Functional Composites Market 2023, Current Insights, Regional Developments, Demand and Forecast to 2030
Functional Composites Market
Functional Composites Market is expected to grow at a CAGR of 8.50% during the forecast 2021–2030. Functional Composites Market are compounds that possess special electrical, optical, and magnetic properties. The advantages of functional composites such as enhanced stiffness, high tensile strength, and high durability among others pave their way into many end-user industries. The growing demand for end-user industries such as aerospace and defense, automobile, building & construction, and consumer goods & electronics among others are the major factors driving the Functional Composites Market.
Numerous factors are adding to the global functional composites market growth. Such factors, as revealed by the latest MRFR report, include the growing automotive and construction industry, availability of untapped market, growing opportunities in developing nations, increasing use in eco-friendly constructions, and the medical & healthcare industry, and burgeoning demand from different end user industries.
On the contrary, the high raw material cost may limit the global functional composites market growth over the forecast period.
Key Players
Notable players profiled in the functional composites market report include Materion Corporation (U.S.), Momentive Inc (U.S.), Kyocera Corporation (Japan), Applied Materials, Inc. (U.S.), AMETEK Inc. (U.S.), DuPont (U.S.), Bayer AG (Germany), Air Products and Chemicals, Inc. (U.S.), 3A Composites (Switzerland), and 3M Company (U.S.). Key players have incorporated several strategies such as extensive research and development activities, strategic alliances, joint ventures, new product development, mergers and acquisitions, and collaborations to stay head and shoulders above others in the competition along with catering to consumers burgeoning demands.
Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the global functional composites market based on end user industry, function, and type.
By type, the global functional composites market is segmented into hybrid matrix composites, ceramic matrix composites, polymer matrix composites, and metal matrix composites. Of these, polymer matrix composites will lead the market over the forecast period.
By function, the global functional composites market is segmented into optic, barrier, magnetic, electrical conducive, and thermal conducive. Of these, the thermal conducive segment will dominate the market over the forecast period.
By end user industry, the global functional composites market is segmented into consumer goods, electrical and electronics, building and construction, transportation, wind energy, aerospace and defense, and others. Of these, aerospace and defense will have a major share in the market over the forecast period for its increasing use in key application areas like combustion systems, body parts of aircraft, among others.
Get a Free Sample PDF Brochure — https://www.marketresearchfuture.com/sample_request/866
Regional Analysis
By region, the global functional composites market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. Factors propelling the functional composites market growth in the region include increasing application in the energy & power sector, increasing defense budget, encouraging government regulations, competitive manufacturing cost, and increasing demand in the electronic and automobile industry in Japan, China, and India. Besides, rising per disposable income and growing population are also adding market growth.
The functional composites market in North America is predicted to have significant growth over the forecast period for the presence of top three automobile companies, namely Fiat Chrysler, Ford, and General Motors, increasing adoption rate and developed end user industries especially aerospace and electrical and electronics. Canada and the US are the key contributors in the region.
The functional composites market in Europe is predicted to have lucrative growth over the forecast period for the increasing defense investment, growing application of functional composites Industry Insights in the construction and aerospace sector, and the presence of a well-developed electrical and electronic industry and automobile industry.
The functional composites market in Latin America and the MEA is predicted to have steady growth over the forecast period.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Comments
Post a Comment