency (EPA), for instance, has established GHG emission requirements under the Clean Air Act and standards for tailpipe emissions for all passenger cars as well as SUVs. As a result, the global market for innovative functional materials will develop as automotive regulatory requirements increase.

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Market Competitive Landscape:

Well-known vendors in the global industry are

• 3M
• Arkema
• BASF SE
• CeramTec GmbH
• Covestro AG
• Evonik Industries AG
• Hexcel Corporation
• KYOCERA Corporation
• Momentive
• SHOWA DENKO K.K.
• Sumitomo Chemical Co., Ltd.
• Emeren

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 Market Drivers:

One of the primary advanced functional materials market trends promoting market expansion is the growing need for miniaturization and microelectronics.

Electronic devices that have been decreased in size currently have more functions and use less power. More components are now being placed since embedded components’ sizes have shrunk.

The uptime of battery-powered devices can be decreased by large PCBs and thick interconnects, which can cause problems with signal propagation and power loss. These issues are solved by the use of incredibly thin conductors and interconnects in advanced functional materials, which effectively transport signals and power to every linked component.

The development of small and compact devices has been accelerated by the development of flexible substrate technology, raising the demand for cutting-edge functional materials. Consequently, it is anticipated that throughout the projection period, there will be an increase in demand for advanced functional materials due to the increased emphasis on product miniaturization and customized solutions.

Market Restraints:

Due to the variable global production and consumption scenarios, the prices of raw resources including crude oil, lightweight metal ores, and sophisticated functional composites are highly erratic.

Price changes make the market unpredictable and prevent the market for advanced functional materials from expanding.

Methylene diphenyl diisocyanate and toluene diisocyanate, the raw materials required to make polyurethane, are significantly influenced by the price of crude oil.

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COVID-19 Impact

Most factories were severely impacted as a result of the lockdowns in several countries. As a result, there was a decline in the market’s demand for advanced functional materials.

The COVID-19 epidemic first affected China, which is also the major producer of innovative functional materials. The manufacturing of functional materials must endure a severe economic downturn. Because of the region’s declining productivity rates, the market for advanced functional materials is predicted to suffer.

Market Segmentation

By Type

Ceramics, energy materials, conductive polymers, nanomaterials, composites, and other materials are included in the market segmentation for advanced functional materials based on type. The market was led by the nanomaterials category. Nanomaterials can be carefully developed and tailored to have certain properties and purposes.  

By End-Use Industry

Electrical and electronics, automotive, healthcare, aerospace and defense, energy and power (including the chemical sector), and others are among the end-user industries included in the market segmentation for advanced functional materials. In 2022, the electrical and electronics category produced the greatest revenue.

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 Regional Insights

The market in North America held the top rank in 2022 (45.80%). The technical innovation industry is centered in North America, with Silicon Valley in California serving as a notable example. For a wide range of uses, this region propels the development and adoption of innovative materials. Companies in North America are leading the development of cutting-edge semiconductor materials like silicon carbide (SiC) for automotive applications and gallium nitride (GaN) for power electronics.

The market for advanced functional materials is quite lucrative in Asia-Pacific as well. The bulk of regional consumption was attributed to China. The OICA reports that recent global car production has been dominated by Asia-Pacific. With a manufacturing volume of 26.08 million cars in 2021, an increase of 3% from 2020, China will continue to lead the world in the manufacture of automobiles. A desire for a sophisticated functional market is therefore helped by such a favorable production scenario.

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