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Advanced Functional Materials: Introduction

  • Advanced functional materials are special quality compounds that exhibit superior properties such as high mechanical strength, resistance to corrosion, flexibility, and high thermal & chemical stability.
  • Advanced functional materials refer to a group of different compounds including ceramics, nanomaterials, composites, and conductive polymers.
  • Advanced functional materials consist of two or more materials prepared using various manufacturing processes. They are used in a wide range of applications in different end-use industries, including health care, automotive, aerospace, electronics, marine, and defense, due to their light weight, high strength to weight ratio, high stiffness to weight ratio, better resistance to wear and corrosion, and excellent properties at elevated temperature.

Key Drivers and Restraints of Advanced Functional Materials Market

  • Advanced functional materials are primarily used in health care and electronics industries. Advanced functional materials such as composites and nanomaterials are increasingly replacing traditional materials such as wood, leather, and aluminum in the development of prosthetic and orthotic products. The application of advanced functional materials in diagnostic devices such as medical imaging scanners and disposable thermometers has also increased due to their ability to be shaped into complex designs. Technological advances in medical and diagnostic devices are expected to boost the global advanced functional materials market during the forecast period.
  • Rise in demand for advanced functional materials in the electrical & electronics industry is expected to create significant opportunities for the advanced functional materials market in the near future. Advanced functional materials are employed in a wide range of applications in the electronics sector during the production of high energy density capacitors, supercapacitors, batteries, and other products. Several advanced functional materials are also used in automobile and aerospace industries in order to produce lightweight and efficient vehicles as well as aircraft.

Advanced Functional Materials: Type Segment

  • In terms of type, the global advanced functional materials market can be divided into ceramics, energy materials, conductive polymers, nanomaterials, composites, and others
  • The nanomaterials segment is projected to hold major share of the global advanced functional materials market during the forecast period, as nanomaterials possess interdisciplinary functions that are utilized in various applications in materials, chemicals, health care, electronics, pharmaceuticals, and aerospace industries.
  • The conductive polymers segment is projected to follow the nanomaterials segment during the forecast period. Conductive polymers are advanced functional materials that are made up of organic polymers with electrical conducting property. These materials are preferred over metallic conductors due to their processability through dispersion. High demand for electronics applications is driving the global advanced functional materials market.

Advanced Functional Materials: Application Segment

  • Based on application, the global advanced functional materials market can be segmented into electrical & electronics, automotive, health care, aerospace & defense, marine, and others
  • The electrical & electronics segment is projected to gain higher share of the global market during the forecast period. Advance functional ceramics that are used in the electrical & electronics industry exhibit piezoelectric, magnetic, semiconducting, and conducting properties which make them feasible for usage in applications such as cellular phones and computers. Advanced functional ceramics are also used as capacitor components, integrated circuits, insulators, and transducers.
  • The aerospace & defense segment is projected to hold key share of the global advanced functional materials market in the near future. Advanced functional materials have significant potential to address defense challenges and better enable armed forces to respond to future opportunities and threats. They can provide cost-effective and reliable solutions to improve mobility, survivability, and efficiency. New and advanced functional materials are rapidly discovered and developed to meet the defense industry needs. This is expected to drive the global advanced functional materials market during the forecast period.

COVID-19 Impact on Advanced Functional Materials Market

  • 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. Originating in China, the virus has spread to at least 214 countries and territories around the world.
  • Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic.
  • Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the advanced functional materials market.

Asia Pacific to Hold Leading Share of Advanced Functional Materials Market

  • In terms of region, the advanced functional materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is expected to hold major share of the global advanced functional materials market, followed by North America and Europe, during the forecast period. This can be ascribed to the growth in applications such as electronics, health care, and aerospace & defense in the region. China and India are the key markets for advanced functional materials. Increase in demand for automotive products and presence of a large number of consumer electronic device manufacturers are likely to boost the advanced functional materials market in Asia Pacific during the forecast period. Rise in investments in the aerospace & defense industry has boosted the demand for advanced functional materials in the region.

Key Manufacturers Operating in Advanced Functional Materials Market

The advanced functional materials market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the advanced functional materials market include:

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

Advanced Functional Materials: Research Scope

Advanced Functional Materials Market, by Type

  • Ceramics
  • Energy Materials
  • Conductive Polymers
  • Nanomaterials
  • Composites
  • Others

Advanced Functional Materials Market, by Application

  • Electrical & Electronics
  • Automotive
  • Health Care
  • Aerospace & Defense
  • Marine
  • Others

Global Advanced Functional Materials Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Advanced Functional Materials Market