Advanced functional materials are used in a wide range of products and applications across multiple industries. Functional materials are generally considered to be materials that possess some native functional properties, vs. those with just load-bearing capabilities. Advanced functional materials can be segmented by product types as follows: advanced functional ceramics, advanced functional composites, nanomaterials, advanced energy materials, and conductive polymers, among others. The fastest growing segment in the advanced functional materials market is nanoparticles; it is expected to out-perform other functional materials in the foreseeable future.

Advanced functional composites are the largest market by product type. The market can be further sub-segmented into metal matrix composites and fiber-reinforced plastics. Advanced functional composites can be classified by their strengthening mechanism: particle-reinforced, fiber-reinforced and dispersion-strengthened composites.  Functional composites harness the desirable properties of several materials and combine them to produce a new functional material. Functional composites are extensively used in electronics, building and construction, automotive, marine and aerospace applications. They are also used to manufacture pipes, tanks, and other consumer goods.

Advanced functional ceramics are used as components in electronics and electrical devices. Functional ceramics also have extensive biomedical applications, including in medical devices, and as femoral heads and acetabular cups in hip replacement procedures. Functional ceramics are also used for dental implants and as scaffolds and bone fillers for tissue engineering.

Advanced ceramic materials play a key role in the development of many fields such as energy and environmental technology, transportation and production technology. Nanomaterials also have interdisciplinary functions and are used in various applications in different chemicals, materials, electronic products, healthcare, pharmaceuticals, and in the aerospace industry. Research has been undertaken to explore other possible applications of nanomaterials, and the segment is predicted to grow in the future. 

Advanced energy materials refer to the materials that functionally store energy. These materials are used in applications such as batteries, flywheels, solar cells, super capacitors, and high energy density capacitors, among others. This segment has witnessed strong demand due to the advent of portable electronic devices and renewable energy systems.

The largest market for advanced functional materials is the Asia-Pacific region. The demand for different kinds of functional materials in this region is high due to the presence of manufacturing economies in this region. Automotive, aerospace and electronics account for the bulk of the demand, and China, India, Japan and South Korea are the main markets. The Asia-Pacific market is expected to witness the highest growth. The demand from Asia-Pacific was followed by that from North America and Europe.

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