LONDON--(BUSINESS WIRE)--The global advanced functional materials market is expected to post a CAGR of over 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Technological advancements in the flexible substrate sector have widened the range of applications of advanced functional materials in the medical and healthcare industries. For instance, advanced functional materials are being widely used in orthopedic applications such as hip joint replacement, bone fixation plates, bone grafts, and bone cement. Moreover, advanced functional materials such as composites and nanomaterials are increasingly replacing traditional materials such as wood, leather, and aluminum in the development of prosthetic and orthotic products. The application of advanced functional materials in diagnostic devices such as medical imaging scanners and disposable thermometers have also increased because of their ability to be shaped into complex designs. Technological advances in medical and diagnostic devices will be a significant factor in boosting the growth of the advanced functional materials market.
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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 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
The development of miniaturized electronic devices has enabled the placement of several components in a compact space, thereby minimizing power consumption and enabling increased functionalities. Advanced functional materials help in reducing the overall power consumption of miniature electronics by allowing the efficient transfer of signals and power to all the connected components. The development of small and compact devices with flexible substrate technology will further boost the demand for advanced functional materials. The increasing demand for miniaturization and microelectronics has been identified as one of the critical market trends that will fuel the growth of the market.
“Apart from the increasing need for miniaturization and microelectronics, the rise in automotive regulatory requirements and high need for fuel-efficient aircraft and locomotives are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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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 geographical regions (North America, Europe, APAC, South America, and MEA).
APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC region is expected to maintain its dominance over the global market. This is due to the increasing demand for automotive products and the presence of a large number of consumer electronic device manufacturers in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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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