Advanced Functional Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The global advanced functional materials market is expected to grow at a CAGR of more than 6% during the forecast period (2021-2026).

COVID-19 pandemic has resulted in the closure of manufacturing facilities. Due to this cause, the consumption of advanced functional materials, specifically nanomaterials and conductive polymers were highly reduced, which has constrained the growth of the market globally. In addition, advanced functional materials find their major application in the electric and electronics, and automotive industries. The production of smartphones and other electronic products was highly declined in 2020. Additionally, automobile production in 2020 has witnessed a decline of 15.8% compared to 2019 due to the pandemic situation and shutdown of manufacturing facilities.

• In the short term, one of the major factor driving the market studied is the growing advancement in medical devices.
• With an emphasis on diagnostic imaging, implants and regeneration in medicines, equipment manufacturing for drug delivery and biomedical science, the demand of advanced fuctional materials is rising on a rapid pace, which tends to boost the market growth.
• Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China and India.

Scope of the Report

Advanced functional materials are basically an outperform of conventional materials which consist of superior properties, including toughness, hardness, elasticity, and durability. The market is segmented on the basis of type, end-user industry, and geography. By type, the market is segmented into Ceramics, Energy Materials, Conductive Polymers, Nanomaterials, Composites, and Others. By End-user Industry, the market is segmented into Electrical and Electronics, Automotive, Healthcare, Aerospace and Defense, Energy and Power, and Others. The report also covers the market size and forecasts for the Construction Adhesives Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

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Key Market Trends

Aerospace and Defence Segment to Dominate the Market

• The aerospace and defense industry is expected to be one of the largest consumers of advanced functional materials during the forecast period.
• Nanotechnology provides several advances for military and defense applications, that include improvements in biological, nuclear, and chemical sensing. Additionally, usage of nanotechnology also offers offsetting reductions in military manpower and reduced risks to troops on the battlefield, as well as improve vehicle performance.
• Significant growth in the global aerospace industry till 2019 owing to the investments and increasing aircraft orders have propelled the market demand. In 2020, due to the pandemic situation, the investments and demand for air travel have declined causing a negative impact on the market. However, post-recovery from the pandemic, the market is projected to witness huge growth during the forecast period.
• According to Boeing, the market value for commercial airplanes is expected to reach USD 3.1 trillion by 2028, as operators are expected to replace older jets with more fuel-efficient models and expand their fleets to accommodate the steady rise in air travel, across the emerging and established markets.
• The increasing passenger volume and increasing retirements of airplane are expected to drive the need for 44,040 new jets (valued at USD 6.8 trillion) over the next two decades. The global commercial fleet is forecast to reach 50,660 airplanes by 2038, considering all the new airplanes and jets that would remain in service.
• The Chinese defense industry has been growing rapidly, with many Chinese firms displacing Western defense powerhouses. The country invests heavily to upgrade its military, thus, making it’s eight defense firms rank among the top 25 in the world.
• AVIC company ranks third in the world, and it had developed China’s fifth-generation J-20 fighter and the new H-20 stealth bomber, among various other projects.
• Owing to all the abovementioned facors, the market is likely to witness huge growth in the future.

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