Global Advanced Functional Materials Market

Advanced Functional Materials Market Size, Share, Growth Analysis, By Type(Ceramics, Energy Materials), By End-user(Electrical and Electronics, Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG15A2420 | Region: Global | Published Date: April, 2024
Pages: 186 | Tables: 68 | Figures: 70

Advanced Functional Materials Market Regional Insights

North America is considered as one of the most important markets for advanced services, due to the presence of many manufacturers and suppliers in the region North America is predicted to have leading markets in U.S. and Canada. The market is forecasted to reach $41.33 billion (about $130 per person in the US) by 2032, compared to the previous estimate of $18.28 billion (about $56 per person in the US) by 2022, with a CAGR of 8.5% (2024-2031).

Asia-Pacific is predicted to be the fastest growing market for advanced utility products, owing to increasing demand from countries including China, Japan and South Korea. With a CAGR of 7.2% (2023-2032), the market is forecasted to reach USD 43.97 billion by 2032 as against the previous estimate of USD 21.94 billion by 2022.

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FAQs

Advanced Functional Materials Market size was valued at USD 107.16 Billion in 2022 and is poised to grow from USD 115.3 Billion in 2023 to USD 207.18 Billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).

The competitive environment of the Advanced Functional Materials Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'Morgan Advanced Materials plc', 'KYOCERA Corporation', 'Hexcel Corporation', 'Nanophase Technologies Corporation', 'KURARAY CO., LTD', 'Murata Manufacturing Co., Ltd.', 'Henkel AG & Co. KGaA (OTCMKTS: HENKY)', '3M Corp', 'AMETEK Inc.', 'Applied Materials Inc.', 'Arkema Group', 'BASF SE', 'CeramTec GmbH', 'Compagnie de Saint Gobain SA', 'Covestro AG'

The advanced functional materials (AFM) market is driven by several key factors that significantly impact its growth trajectory. The demand for innovation in business is a key driver. From electronics and healthcare to energy and automotive, companies are looking for ways to make their products and systems more efficient. AFM offers unique assets that can revolutionize these industries, improving productivity, scalability and efficiency. For example, in the electronics industry, graphene and other AFMs enable faster and more efficient electronics, while in the energy sector, materials such as perovskite solar cells promise efficient energy conversion. The increased emphasis on sustainability and environmental considerations is also driving the AFM market forward. Traditional raw materials and manufacturing processes often have a negative impact on the environment, leading businesses to look for environmentally friendly alternatives to which our surroundings do not deteriorate much.

The increased demand for advanced functional components in electronics is due to their improved properties including even higher mechanical strength and corrosion resistance, an increasing overall machine performance and life.

North America is considered as one of the most important markets for advanced services, due to the presence of many manufacturers and suppliers in the region North America is predicted to have leading markets in U.S. and Canada. The market is forecasted to reach $41.33 billion (about $130 per person in the US) by 2032, compared to the previous estimate of $18.28 billion (about $56 per person in the US) by 2022, with a CAGR of 8.5% (2024-2031).

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Global Advanced Functional Materials Market

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