Functional Composites Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[236+ Pages Report] According to the report published by Facts 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.

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.

Covid-19 Impact:

The impact of COVID-19 can be ascribed to the enormous disruptions that different precautionary lockdowns and other global limitations governing agencies have caused in their respective production and supply-chain activities. The same holds for the market for functional composites globally. Additionally, consumer demand has decreased as people have been more intent on cutting down non-essential spending from their budgets since the general economic condition of most people has been adversely impacted by this epidemic. The above factors are anticipated to negatively impact the functional composites market's revenue trajectory throughout the forecast period.

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 64.44 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.

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.

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.

Segmentation Analysis

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.

Report Scope

Regional Landscape

• 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.

Competitive Landscape

• 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 Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • 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