Global Advanced Functional Materials Market To Be Driven By The Surging Demand From Medical Sector In The Forecast Period Of 2023-2028
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The new report by Expert Market Research titled, ‘Global Advanced Functional Materials Market Share, Size, Growth, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global advanced functional materials market, assessing the market based on its type, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.5%
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The growth in the global advanced functional materials market is induced by the medical device technology which is advancing at a rapid pace. With increased focus on imaging techniques, implantable devices, and regeneration technology in medicine, drug delivery industrial equipment, and biomedical engineering, the adoption of advanced functional materials is increasing rapidly, that aims to augment growth of the market.
Advanced functional materials supersede conventional materials by having superior characteristics such as durability, toughness, durability, and elasticity. The advanced functional material industry for low carbon emissions applications is anticipated to be driven by rising lightweight vehicles’ demand combined with improved fuel efficiency.
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Advanced Functional Materials Industry Definition and Major Segments
Using effective power and signal transmission to every object, advanced functional materials serve to minimise total power usage.
Thin conductors or interlinks used within advanced functional material-based mini electronics aid in countering signal propagation and power failure concerns associated with large PCBs and thick interconnects.
Based on its types, the market is divided into:
- Advanced Functional Ceramics
- Advanced Energy Materials
- Conductive Polymers
- Advanced Functional Composites
Based on end-use, the market is divided into:
- Aerospace and Defence
- Energy and Power (incl. Chemical Industry)
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Advanced Functional Materials Market Trends
In the years ahead, the manufacturing of lighter weight, handy, and adaptable substrate technological tools will boost adoption of advanced functional materials. One of the crucial industry trends in the advanced functional materials market is the strong market for microelectronics and miniaturisation. The healthcare industry has a huge demand for advanced functional materials.
In the industry, nanomaterials are the dominant type of material. The use of nano – materials in the nanotechnological sector of the healthcare industry is consistently expanding. Nanomedicine is the use of nanotechnology to diagnose, monitor, deliver drugs, treat, and regulate biological systems. Although, an absence of expansion plans and technological innovation is anticipated to stymie the industry’s growth over the forecast period.
Key Market Players
The major players in the market are Morgan Advanced Materials plc, KYOCERA Corporation, Hexcel Corporation, Nanophase Technologies Corporation, KURARAY CO., LTD, Murata Manufacturing Co., Ltd., and Henkel AG & Co. KGaA (OTCMKTS: HENKY), among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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