Market Overview:

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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Competitive Dashboard

Materion Corporation
DuPont
3A Composites
Momentive Inc
Bayer AG
Applied Materials Inc.
Air Products and Chemicals Inc.
AMETEK Inc.
Kyocera Corporation
3M Company
Industry Updates

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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