Advanced Functional Materials Market Size to grow with a CAGR of 7.6% by 2028
The Global Advanced Functional Materials Market Size was valued at USD 86.02 billion in 2019 and is anticipated to grow with a CAGR of 7.6% by 2028. Advanced Functional Materials (AFM) are special types of compounds that exhibit superior properties such as high thermal & chemical stability, flexibility, resistance to corrosion, and high mechanical strength.
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Advanced Functional Materials (AFM) are special types of compounds that exhibit superior properties such as high thermal & chemical stability, flexibility, resistance to corrosion, and high mechanical strength. AFM consists of two or more materials prepared using various manufacturing industries such as health care, aerospace, automotive, defense, electronics, and marine, due to their high stiffness to weight ratio, high strength to weight ratio, excellent properties at elevated temperature, and better resistance to wear and corrosion. AFMs are gaining rapid popularity in end-user industry applications over conventionally used functional materials which possess some native functional properties, and not materials with just load-bearing capabilities.
Reduced carbon footprints and lower energy consumption coupled with high performance are the major factors responsible for the growing demand for AFM. In addition, nanomaterial is the dominating type of material in the AFMs market. The utilization of nanomaterials is rapidly increasing in the nanomedicine sector of the healthcare industry. Nanomedicine is the application of nanotechnology for treatment, diagnosis, drug delivery, tracking, and control of biological systems.
On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. The virus has spread to at least 214 countries and territories around the globe. Pandemic had caused the closure of manufacturing facilities, and disruption in the supply chain. Due to this cause, the consumption of AFM, specifically conductive polymers and nanomaterials were highly reduced, which has constrained the growth of the market globally. In addition, the production of various consumer goods and other products across the globe came to a halt due to the shortage of labor, raw materials, and other governmental restrictions on the manufacturing process. This is expected to hamper the advanced functional materials market.
Increasing Utilization of Nanomaterials in The Aerospace and Defense Industry
Nanotechnology provides various advances for aerospace and defense applications, that include Nano-weaponry, improved electronics and displays with low power consumption, low weight composites, improvements in chemical sensing and biological, nuclear. Additionally, the utilization of nanotechnology in the defense sector also offers offsetting reductions in military manpower and vehicle performance, and reduced risks to troops on the battlefield.
The aerospace and defense industry is expected to grow significantly in the forecast period due to the increasing investments and aircraft orders. According to Boeing, carriers will need more than 7,500 new wide-body airplanes by 2040 to support fleet renewal and long-term passenger and air cargo demand growth, which is propelling the market demand.
Increasing utilization in industries as an Alternative to Plastics and Metals
Increasing utilization of advanced functional materials in various industries as an alternative to plastics and metals due to their exceptional properties, such as high resistance to corrosion, melting, bending, and wear & tear stretching. AFMs good electrical properties, physical stability, chemical inertness, suitability to be used in mass products, and heat resistance, make them a better alternative to plastics and metals. Due to these properties, this material is widely used in electrical & electronics, automotive, healthcare, aerospace & defense, energy & power, and other industries.
Based on the Type, the market is categorized into Ceramics, Nanomaterials, Energy Materials, Conductive Polymers, Composites, and Others. Nanomaterials are expected to dominate market share over the forecast period due to their applications in the manufacturing of electronic devices, specialty chemicals, healthcare devices & drugs, and aerospace components. Increasing demand for lightweight vehicles coupled with fuel economy is expected to drive the AFM market for low carbon emissions applications over the forecast period. Moreover, Advanced energy materials are utilized in the manufacturing of photovoltaic energy materials and conductive polymers used for manufacturing electronic discharge protection devices. Nanomaterials and nanocomposites are being increasingly used for automobile manufacturing which contributes to vehicle weight reduction and delivers economic performance. The growth of the electronics and electrical industry is expected to significantly grow the AFM market for low carbon emissions applications.
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The Asia-Pacific is the largest market for advanced functional materials due to the presence of major manufacturing industries such as automotive, aerospace, and electrical & electronics in this region. The countries China, India, Japan, and South Korea are estimated to create the majority of demand in the region. China has been a key contributor to global air traffic growth, for the past few years due to better air connectivity and higher spending power. Thus, increasing passenger traffic is expected to boost the demand for aircraft as well as the Advanced Functional Materials (AFM) Market during the forecast period.
North America is the second-largest market for advanced functional materials due to rising spending on the aerospace and defense sector has increased the advanced functional material demand. The US spends more on its defense sector than any other nation in this region.
Europe is the third-largest market for advanced functional materials due to rising startups, government initiatives, and rising usage of materials in the various end-user industries. The countries UK, France, Germany, and Italy contribute major revenue in the region.
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