Global Functional Composites Market

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

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

Global 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.

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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).

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 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.

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