The Asia-Pacific region dominated the global market, with robust demand from countries like China and India.Īdvanced Functional Materials Industry SegmentsĪdvanced functional materials outperform conventional materials, which have superior properties, including toughness, hardness, elasticity, and durability.Moreover, with an emphasis on diagnostic imaging, implants and regeneration in medicine, equipment manufacturing for drug delivery, and biomedical science, the demand for advanced functional materials is rising rapidly, which tends to boost the market's growth.Over the short term, one of the major factors driving the market studied is the growing advancement in medical devices.But the post-COVID-19 era saw a rebound again with increased demand from the electric, electronics, and automotive industries. Due to this cause, the consumption of advanced functional materials, specifically nanomaterials and conductive polymers, was greatly reduced, which constrained the growth of the market globally. The COVID-19 pandemic drastically affected the market for advanced functional materials, resulting in the manufacturing facilities' closure. The global advanced functional materials market is expected to grow at a CAGR of more than 6% during the forecast period. Advanced Functional Materials Market Analysis
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |