Inorganic functional materials are predominantly used in the electrical and electronic industries. Inorganic functional materials typically comprise boron compound, aluminum compound, copper compound, indium compound, gallium compound, manganese compound, lithium compound, titanium compound, silicon compound and zinc compound among others. These inorganic functional materials are largely used in industries such as electronic equipment manufacturing, electronic devices and printed circuit boards manufacturing, smart packaging and smart labels production among others. The growing demand from the rapidly growing electronic and electric industry across the globe, especially the developing regions, is predicted to drive the global inorganic functional materials market in the years to come.
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Asia Pacific is anticipated to be the fastest growing market for inorganic functional materials in the next few years. The major reason for this is the growing demand for inorganic functional materials from developing countries such as China, India, Thailand, Indonesia, Vietnam and Malaysia. Also, the developing countries in the regions such as South America, Africa and the Middle East are developing as lucrative markets for inorganic functional materials. These countries mainly include Brazil, Argentina, Egypt, Nigeria, Jordan, Bahrain, Qatar, United Arab Emirates (UAE), Saudi Arabia, Kuwait and Israel among others. Additionally, as the developed countries such as the U.S. and the countries in the European Union are steadily recovering from the economic downturn, the demand for inorganic functional materials in these developed regions is also growing. Owing to this, the global inorganic functional materials market is expected to grow at a remarkable rate in the next few years.
The rapid growth in the global inorganic functional materials market can be attributed to the swiftly rising electronic and electrical industries across the world. The global electronic market consists of several products such as flat-screen television sets, data processing machines, telephone components, cellular phones, adaptors, semi-conductors, microwave receivers, transmission equipment, data processing units, video game consoles and modular circuits among others. The demand for electronic devices, especially the devices such as smartphones and LED/LCD televisions, is growing at a stupendous rate for the last few years. There is an enormous market potential for the electronics industry in the countries such as India, China, Indonesia, Thailand and Brazil. These developing countries have been generating a staggering demand for several electronic devices since the start of 21st century. The main reasons for this huge demand for electronic appliances are, steep rise in the population and growing disposable income due to rapid economic development of the emerging economies. In addition, improvement in the lifestyle and the increased purchase parity of the consumers in the developing countries is responsible for the rise in demand for electronic appliances.
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As the inorganic functional materials are prominently used in the electronics industry, the robust growth in the electronics market is ultimately resulting in the rise in demand for inorganic functional materials. The key manufacturers of inorganic functional materials are focusing on the developing nations to tap their huge market potential. The major producers of inorganic functional materials are installing robust production facilities in the developing countries to successfully meet the rising regional demand. Therefore, the global inorganic functional materials market is expected to witness a momentous growth in the next few years.
Some of the major companies operating in the global inorganic functional materials market are Shin-Etsu Chemical Co., Ltd. and Asahi Kasei Corporation among others.
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