![]() By type, the composites accounted for the largest share of the overall revenue in 2020."Growing demand for fuel-efficient aircraft and locomotives coupled with technological advances in medical and diagnostic devices will further boost market growth during the forecast period", says a senior analyst at Technavio.Äownload a FREE Sample Analysis Report on the Advanced Functional Materials Market Suggestions from the Report: Thus, an increase in automotive regulatory requirements will drive the global advanced functional materials market. Such regulations and an increase in fuel efficiency have led to the significant growth of lightweight materials. With the emission norms becoming stringent with every passing day, there is a rise in the demand for lightweight materials. The Kyoto Protocol restricts the emission of CO2 and other greenhouse gasses into the atmosphere. The number of laws and regulations regarding the reduction of CO2 emissions from automobiles is increasing. On the other hand, increasing demand for miniaturization and microelectronics presents new opportunities in the coming years. ![]() However, the fluctuating raw material prices and high cost of materials hinder the market growth. The advanced functional materials market growth is attributed to the increase in automotive regulatory requirements.
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