Global Functional Composites Market

Functional Composites Market Size, Share, Growth Analysis, By Type(Metal Matrix Composites, Polymeric Matrix Composites, and Others), By Function(Thermally Conductive, Electrically Conductive, and Others), By End Use(Consumer Goods, Electronics, Transportation, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2513 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 91 |Figures: 66

Functional Composites Market Insights

Global Functional Composites Market size was valued at USD 47.22 billion in 2022 and is poised to grow from USD 51.33 billion in 2023 to USD 100.04 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

Materials made by combining two or more different materials with varied chemical and mechanical properties are known as functional composites. The process of combining different materials results in the creation of materials that have enhanced electrical, mechanical, and thermal properties. Functional composites find application in a wide array of industries including automotive, electronics, construction, and consumer goods. Increasing demand for novel lightweight materials with better strength and thermal as well as electrical resistance is slated to uplift sales of functional composites in the future. The growing use of lightweight components in electric vehicle manufacturing and the high demand for better thermal materials for use in HVAC applications are also estimated to bolster functional composites market growth in the long run.

Market Snapshot - 2024-2031

Global Market Size

USD 47.22 billion

Largest Segment

Metal Matrix Composites

Fastest Growth

Polymeric Matrix Composites

Growth Rate

8.7% CAGR

Global Functional Composites Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Functional Composites Market Segmental Analysis

The global functional composites market is segmented based on type, function, end use, and region. Based on type, the market is bifurcated into metal matrix composites, polymeric matrix composites, and others. In terms of function, the market is segmented into thermally conductive, electrically conductive, and others. Based on the end use, the market is segmented into electronics, transportation, consumer goods, and others. On a regional level, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.

Analysis by Type

Metal matrix composites account for a dominant share of the global functional composites market. This can be attributed to their high use in different industry verticals and their longer lifespan compared to other functional composites and their alternatives. Better strength, electrical and thermal resistance, and high availability are key factors that are estimated to benefit sales of metal matrix composites in the future. The automotive industry is slated to emerge as a key end user for this type of functional composite.

Demand for polymeric matrix composites is forecasted to surge rapidly over the coming years owing to their enhanced piezoelectric properties. Semiconductor and electronics industries are slated to emerge as the key users of polymeric matrix composites across the forecast period and beyond. High investments in chip manufacturing and growing digitization are also slated to favor growth in this segment going forward.

Analysis by End Use

Transportation end use is forecasted to account for a major share of the global functional composites marketplace. Growing focus on the reduction of emissions from vehicles and the rising popularity of electric vehicles are promoting the demand for lightweight automotive components and thereby favoring functional composite sales as well. The rising adoption of lightweight functional materials in the transportation industry is slated to contribute to the high market share of this segment in the future.

Meanwhile, the demand for functional composites in electronics end use is slated to increase at a rapid pace over the coming years. Increasing digitization around the world, rising sales of consumer electronics, and high demand for novel types of chips and semiconductors are contributing to the rapid growth of this segment. Advancements in semiconductor technology are also slated to benefit functional composite demand in the electronics industry going forward.

Global Functional Composites Market By Type, 2022 (%)

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Functional Composites Market Regional Insights

Asia Pacific is forecasted to hold a prominent chunk of the global functional composites demand owing to the rapidly rising demand for consumer goods and electronics. Robust manufacturing activity and growing demand for advanced materials and composites in this region also allow it to hold a high market share. India, Japan, and China are estimated to be the leading markets for functional composites companies in the long run. Robust automotive manufacturing and semiconductor manufacturing industries are slated to set the tone for functional composite demand in this region.

North America accounts for the second-largest share of the global marketplace. The presence of key automotive manufacturing companies and the growing adoption of functional composites in different industry verticals allow this region to maintain its position in the global landscape. The United States and Canada are leading spaces for functional composite sales across the forecast period.

Global Functional Composites Market By Region, 2024-2031
  • Largest
  • Fastest

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Functional Composites Market Dynamics

Drivers

High Demand for Lightweight Automotive Components

  • The use of lightweight components in vehicles has been shown to reduce emissions and extend the range of electric vehicles to a certain extent. Hence, as vehicle manufacturers opt for lightweight materials they are expected to bolster sales of functional composites as well.

Restraints

High Costs of Production and Complex Maintenance

  • Producing functional composites is an expensive task as it involves the use of different raw materials, chemicals, and specialized equipment. This results in expensive functional composites that most companies would avoid maintaining their profits. Moreover, maintaining functional composites over a long time is a tedious task as compared to traditional materials, which also limits market growth.

