Advanced Functional Materials Market to grow by USD 46.21 Billion during 2021-2025 | 7.82% Year-Over-Year Growth in 2021 | Technavio

NEW YORK, March 22, 2021 /PRNewswire/ -- The advanced functional materials market is expected to reach USD 46.21 billion during 2021-2025, as per a new report by Technavio. The report also throws light on the impact of the COVID-19 pandemic, and the new opportunities and challenges that market players can expect. In this report, the market is expected to accelerate at a CAGR of almost 9% during the forecast period.

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The advanced functional materials market growth is attributed to the increase in automotive regulatory requirements. However, the fluctuating raw material prices and high cost of materials hinder the market growth. On the other hand, increasing demand for miniaturization and microelectronics presents new opportunities in the coming years.

The number of laws and regulations regarding the reduction of CO2 emissions from automobiles is increasing. The Kyoto Protocol restricts the emission of CO2 and other greenhouse gasses into the atmosphere. With the emission norms becoming stringent with every passing day, there is a rise in the demand for lightweight materials. Such regulations and an increase in fuel efficiency have led to the significant growth of lightweight materials. Thus, an increase in automotive regulatory requirements will drive the global advanced functional materials market.

"Growing demand for fuel-efficient aircraft and locomotives coupled with technological advances in medical and diagnostic devices will further boost market growth during the forecast period", says a senior analyst at Technavio.

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Key Suggestions from the Report:

• By type, the composites accounted for the largest share of the overall revenue in 2020.
• APAC dominated the market in 2020 and is expected to maintain its lead over the forecast period.
• 50% of the market's growth will originate from APAC during the forecast period.
• China and India are the key markets for advanced functional materials in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Major Three Advanced Functional Material Companies:

3M Co.

3M Co. operates business through Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The company provides advanced functional materials like 3M high-performance abrasives, advanced ceramics, biomaterials, advanced composites, and others.

Arkema SA

Arkema SA operates business through High-Performance Materials, Industrial Specialties, and Coating Solutions. The company provides advanced function materials like Kepstan, Kynar UHM PVDF, and others.

BASF SE

BASF SE operates business through Agricultural Solutions and Other. The company provides functional material solutions like automotive catalysts, battery materials, foam specialties, and others.

Read the 120-page report with TOC on "Advanced Functional Materials market analysis report by type (composites, ceramics, energy materials, nanomaterials, and conductive polymers) and geography (APAC, North America, Europe, South America, and MEA) and segment forecasts 2021-2025". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats.

More Details: https://www.technavio.com/report/advanced-functional-materials-market-industry-analysis

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SOURCE Technavio