[FURL=https://www.industryarc.com/Research/Advanced-Functional-Materials-Market-Research-503196?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Advanced Functional Materials Market[/FURL] size is experienced with a revenue of $150 billion and expected to grow at a CAGR of 6.4% during 2020-2025. The production of handy and portable devices is gaining momentum in the industry as advanced functional materials are commonly used in the devices to minimize the total power consumption of miniature electronics. The flexible substratum material is still used in the manufacture of miniature electronic instruments. This factor boosts demand for innovative practical goods, and it is predicted that overall industry growth will have a positive impact. However, due to COVID-19 pandemic, the shut down of manufacturing facilities and lower in production due to this cause, as well as, the market recession in developing countries have reduced the growth of electronics and automotive industry, which tends to constrain the growth of the market.Key Takeaways
Development in the use of nanotechnology is expected to bring diverse prospects for business growth in the coming years.
With the growing consumption in electronics and automotive from countries such as China, India and other developing countries, the demand of advanced functional material tends to upsurge.
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Advanced Functional Materials Market Segment Analysis - By Geography
Asia-Pacific region was the largest market for advanced functional materials. The largest chunk of consumption in the region was China. China has the largest manufacturing base of electronics in the world and provides tough competition to existing upstream manufacturers such as South Korea, Singapore and Japan.
Advanced Functional Materials Acid Market Drivers
Growing demand in healthcare and medical industries.
The variety of applications of advanced functional materials in the medical and healthcare sectors has been expanded by technical developments in the versatile substrate market. For instance, specialized functional components, such as hip joint reconstruction, bone fixing plates, bone grafts, and bone cement, are commonly used in orthopaedic applications. Advanced functional materials often allow integrated systems to be mounted, thus expanding their use in MRI scanners, mammography plates, tables, X-ray couches, C scanners, and surgical target instruments. In addition, in the production of prosthetic and orthotic devices, innovative functional technologies such as composites and nanomaterials are rapidly replacing conventional materials such as wood, rubber, and aluminium.
Advanced Functional Materials Acid Market top companies are Morgan Advanced Materials plc, KYOCERA Corporation, Hexcel Corporation, Nanophase Technologies Corporation, KURARAY CO., LTD, Murata Manufacturing Co., Ltd. and Henkel AG & Co. KGaA (OTCMKTS: HENKY)
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