The global Functional Composites Market Trends is anticipated to grow at a healthy CAGR between 2017- 2023, reveals the new Market Research Future (MRFR) report. Functional composites are compounds or materials which offer special optical, electrical, and magnetic properties. Owing to its alluring features, it has wide application in consumer goods, electrical and electronics, building and construction, transportation, wind energy, aerospace and defense, and other industries.
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Numerous factors are adding to the global functional composites market growth. Such factors, as revealed by the latest MRFR report, include the growing automotive and construction industry, availability of untapped market, growing opportunities in developing nations, increasing use in eco-friendly constructions, and the medical & healthcare industry, and burgeoning demand from different end user industries.
On the contrary, the high raw material cost may limit the global functional composites market growth over the forecast period.
The Market Research Future Report provides an inclusive segmental analysis of the global functional composites market based on end user industry, function, and type.
By type, the global functional composites market is segmented into hybrid matrix composites, ceramic matrix composites, polymer matrix composites, and metal matrix composites. Of these, polymer matrix composites will lead the market over the forecast period.
By function, the global functional composites market is segmented into optic, barrier, magnetic, electrical conducive, and thermal conducive. Of these, the thermal conducive segment will dominate the market over the forecast period.
By end user industry, the global functional composites market is segmented into consumer goods, electrical and electronics, building and construction, transportation, wind energy, aerospace and defense, and others. Of these, aerospace and defense will have a major share in the market over the forecast period for its increasing use in key application areas like combustion systems, body parts of aircraft, among others.
By region, the global functional composites market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. Factors propelling the functional composites market growth in the region include increasing application in the energy & power sector, increasing defense budget, encouraging government regulations, competitive manufacturing cost, and increasing demand in the electronic and automobile industry in Japan, China, and India. Besides, rising per disposable income and growing population are also adding market growth.
The functional composites market in North America is predicted to have significant growth over the forecast period for the presence of top three automobile companies, namely Fiat Chrysler, Ford, and General Motors, increasing adoption rate and developed end user industries especially aerospace and electrical and electronics. Canada and the US are the key contributors in the region.
The functional composites market in Europe is predicted to have lucrative growth over the forecast period for the increasing defense investment, growing application of functional composites in the construction and aerospace sector, and the presence of a well-developed electrical and electronic industry and automobile industry.
The functional composites market in Latin America and the MEA is predicted to have steady growth over the forecast period.
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Notable players profiled in the functional composites market report include Materion Corporation (U.S.), Momentive Inc (U.S.), Kyocera Corporation (Japan), Applied Materials, Inc. (U.S.), AMETEK Inc. (U.S.), DuPont (U.S.), Bayer AG (Germany), Air Products and Chemicals, Inc. (U.S.), 3A Composites (Switzerland), and 3M Company (U.S.). Key players have incorporated several strategies such as extensive research and development activities, strategic alliances, joint ventures, new product development, mergers and acquisitions, and collaborations to stay head and shoulders above others in the competition along with catering to consumers burgeoning demands.