Exceptional Growth in Global Functional Composites Market Share to Gain USD 64.4429 Billion By 2028: Facts & Factors

NEW YORK, April 5, 2023 /PRNewswire/ -- As per Facts and Factors study, the global functional composites market size was worth USD 39.50 billion in 2021 and is estimated to grow to USD 64.4429 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.50% over the forecast period.

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Functional Composites Market: Overview

Functional composites are substances with unique electrical, magnetic, and optical characteristics that cannot be attained by each of their constituents alone. In other words, functional composites combine several materials' qualities and advantages. Compared to the original materials, they are stiffer, stronger, harder, lighter, and more resilient. Reduced weight, increased biodegradability, enhanced barrier properties, improved mechanical properties, novel formulations for extrusion goods, improved weather resistance, higher adhesive capabilities, and high-temperature resistance are just a few of the exceptional qualities made possible by these. The global functional composites market is growing due to the different end-use sectors' rising desire for high utilization of their goods and procedures. The demand for items made with these composites is also fueled by the extensive use of functional composites in the healthcare and medical sectors.

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Key Insights:

• As per the analysis shared by our research analyst, the global functional composites market value is expected to grow at a CAGR of 8.50% over the forecast period.
• In terms of revenue, the global functional composites market size was valued at around USD 39.50 billion in 2021 and is projected to reach USD 64.442 billion by 2028.
• The increasing need for high utilization in products and processes across the various end-use industries is driving the growth of the globally functional composites market.
• By matrix type, the polymer matrix composites category dominated the market in 2021.
• By function, the thermally conductive category dominated the market in 2021.
• The Asia Pacific dominated the global functional composites market in 2021.

Facts and Factors published the latest report titled "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" into their research database.

Industry Dynamics:

Global Functional Composites Market: Growth Drivers

• Various demands for functional composite in the end-use industry drive the market growth.

The market for functional composites is driven by the rising demand for these materials from various end-use sectors for usage in various goods and procedures. Additionally, the demand for functional composites is fueled by the growing application of these materials in the healthcare and medical sectors. The market for functional composites is expanding due to the usage of functional composites in creating environmentally friendly building materials. 

Global Functional Composites Market: Restraints

• Changing raw material prices may hamper the market.

The lack of industry standards and changing raw material prices limit the growth of the global functional composites market. The intricate manufacturing process for composites is one of the main obstacles in the global functional composites market. However, the high price of functional composites is expected to be a significant inhibitor.

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Global Functional Composites Market: Segmentation

• 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. Due to its piezoelectric, magnetic, semiconducting, and conducting capabilities, polymer matrix composites are frequently employed in the semiconductor and electronics industries. As a result, they are utilized in electrical boards, electronic sheets, magnetic coils, and casings for structural components.

Based on function, the market is segmented into thermally conductive, electrically conductive, magnetic, barrier, optics, and others. Among these, the demand for functional composites is anticipated to come from the thermally conductive segment in 2021. Thermal conductive functional composites increase energy efficiency in lighting, ventilation, air conditioning, and heating applications.

Based on end-user, the market is segmented into aerospace & defense, wind energy, transportation, consumer goods & electronics, building, construction, storage & piping, and others. The functional composites market's main segment, accounting for the highest share in 2021, is aerospace and defense. This significant percentage can be due to the growing use of functional composites in important applications, including combustion systems and aircraft bodywork. Based on connectivity, the global industry players are long-range and short-range.

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List of Key Players in Functional Composites Market:

• 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.

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Key questions answered in this report:

• What are the growth rate forecast and market size for FUNCTIONAL COMPOSITES Market?
• What are the key driving factors propelling the FUNCTIONAL COMPOSITES Market forward?
• What are the most important companies in the FUNCTIONAL COMPOSITES Market Industry?
• What segments does the FUNCTIONAL COMPOSITES Market cover?
• How can I receive a free copy of the FUNCTIONAL COMPOSITES Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• Asia Pacific to dominate the global market during the forecast period.

In 2021, the Asia Pacific dominated the global functional composites market. Growing per capita disposable income and an increasing worldwide population are the main factors driving the growth of the market for functional composites. The market is also growing due to increased demand for functional composites in the automotive and electronic sectors, notably in countries like Japan, China, and India. Additionally, the market in this area is growing due to favorable government rules and competitive production costs. The increased use of functional composites in the energy & power sectors and the rising defense budget further contribute to the market's growth.

Global Functional Composites Market is segmented as follows:

Functional Composites Market: By Matrix Outlook (2023-2028)

• Metal Matrix Composites
• Polymer Matrix Composites
• Ceramic Matrix Composites
• Hybrid Matrix Composites

Functional Composites Market: By Function Outlook (2023-2028)

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

Functional Composites Market: By End-user Outlook (2023-2028)

• Aerospace & Defense
• Wind Energy
• Transportation
• Consumer goods & Electronics
• Building, Construction, Storage & Piping
• Others

Functional Composites Market: By Region Outlook (2023-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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Browse through Facts and Factors's coverage of the Global Chemical & Materials Industry

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