Functional composites are used in a wide range of end-user industry application owing to their excellent magnetic, electrical, and optical properties among others. It is extensively used in applications such as automotive, building, and construction, aerospace, and defense. The rising growth of the construction and automotive industry across the globe is substantially affecting the growth of the functional composites market.
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A range of application in the various end-use industries such as automotive, wind energy, building, and construction, military & defense are driving the growth of the global market. Moreover, it is estimated that the building and construction industry is set to witness the highest growth over the forecast period 2017-2023.
The Global Functional Composites Market Trends 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.
The global functional composites market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR. The presence of the most populated countries of the world, such as India and China, has augmented the demand for various sectors such as the electronics and automotive among others, which, in turn, is anticipated to fuel the demand for functional composites in the region. Moreover, the growing investment in the development of residential and commercial infrastructure is further adding fuel to the growth of the market.
The European region is estimated to witness a significant growth during the forecast period owing to the burgeoning construction and automobile industry. The increasing adoption rate coupled with the growing investment in the defense sector is expected to boost the growth of the market in this region.
The North American functional composites market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries such as automotive and electronics coupled with the increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing investment in the energy and defense sector is further expected to add fuel to the growth of the market.
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.), among others.
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