Advanced functional material is an umbrella term for different essential industrial materials. These materials reduce carbon footprint of the materials in which they are incorporated. AFMs also consume less energy during manufacturing process, which proves energy efficient. Global advanced functional material market is expected to grow at a steady growth rate, thanks to their energy efficiency. Increasing demand across different industrial verticals is also driving the global industry, which is a good sign for the long term success in the industry. Technological advancements in different chemical categories of the industry provide much to look forward for the existing businesses.
Categorization in Advanced Functional materials
Advanced functional materials used for low carbon applications are divided into five categories, which are:
- Advanced functional ceramics
- Advanced functional composites
- Advanced energy materials
- Conductive polymers
The aforementioned are the five basic categories of chemicals that are widely used across different industrial verticals. Increasing applications of the market and widening industrial reach are making great prospects for the global AFMs market. Segmentation in the global industry is based on the types of AFMs (categories), their applications and geographical demand patterns worldwide. Aforementioned five categories of chemicals have different industrial applications. Business verticals with increasing use of these products include electrical and electronics, energy and power, chemicals and materials, aerospace, automotive, healthcare and pharmaceuticals and various other businesses.
Based on geographical demands, the market is segmented into five regions, including Asia Pacific, North America, Europe and rest of the world. Amongst these various geographical regions, global advanced functional materials market is dominated by Asia Pacific region, which is followed by North America, Europe and rest of the world. According to the recent market research reports, the global industry for AFMs is expected to grow at an anticipated CAGR of 6.6%. The market is expected to remain steady through 2013 to 2018. As far as forecasting is concerned, the market is expected to become worth $1,13,881.9 million by 2018.
Asia Pacific is leading the market at an estimated CAGR of 9.2%, which is greater than the overall global progress of the industry. As far as the different categories of chemicals are concerned, at an estimated CAGR of 19.7% nanomaterials are leading the global advanced functional materials market. Increasing applications of nanochemicals in filtration, cosmetics, electronics, coatings, chemicals, catalysts and medicines have broadened their market size and share. This fact has also increased business opportunities in different geographical regions of the world.