The global AFM market (advanced functional materials) has been forecast to increase at a compound annual growth rate (CAGR) of 6.6% over the next five years, reaching a value of approximately $114 billion by the end of 2018.
According to a recent report, 'Advanced Functional Materials Market for Low Carbon Applications: Global Trends & Forecasts to 2018,' Asia-Pacific represents the largest market for AFMs with the highest consumption by volume around the globe. The demand for AFM in Asia-Pacific is driven by countries such as China, Japan, South Korea, India, Taiwan, Malaysia, Thailand, Indonesia, and Philippines.
Advanced materials include superconductors, polymers, lasers and optoelectronics and they can be found in a wide range of applications including computers and electronics, telecommunications and broadcasting, airlines, and healthcare. They are multifunctional, adaptable and smart, and at the cutting edge of rapidly developing sciences such as nanotechnology.
Nanomaterials currently represent the fastest growing category of the global AFM market. The nanomaterials market is growing with a CAGR of 19.7%.
Nanomaterials are used in several industries due to its magnetic, optical, catalytic, and electronic properties. There are already established markets for nanomaterials such as titanium dioxide, zinc oxide, silicon oxide nanopowders and carbon nanotubes, nanofibers, nanosilver, nanoclays, quantum dots, and nanoporous materials. Nanoparticles are used in applications such as filtration, electronics, cosmetics, energy, medicine, chemicals, coatings, and catalysts.
AFMs are capable of reducing the carbon footprint of the parent system in which it is incorporated. Components and systems that use AFMs use energy more efficiently and emit less CO2. It will have a longer service life and a lower replacement footprint.
Key players currently dominating the global AFM market include ReneSola Ltd (China), 3M Company (US), E. I. du Pont de Nemours and Company (US), Bayer AG (Germany), Ceradyne, Inc.(US), Kyocera Corporation (Japan), Momentive Performance Materials Inc. (US), and Samsung Electro-Mechanics Company (South Korea).
For more information on the global AFM market, see the latest research: Global AFM Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.