04-Oct-2022 | Facts and Factors
According to Facts and Factors, the global functional composites market size was worth USD 39.50 billion in 2021 and is estimated to grow to USD 64.44 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.50% over the forecast period. The report analyzes the functional composites market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the functional composites market.
Functional composites are known as materials or compounds with distinctive magnetic, electrical, and optical properties. Its components cannot offer these properties while acting independently. The advantages of numerous categories of materials and the properties of diverse materials are combined in functional composites. Functional composites are more durable, tougher, lighter, and stiffer than their original materials. Other distinctive features of functional composites include new formulations for extrusion products, high-temperature resistance, low weight, biodegradability, weather resistance, adhesive capabilities, barrier qualities, and mechanical properties. Due to its advantages, which include high tensile strength, improved stiffness, and great durability, functional composites have several end-user industries.
Browse the full “Functional Composites Market Size, Share, Growth Analysis Report By Matrix Type (Metal Matrix Composites, Polymer Matrix Composites, Ceramic Matrix Composites, Hybrid Matrix Composites), By Function (Thermally Conductive, Electrically Conductive, Magnetic, Barrier, Functional Composite Matrix, Optics, Others), By End User (Aerospace & Defense, Wind Energy, Transportation, Consumer goods & Electronics, Building, Construction, Storage & Piping, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/functional-composites-market
The main reasons propelling the global functional composites market are the rising demand from end-user sectors like aerospace & military, automotive, building & construction, consumer goods & electronics, among others. The global construction and automotive industries' rapid expansion is one of the primary factors propelling the market for functional composites. The intricate fabrication process for composites is one of the main obstacles in the global functional composites market. The top players in the functional composites market primarily employ capacity expansions, partnerships & collaborations, joint ventures, and mergers & acquisitions as their core business strategies, further driving the market growth.
The global functional composites market is segregated based on matrix type, function, end-user, and region. Based on matrix type, the market is segmented into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites. Polymer matrix composites segments dominated the market in 2021. Based on function, the market is segmented into thermally conductive, electrically conductive, magnetic, barrier, optics, and others. The thermally conductive segment dominated the market in 2021. Based on end-user, the market is segmented into aerospace & defense, wind energy, transportation, consumer goods & electronics, building, construction, storage & piping, and others. Among these, the aerospace & defense segment dominated the market in 2021.
The global functional composites market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The Asia Pacific accounted for a significant portion of the global market in 2021. The market for functional composites is expanding primarily due to rising per capita disposable income and a growing global population. Additionally, the market is expanding due to rising demand for functional composites in the automotive and electronic industries, particularly in nations like India, China, and Japan. The market in this region is also expanding due to other factors like competitive manufacturing costs and supportive government regulations. Additionally, market growth is boosted by the rising defense budget and the expanding use of functional composites in the energy and power sectors.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 39.50 Billion |
Projected Market Size in 2028 |
USD 64.44 Billion |
CAGR Growth Rate |
8.50% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
3M Company, A Composites Inc., Air Products and Chemicals Inc., Bayer AG, I. Du Pont De Nemours and Company, Ametek, Applied Materials, Kyocera Corporation, Momentive Performance Materials Inc., Materion Corporation., and others. |
Key Segment |
By Matrix Type, Function, End-user, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Key players in the global functional composites market include 3M Company, A Composites Inc., Air Products and Chemicals, Inc., Bayer AG, I. Du Pont De Nemours and Company, Ametek, Applied Materials, Kyocera Corporation, Momentive Performance Materials Inc., Materion Corporation.
Global Functional Composites Market is segmented as follows:
By Matrix Type
- Metal Matrix Composites
- Polymer Matrix Composites
- Ceramic Matrix Composites
- Hybrid Matrix Composites
By Function
- Thermally Conductive
- Electrically Conductive
- Magnetic
- Barrier
- Optics
- Others
By End-user
- Aerospace & Defense
- Wind Energy
- Transportation
- Consumer goods & Electronics
- Building, Construction, Storage & Piping
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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