Functional Composites Market to 2023 | Worldwide Industry Analysis, Opportunity Assessment, Top 10 Companies, Trends, Growth Rate

Functional Composites Market
Functional composites market research report information by function (Thermally Conductive, Electrically Conductive) by type (Metal Matrix Composites, Polymer Matrix Composites) by end-user (electrical and electronics, automotive) – Forecast till 2023

Market Scenario

The global functional composites market is segmented into type, function, and end-user. On the basis of the type, the market is segregated into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites.  The market by the function is segmented into thermal conducive, electrical conducive, magnetic, barrier, and optic. The market by the end user industry is further categorized into aerospace and defense, wind energy, transportation, building & construction, electrical & electronics, and consumer goods.

The thermal conductive function segment is anticipated to observe a higher CAGR during the forecast period.  The growing use of the heating, air conditioning, and ventilation applications is majorly contributing to the growth of this segment. Functional composites are compounds that possess special electrical, optical, and magnetic properties. The advantages of functional composites such as enhanced stiffness, high tensile strength, and high durability among others pave their way into many end-user industries. The growing demand for end-user industries such as aerospace and defense, automobile, building & construction, and consumer goods & electronics among others are the major factors driving the global functional composites market.

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Key Players

Some of the prominent players operating in the global functional composites market are 3M Company (U.S.), 3A Composites (Switzerland), Air Products and Chemicals, Inc. (U.S.), Bayer AG (Germany), DuPont (U.S.), AMETEK Inc. (U.S.), Applied Materials, Inc. (U.S.), Kyocera Corporation (Japan), Momentive Inc (U.S.), and Materion Corporation (U.S.).

Intended Audience

  • Functional composites  market manufacturers
  • Traders and distributors of functional composites market
  • Production process industries
  • Potential investors
  • Raw material suppliers
  • Nationalized laboratory 

Regional Analysis 

The functional composites market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the market and is expected to be the fastest growing region at a rapid rate. Growing population and the increasing per capita disposable income in the developing nations are primarily driving the growth of the global functional composites market. Moreover, increasing demand for functional composites in the automobile and electronic industry mainly in countries such as India, China, and Japan is propelling the market growth. Furthermore, factor such as competitive manufacturing cost and encouraging government regulations are further contributing to the growth of the market in this region. Additionally, the growing defense budget coupled with increasing application of functional composites in energy and power sector is surging the market growth.

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Segmental Analysis

The global functional composites market is segmented into type, function, and end-user. On the basis of the type, the market is segregated into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites.  The market by the function is segmented into thermal conducive, electrical conducive, magnetic, barrier and optic. The market by the end user industry is further categorized into aerospace and defense, wind energy, transportation, building & construction, electrical & electronics, and consumer goods.

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