Market Size of Advanced Functional Materials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Advanced Functional Materials Market Analysis
The global advanced functional materials market is expected to grow at a CAGR of more than 6% during the forecast period.
The COVID-19 pandemic drastically affected the market for advanced functional materials, resulting in the manufacturing facilities' closure. Due to this cause, the consumption of advanced functional materials, specifically nanomaterials and conductive polymers, was greatly reduced, which constrained the growth of the market globally. But the post-COVID-19 era saw a rebound again with increased demand from the electric, electronics, and automotive industries.
- Over the short term, one of the major factors driving the market studied is the growing advancement in medical devices.
- Moreover, with an emphasis on diagnostic imaging, implants and regeneration in medicine, equipment manufacturing for drug delivery, and biomedical science, the demand for advanced functional materials is rising rapidly, which tends to boost the market's growth.
- The Asia-Pacific region dominated the global market, with robust demand from countries like China and India.
