Advanced Functional Materials Market is Projected to Reach USD 206.80 Billion by 2028 | Leading Players Analysis with Industry Size, Growing Demands, Emerging Trends, and Latest Developments Says Extrapolate

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Apr 12, 2023, 09:30 ET

DUBAI, UAE, April 12, 2023 /PRNewswire/ -- According to Extrapolate Report, the global Advanced Functional Materials Market is expected to reach USD 206.80 billion by 2028, rapidly growing from the base value of USD 112.23 billion in 2021 at a CAGR of 7.6% during the forecast period.

Advanced Functional Materials (AFM) are unique classes of substances with exceptional qualities such as high thermal and chemical stability, flexibility, corrosion resistance, and high mechanical strength. It consists of two or more materials that have been created using different manufacturing procedures. AFM is utilized in various sectors, such as healthcare, aerospace, automotive, defense, electronics, and marine industries. The wide range of AFM applications is attributable to their superior qualities at high temperatures, high stiffness-to-weight ratio, high strength-to-weight ratio, and better resistance to wear and corrosion. AFMs have quickly overtaken traditional functional materials in end-user industry applications as they have certain innate functional qualities and are not just load-bearing materials.

The main factors for the surging demand for AFM can be attributable to its excellent performance, reduced carbon footprints, and lower energy consumption. Moreover, the market for AFMs is dominated by nanomaterials as a material type.

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Advanced Functional Materials (AFM) Market Top Manufacturers: The report extensively analyzes the key market players and their business overview, expansion plans, and strategies. The top Key Players covered in the report are:

BASF SE
Arkema
3M
Evonik
Hexcel Corporation
KYOCERA Corporation
Sumitomo Chemical Co., Ltd.
SHOWA DENKO K.K
DuPont de Nemours, Inc.
Momentive
CeramTec GmbH
Dow Inc.

Microelectronics to Drive the Market Growth Due to Rising Integration in Portable Gadgets

Sophisticated functional materials are widely used in various equipment to reduce the amount of power needed by microelectronics; as a result, the industry is anticipated to witness an increase in the demand for practical and portable gadgets. The elastic substratum material is still employed in producing miniature electrical devices. New pragmatic products are high in demand as a result of this factor which is anticipated to contribute significantly to the advanced functional materials market growth.

Additionally, on account of their remarkable qualities, such as high resistance to corrosion, melting, bending, and wear & tear stretching, advanced functional materials are being used intensively in multiple industries as a replacement for plastics and metals. AFMs are advanced substitutes for plastics and metals due to their superior electrical characteristics, physical stability, chemical inertness, suitability for mass production, and heat resistance.

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Nanomaterials Segment to Dominate the Market Owing to Rising Integration in Electronic Devices

The nanomaterials segment is predicted to hold the majority of the market share during the projection period due to the increasing application of nanomaterials in manufacturing electronic devices, specialty chemicals, healthcare devices & pharmaceuticals, and aerospace components. The rising demand for fuel-efficient, lightweight automobiles is anticipated to drive the advanced functional materials market share for applications requiring low carbon emissions.

For instance, in March 2023, a group of scientists led by Rice University Materials Scientist Boris Yakobson discovered that a particular trait of 2D ferroelectric materials could be exploited to improve future electronics.
According to the study published in ACS Nano, single-layer ferroelectric materials can be manipulated to operate as a nanoscale switch or even a motor by making them bend in response to electrical stimulation.

Nanomaterials and nanocomposites are being utilized more frequently in automobile production, which helps reduce vehicle weight and provides economic performance. The market for AFM for low-carbon emissions applications is anticipated to expand rapidly with the expansion of the electronics and electrical industries.

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Asia Pacific Region to Lead the Market Owing to Expanding Air Traffic Activities

The Asia-Pacific is home to the world's largest market for innovative functional materials on account of a large number of critical manufacturing sectors, including the automotive, aerospace, and electrical & electronics industries.

Most of the product demand in the region is generated by nations such as China, India, Japan, and South Korea. China had been a leading country in expanding global air traffic over the past few years due to improved air connectivity and increased purchasing power. Hence, it is anticipated that growing passenger traffic will increase demand for airplanes during the predicted period, which will further propel the advanced functional materials (AFM) market.

On account of the rapid growth of the Chinese defense industry, some Chinese firms are replacing Western defense giants. The country makes considerable investments in modernizing its armed forces, which helps its eight defense industries rank in the top 25 globally.
China invests heavily in its military after the United States making it the world's second-largest military expenditure. For instance, China boosted its military expenditure by 4.7%, or USD 293 billion, between 2020 and 2021. The 14th Five-Year Plan, which runs from 2020 to 2025, was officially launched with the presentation of the Chinese budget for 2021.

North America is the second-largest market for advanced functional materials due to increased product demand spurred by expanding expenditure in the aerospace and defense industries. The US invests more in its military than any other nation in the region.

For instance, Boeing predicted that by 2028, the market for commercial aircraft is likely to be worth around USD 3.1 trillion as operators upgrade their fleets and replace older aircraft with newer, more fuel-efficient models to match the constantly increased demand for air travel in both developed and developing markets.

For more information on the report, visit: https://www.extrapolate.com/chemicals-and-advanced-materials/advanced-functional-materials-market/21588

Some Points from TOC:

Chapter 1. Executive Summary

Chapter 2. Research Methodology

Chapter 3. Market Outlook

Chapter 4. COVID-19 Impact On Advanced Functional Materials (AFM) Market

Chapter 5. Global Advanced Functional Materials (AFM) Market Overview, By Type, 2015 - 2028(USD Million)

Chapter 6. Global Advanced Functional Materials (AFM) Market Overview, By End-User, 2015 - 2028(USD Million)

Chapter 7. Global Advanced Functional Materials (AFM) Market Overview, By Application, 2015 - 2028(USD Million)

Chapter 8. Global Advanced Functional Materials (AFM) Market Overview, By Geography, 2015 - 2028(USD Million)

Chapter 9. North America Advanced Functional Materials (AFM) Market Overview, By Countries, 2015 - 2028(USD Million)

Chapter 10. Europe Advanced Functional Materials (AFM) Market Overview, By Countries, 2015 - 2028(USD Million)

Chapter 11. Asia Pacific Advanced Functional Materials (AFM) Market Overview, By Countries, 2015 - 2028 (USD Million)

Chapter 12. Middle East & Africa Advanced Functional Materials (AFM) Market Overview, By Countries, 2015 - 2028 (USD Million)

Chapter 13. South America Advanced Functional Materials (AFM) Market Overview, By Countries, 2015 - 2028 (USD Million)

Chapter 14. Competitive Landscape

Chapter 15. Key Vendor Analysis

Chapter 16. Sourcing Strategy and Downstream Buyers

Chapter 17. Marketing Strategy Analysis, Distributors/Traders

Chapter 18. Market Effect Factors Analysis

Chapter 19. Future Outlook of the Market

Browse Complete TOC: https://www.extrapolate.com/toc/chemicals-and-advanced-materials/advanced-functional-materials-market/21588

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Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.

In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.

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