Global Functional Composites Market, By Type (Polymer Matrix, Metal Matrix, Ceramic Matrix, Hybrid M

Published Date: June 2019 | Report Code : MT2058772

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The Global Functional Composites Market is projected to reach USD 74.99 billion by 2028, at a CAGR of 9.5% during the forecast period.

Functional Composites Market

Functional Composites Market

Functional composites bring together various material properties and often combine the advantages of different materials. For developers, they offer new opportunities for a variety of industrial applications.

Two-component or multi-component polymer composites combine the positive properties of individual materials and provide users with new application areas. Moreover, functionality integration into the matrix material is possible with regard to the following properties:

  • Antibacterial effect
  • Anti-static effect
  • High electrical conductivity
  • Sensor effect
  • Thermal conductivity
  • High electromagnetic shielding

Functional Composites Market

Functional Composites Market

Advantages offered by functional composites, such as enhanced stiffness, high tensile strength, and high durability, among others, are driving their use in many end-use industries. Some of these end-use industries include aerospace & defense, automobile, building & construction, and consumer goods & electronics.

By function, the functional composites market has been segmented into electrically conductive, thermally conductive, magnetic, barriers, optics, and others. Among these, the thermally conductive segment is expected to lead to the demand for functional composites. Thermal conductive functional composites improve energy efficiency in heating, air conditioning, ventilation, and lighting applications.

The increasing demand for functional composites from several end-use industries for use in various products and processes is driving the functional composites market. Moreover, the rising use of functional composites in healthcare and medical industries is also fueling their demand. Functional composites are used in the development of eco-friendly construction materials, which is also propelling the growth of the functional composites market. However, fluctuating rates of raw material and lack of standardization in the industry are factors restraining the growth of the global functional composites market.

Presently, North America and Europe are leading functional composites markets due to their developed defense and aerospace industries. As a result, the presence of major automobile manufacturers in these regions is leading to the rise in demand for functional composites from the automobile industry. Government regulations in these regions regarding environmental pollution, such as the Corporate Average Fuel Economy (CAFE), are leading manufacturers in the automobile industry to adopt functional composites to reduce the overall weight of the vehicle, which, in turn, reduces the fuel usage, thereby reducing emissions from vehicles. The majority of the manufacturers of functional composites are based in these regions. However, the demand for functional composites in the Asia Pacific region is expected to grow significantly during the forecast period. This can be attributed to rapid industrialization and a rise in disposable incomes of consumers in these regions, which are creating a demand for automobiles, construction of a building, etc. that use functional composites.

Key Factors Impacting the Growth of Functional Composites Market:

  • High utilization of functional composites in the automobile and construction industries.
  • Growing demand from healthcare and medical industries.
  • Stringent government regulations such as CAFÉ.
  • Industrialization and the increase in the disposable incomes of consumers in the Asia Pacific.
  • Lack of standardization in the industry and fluctuating rates of raw materials.

Key Developments in the functional Composites Market:

  • In February 2019, Stratasys (Israel) showcased their 3D printing solutions for composite production at the JEC World. The 3D printed composite tooling will help reduce weight and cost as compared to other traditional tooling methods.
  • In November 2015, Mitsui Chemicals Inc. (Japan) launched a manufacturing and sales facility for performance compounds/functional composites with an annual capacity of 11 kilotons in Jinshan district, Shanghai. 
  • In February 2018, 3A Composites Core (Switzerland) developed a new sandwich foam core targeted at weight-sensitive, high-volume automotive applications.
  • In February 2019, 3A Composites Core Materials launched two innovative solutions to improve its Baltek balsa core total cost significantly.

What Does This Report Provide?

This report provides a detailed understanding of the global functional composites market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Type:

  • Polymer Matrix
  • Metal Matrix
  • Ceramic Matrix
  • Hybrid Matrix
  • Others

By Manufacturing Process:

  • Hand Layup
  • Filament Winding
  • Injection Molding
  • Compression Molding
  • Resin Transfer Molding
  • Pultrusion
  • Others

By Function:

  • Electrically Conductive
  • Thermally Conductive
  • Magnetic
  • Barrier
  • Optics
  • Others

By End-use Industry:

  • Wind Energy
  • Aerospace
  • Transportation
  • Building & Construction
  • Electrical &Electronics
  • Consumer Goods
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Manufacturing Process
    • By Function
    • By End-use Industry
  • Western Europe:
    • By Country (Germany, UK, France, Spain, Rest of Western Europe)
    • By Type
    • By Manufacturing Process
    • By Function
    • By End-use Industry
  • Eastern Europe:
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Manufacturing Process
    • By Function
    • By End-use Industry
  • Asia Pacific
    • By Country (China, Japan, India, Rest of Asia Pacific)
    • By Type
    • By Manufacturing Process
    • By Function
    • By End-use Industry
  • Middle East:
    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
    • By Type
    • By Manufacturing Process
    • By Function
    • By End-use Industry
  • Rest of the World
    • By Region (Latin America, Brazil, Rest of the World)
    • By Type
    • By Manufacturing Process
    • By Function
    • By End-use Industry

Companies Covered: Major Companies profiled in the report which are key players in the global functional composites market are 3M Company, 3A Composites, DuPont, Applied Materials Inc., Momentive Performance Materials Inc., Mitsui Chemicals, Bayer AG, Air Products and Chemicals Inc., Covestro AG, Materion Corporation, Ametek Inc., and Kyocera Corporation.

Years Considered In The Study

Historic Year

2016, 2017

Base Year

2018

Forecast Period

2019-2028 

CAGR % (2019-2028)

9.5%

Reasons to Buy This Report:

  • Market size estimation of the global functional composites market on a regional and global basis.
  • The unique research design for market size estimation and forecast.
  • Profiling of major companies operating in the functional composites market with key developments.
  • Broad scope to cover all the possible segments helping every stakeholder in the market.

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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