Functional Composites Market Overview to 2023
Market Research Future (MRFR) speculates that the global functional composites market is likely to experience robust growth, garnering further prominence during the forecast period (2017-2023). The augmenting demand for functional composites in eco-friendly construction is highly favoring the market growth. Functional composites are referred to as compounds which possess special optical, electrical, and magnetic properties. They are extensively used in end-user industries due to their excellent properties such as enhanced stiffness, high durability, and high tensile strength. Functional composites are stronger, lighter, stiffer, tougher, and more durable than other original materials.
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- Materion Corporation
- 3A Composites
- Momentive Inc
- Bayer AG
- Applied Materials Inc.
- Air Products and Chemicals Inc.
- AMETEK Inc.
- Kyocera Corporation
- 3M Company
February 18, 2019: Stratasys will be showcasing their 3D printing solutions for composite production at the JEC World. The 3D printed composite tooling will provide weight-savings and dramatic cost as compared to other traditional tooling methods. The company’s development of high-temperature materials and increased throughput of its FDM Production 3D Printers has enabled the manufactures of complex composite lay-up in a few hours or days despite weeks or months.
Market Potential and Pitfalls
Functional composites are extensively used in several end-user industries such as automobile, aerospace & defense, consumer goods & electronics, and building & construction due to its excellent properties is fueling the growth of functional composites market across the globe. With increasing utilization of functional composites in the medical industry and healthcare sector, the global market for functional composites is likely to flourish. Composites are highly used in wound care. Composed of three or more layers, composite wound dressing offers multiple needs in one single dressing. Films, foam dressing, hydrogels, hydrocolloids, and electrospun nanofibers are some of the composite dressings extensively used in wound care.
Functional composites are also extensively used in the development of eco-friendly constructions which is responsible for the growth of the market. Moreover, accelerating opportunities in the developing economies coupled with the high availability of untapped markets are some of the major factors contributing to the market growth throughout the appraisal period. Moreover, the accelerating growth of the automotive and construction industry is influencing the market growth globally.
On the contrary, fluctuating rates of raw materials and lack of standardization are some of the major concerns estimated to vitiate the market growth in the coming years. Moreover, the complex fabrication process of composites which includes high cost and intensive labor is likely to dampen the market growth to a certain extent.
Global Functional Composites Market: Segmental Analysis
The global functional composites market has been segmented on the basis of type, function, and end-user.
By mode of type, the global functional composites market has been segmented into polymer matrix composites, metal matrix composites, hybrid matrix composites, and ceramic matrix composites. Among these, the polymer matrix composites are likely to occupy the largest share in the market. The growth is credited to the increasing demand from the aerospace & defense, consumer electronics, and transportation, with a high impetus on less complex and weight reduction manufacturing methods, like injection molding.
By mode of function, the global functional composites market has been segmented into electrical conducive, thermal conducive, barrier, magnetic, and optic. Among these, the thermal conducive segment is anticipated to occupy the largest market share owing to the rising use of composites in eco-friendly constructions in order to improve energy efficiency during ventilation, heating, and air conditioning (HVAC) and lighting applications.
By mode of end-user, the global functional composites market has been segmented into wind energy, aerospace and defense, building & construction, transportation, consumer goods, and electrical & electronics.
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Geographically, the functional composites market span across regions namely, Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.
Among all the regions, the Asia Pacific region is predicted to occupy a major market share and is anticipated to expand at the fastest rate. The growth is credited to the rising population coupled with the growing per capita disposable income in the developing economies in this region. Additionally, with the augmenting demand for functional composites in the electronic and automobile sector especially in nations like China, India, and Japan, the market is likely to propel during the appraisal period. Additional factors promoting the market growth are government regulations, competitive manufacturing cost, rising defense budget, and rising application in the power and energy sector.
The North American region is considered a dominant region owing to the presence of three automobile giants in this region namely Fiat Chrysler, Ford, and General Motors. Also, the rising adoption rate of functional composites and the presence of developed end-user industries like aerospace and electrical & electronics are likely to contribute to the growth in the coming years.
Europe is presumed to be a lucrative region and is driven by a well-developed electrical & electronic and automobile industry. With the rising application of functional composites in the construction and aerospace sector, the market is predicted to boom in this region. Moreover, rising investment in the defense sector is predicted to propel the market growth.
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