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Functional Composites Market Competitive Landscape

Functional composite manufacturers are projected to invest heavily in the research and development of novel products to stand out from the competition and boost their market presence as well. Product innovation, collaborations, and partnerships are estimated to be the top strategies adopted by established and new functional composite suppliers. Market players can also form strategic partnerships with companies from different end-use industries to provide specifically developed functional composites with specific applications. Sustainability and rising demand for eco-friendly materials are other trends that provide many new moneymaking opportunities for functional composite companies going forward.

Top Player’s Company Profiles

  • Bayer AG
  • Air Products
  • 3M Company
  • Materioon Corporation
  • GKN PLC
  • Kyocera Corporation
  • 3A Composites
  • Covestro AG
  • Momentive Inc.
  • Advanced Composite Materials

Recent Developments

  • In June 2023, PRF Composite Materials, a company based in the United Kingdom, announced the launch of a new carbon fiber composite material. Reepeg was made from recycled carbon chopped mats.
  • Porcher Industries, a leading provider of composites and other materials, announced the launch of its new composite materials for automotive applications in June 2023. The new materials are flax-fiber-based thermoplastic composites.

Functional Composites Key Market Trends

  • High Focus on Sustainability: Rising focus on sustainability around the world is pushing the demand for innovative new materials and this is where functional composites can shine. Functional composites can be altered to comply with sustainability mandates and fulfill the requirements of specific applications without compromising on the quality. This is why functional composite companies can invest in product innovation and make a fortune over the coming years.

Functional Composites Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per our analysis, the growing demand for unique materials with enhanced properties from different industry verticals is slated to primarily boost sales of functional composites on a global level. Growing demand for electronics, expanding world population, rising sales of consumer goods, and high demand for lightweight automotive components are other factors that benefit the functional composite demand outlook. However, the high production costs of functional composites are slated to act as a major restraint for market development in the long run. Robust automotive and electronics manufacturing in the Asia Pacific region allows it to account for a dominant share of the global functional composites market across the forecast period. Meanwhile, functional composites manufacturers can focus on product innovation by investing in R&D to boost their sales and revenue generation potential in the long run.

Report Metric Details
Market size value in 2022 USD 47.22 billion
Market size value in 2031 USD 100.04 billion
Growth Rate 8.7%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Metal Matrix Composites, Polymeric Matrix Composites, and Others
  • Function
    • Thermally Conductive, Electrically Conductive, and Others
  • End Use
    • Consumer Goods, Electronics, Transportation, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Bayer AG
  • Air Products
  • 3M Company
  • Materioon Corporation
  • GKN PLC
  • Kyocera Corporation
  • 3A Composites
  • Covestro AG
  • Momentive Inc.
  • Advanced Composite Materials
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Functional Composites Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Functional Composites Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Functional Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Functional Composites Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Functional Composites Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Functional Composites Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Functional Composites Market size was valued at USD 47.22 billion in 2022 and is poised to grow from USD 51.33 billion in 2023 to USD 100.04 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

Functional composite manufacturers are projected to invest heavily in the research and development of novel products to stand out from the competition and boost their market presence as well. Product innovation, collaborations, and partnerships are estimated to be the top strategies adopted by established and new functional composite suppliers. Market players can also form strategic partnerships with companies from different end-use industries to provide specifically developed functional composites with specific applications. Sustainability and rising demand for eco-friendly materials are other trends that provide many new moneymaking opportunities for functional composite companies going forward. 'Bayer AG', 'Air Products', '3M Company', 'Materioon Corporation', 'GKN PLC', 'Kyocera Corporation', '3A Composites', 'Covestro AG', 'Momentive Inc.', 'Advanced Composite Materials'

The use of lightweight components in vehicles has been shown to reduce emissions and extend the range of electric vehicles to a certain extent. Hence, as vehicle manufacturers opt for lightweight materials they are expected to bolster sales of functional composites as well.

High Focus on Sustainability: Rising focus on sustainability around the world is pushing the demand for innovative new materials and this is where functional composites can shine. Functional composites can be altered to comply with sustainability mandates and fulfill the requirements of specific applications without compromising on the quality. This is why functional composite companies can invest in product innovation and make a fortune over the coming years.

Asia Pacific is forecasted to hold a prominent chunk of the functional composites demand owing to the rapidly rising demand for consumer goods and electronics. Robust manufacturing activity and growing demand for advanced materials and composites in this region also allow it to hold a high market share. India, Japan, and China are estimated to be the leading markets for functional composites companies in the long run. Robust automotive manufacturing and semiconductor manufacturing industries are slated to set the tone for functional composite demand in this region.

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