Functional Composites are the compounds that have special electrical, magnetic, and optical properties that can’t be achieved by its single constituent separately. In other words, functional composites bring together various material’s properties and combine their advantages. They are stiffer, stronger, tougher, lighter, and more durable than original materials. The superior characteristics obtained by these include reduced weight, improved biodegradability, enhanced barrier properties, improved mechanical properties, new formulations for extrusion products, improved weather resistance, improved adhesive properties, and high temperature resistance.
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Asia-Pacific is the fastest growing region for functional composites market owing to high demand for consumer goods & electronics and the growth of transportation industries. Aerospace & defense is the largest end user industry for the functional composites. The demand for functional composites from various end-use industries, such as automotive, aviation, electrical & electronics, and energy & power are expected to drive the market during the forecast period. However, high cost of functional composites is anticipated to act as major restrain.
The report segments the functional composites market on the basis of matrix type, function, end user, and geography. On the basis of matrix type, the market is segmented into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites. According to function, the market is classified into thermally conductive, electrically conductive, magnetic, barrier, and optic. On account of end user industry, the market is divided into aerospace & defense, wind energy, transportation, building, construction, storage & piping, consumer goods & electronics and others. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.
Capacity expansions, agreements & collaborations, joint ventures, and mergers & acquisitions are the key strategies adopted by the major players of the functional composites market. Such as Mitsui Chemicals Inc., has launched a manufacturing and sales facility for performance compounds/functional composites with an annual capacity of 11 kilotons in Jinshan district, Shanghai in November, 2015.
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Comprehensive competitive analysis and profiles of major market players such as 3M Company, 3A Composites Inc., Air Products & Chemicals, Inc., Bayer AG, E. I. Du Pont De Nemours & Company, Ametek, Inc., Applied Materials Inc., Kyocera Corporation, Momentive Performance Materials Inc., and Materion Corporation is also provided in this report.
KEY BENEFITS FOR STAKEHOLDERS:
- In-depth analysis is conducted by constructing market estimations for the key market segments between 2014 and 2022.
- Geographically, the functional composites market is analyzed based on: various regions such as North America, Europe, Asia-Pacific, and LAMEA along with analysis of major countries in each region.
- This study that evaluates competitive landscape and value chain helps to understand the competitive environment across the geographies.
- Comprehensive analysis of factors that drive and restrict the growth of the global functional composites market is provided. For instance, a large customer base and increase in demand from various end-user industry will drive the market, however, high cost of materials is anticipated to be a major restraint.
- Exhaustive analysis of the global functional composites market by matrix type helps understand the types of matrices that are currently used with the variants that would gain prominence in the future.
- An in-depth analysis of current research and developments within functional composites market is provided with key dynamic factors to understand the behaviour
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
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