The global advanced functional material market is anticipated to witness growth over the forecast period. Global increase in demand for low cost sustainable energy solutions from end user industry segments such as electronics and automobiles coupled with stringent government environment regulations is expected to remain a key driving factor for advance functional material market (AFM) for the next six years. Systems and components incorporating AFMs consume energy more efficiently and emit lower carbon footprints into the environment. AFMs superior chemical & physical properties and load bearing capacities tend to shift manufacturer’s preference from conventional materials usage in end-user industry. AFM market for low carbon applications include products such as advanced functional ceramics, advanced energy materials, conductive polymers, nanomaterials and advanced functional composites. Advance functional ceramics are largest of AFMs products consumed in end-user industries such as power generation, aerospace and automobiles along with usage in military applications. Nanomaterials are expected to witness higher growth rates over the forecast period owing to usage of nanotechnology and their applications in manufacturing of Specialty chemicals, electronic devices, aerospace component and healthcare devices & drugs. Advance energy materials used in manufacturing of photovoltaic energy materials and conductive polymers used for manufacturing electronic discharge protection devices has Asia Pacific as the largest regional market.
Increasing demand for lightweight vehicles coupled with fuel economy is expected to drive advanced functional material market for low carbon emissions applications over the forecast period. Nanocomposites and nanomaterials are being increasingly used for automobile manufacturing which contributes to vehicle’s weight reduction and deliver economic performance. Growth of electronics and electrical industry is expected to significantly augment AFM market for low carbon emissions applications.
Electronics & electrical industry are one of the largest AFM consumers with advanced functional ceramics, conductive polymers and nanomaterials being major contributor to this segment. Advance functional ceramics used in electronics & electrical industry exhibit piezo-electric, magnetic, semiconducting and conducting properties which make them feasible for use in applications such as cellular phones and computers. Advanced functional ceramics finds use as capacitor components, integrated circuit, insulators and transducers.
Lack of expansion capacities to meet market demand coupled with technology improvement is expected to hamper advanced functional material market participant’s growth. Investments in R&D to develop niche product using advance functional composites for aerospace and automobiles is expected to open new gate of opportunities for AFM industry participants. Increasing use of advance functional composites which are manufactured by combining two or more materials retains distinctive properties are being developed by industry participants. These composites increases strength and reduce weight which results in lower energy consumption and increase components service life. Renewable power generation devices are expected to be the fastest growing applications for Advance functional composites.
Major demand is expected from emerging advanced functional material market of Asia Pacific. Countries in this region such as China, India, South Korea, Japan, Thailand, Malaysia, Philippines and Indonesia are expected to witness higher growth rates. Growth of end-user industry segments such as automobiles, power, paints & chemicals, infrastructure and aerospace are attributing towards increasing AFMs demand. Other major demand is expected from key regions of Europe owing to growth of automobile sector. Key industrial participants include 3M Company, ReneSola Ltd, DuPont and Bayer AG. Other major players include Ceradyne, Inc., Kyocera Corporation, Samsung Electro Mechanics Company and Momentive Performance Materials, Inc.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.