The “Advanced Functional Materials Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The global advanced functional materials market is expected to grow at a CAGR of more than 6% during the forecast period (2021-2026).
- Arkema Group
- BASF SE
- Covestro AG
- Evonik Industries AG
- Hexcel Corporation
- KYOCERA Corporation
- SHOWA DENKO K.K.
- Sumitomo Chemical Co., Ltd.
Key Market Trends
Aerospace and Defence Segment to Dominate the Market
- The aerospace and defense industry is expected to be one of the largest consumers of advanced functional materials during the forecast period.
- Nanotechnology provides several advances for military and defense applications, that include improvements in biological, nuclear, and chemical sensing. Additionally, usage of nanotechnology also offers offsetting reductions in military manpower and reduced risks to troops on the battlefield, as well as improve vehicle performance.
- Significant growth in the global aerospace industry till 2019 owing to the investments and increasing aircraft orders have propelled the market demand. In 2020, due to the pandemic situation, the investments and demand for air travel have declined causing a negative impact on the market. However, post-recovery from the pandemic, the market is projected to witness huge growth during the forecast period.
- According to Boeing, the market value for commercial airplanes is expected to reach USD 3.1 trillion by 2028, as operators are expected to replace older jets with more fuel-efficient models and expand their fleets to accommodate the steady rise in air travel, across the emerging and established markets.
- The increasing passenger volume and increasing retirements of airplane are expected to drive the need for 44,040 new jets (valued at USD 6.8 trillion) over the next two decades. The global commercial fleet is forecast to reach 50,660 airplanes by 2038, considering all the new airplanes and jets that would remain in service.
- The Chinese defense industry has been growing rapidly, with many Chinese firms displacing Western defense powerhouses. The country invests heavily to upgrade its military, thus, making it’s eight defense firms rank among the top 25 in the world.
- AVIC company ranks third in the world, and it had developed China’s fifth-generation J-20 fighter and the new H-20 stealth bomber, among various other projects.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region was the largest market for advanced functional materials. China accounted for the major chunk of consumption in the region.
- According to the OICA, Asia-Pacific dominated global automobile production in recent years. China is the largest producer of automobiles globally, with a production volume of 25.75 million vehicles in 2019 and reached 25.23 million vehicles in 2020, registering a decline rate of about 2%.
- According to Boeing, about 25% of world air travel is flown within Asia as of the year 2019 and is forecasted that the value will change to 35% of world total air travel in the next two decades, contributing the highest share of intra-regional air travel globally. The region Asia-Pacific region will get 17,390 deliveries of new airplanes in the next two decades, which will increase the number of total airplane fleet to 19,420 in the next two decades, which in turn increases the demand for the studied market in the coming years.
- China has been a key contributor to global air traffic growth, for the past few years. The average passenger growth rate has been over 10% per year. This growth is primarily driven by rising passenger traffic, due to higher spending power and better air connectivity. Thus, increasing passenger traffic is expected to boost the demand for aircraft.
- As of Boeing estimates 2019, the airplane market value will be of USD 1,300 billion in the next 20 years, thus in turn is expected to drive the demand for advanced functional materials in the coming years.
- The Indian aerospace and defence (A&D) market is expected to cross USD 70 billion by 2030, according to the Indian Brand Equity Foundation, led by burgeoning demand for advanced infrastructure and government thrust.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increased use as an Alternative to Metals and Plastics
4.1.2 Increasing Demand from the Healthcare Industry
4.2.1 Impact of COVID-19 on the Market
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.2 End-user Industry
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growth of Usage in Nano Technology
7.2 Other Opportunities
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Laura Wood, Senior Press Manager
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