LONDON--(BUSINESS WIRE)--The global advanced functional materials market is expected to post a CAGR of more than 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global advanced functional materials market size is the technological advances in medical and diagnostic devices industry. Advanced functional materials have extensive use in various applications of the healthcare industry. They are increasingly being used in orthopedic applications, including hip joint replacement, bone fixation plates, bone grafts, and bone cement. Furthermore, the placement of integrated systems on flexible advanced materials has led to the use of advanced functional materials in medical imaging, disposable thermometers, magnetic resonance imaging (MRI) scanners, X-ray couches, mammography plates, and surgical devices. Thus, the technological advancements in the medical devices and healthcare sectors are expected to drive the demand for advanced functional materials during the next five years.
As per Technavio, the increasing need for miniaturization and microelectronics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global advanced functional materials market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global advanced functional materials market: Increasing need for miniaturization and microelectronics
In recent years, there is an increased demand for miniaturized electronic devices that can reduce power consumption and increase functionalities. The reduction in the size of embedded components has led to the placement of more components. Miniaturized components must be compactly arranged, which is not merely feasible on conventionally rigid PCBs. This has increased the demand for advanced functional material technology as they can overcome this challenge with the use of extremely thin conductors and interconnects, which efficiently transfer signals and power to all the connected components. Thus, the growing emphasize on product miniaturization is expected to fuel the advanced functional materials market growth during the forecast period.
“Apart from the increasing need for miniaturization and microelectronics, other factors such as the growing use of lightweight materials in new energy vehicles, and the rising demand for advanced functional materials from APAC will have a significant impact on the advanced functional materials market worth during the forecast period,” says a senior analyst at Technavio.
Global advanced functional materials market: Segmentation analysis
This market research report segments the global advanced functional materials market by type (composites, ceramics, energy materials, nanomaterials, and conductive polymers), and geographic regions (Europe, North America, APAC, MEA, and South America).
The APAC region led the advanced functional materials market in 2018, North America, Europe, South America, and MEA respectively. The growth of the advanced functional materials market in APAC can be attributed to a surge in demand for a wide variety of passenger cars, commercial vehicles, and electric and energy vehicles. Furthermore, APAC is home to a large number of consumer electronic device manufacturers, which further increase the demand for advanced functional materials in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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