Functional Composites Market Size, Share, Trends, Growth 2030
Functional Composites Market By Matrix Type [Polymer Matrix Composites, Ceramic Matrix Composites, Hybrid Matrix Composites, and Metal Matrix Composites], By Function [Magnetic, Barrier, Optics, Thermally Conductive, Electrically Conductive, Optic], By End User [Transportation, Aerospace, Defense, Consumer Goods, Electronics, Construction, Building, Storage and Other], And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030
| Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 44.51 Billion | USD 81.00 Billion | 7.77% | 2022 |
Description
The global functional composites market size was worth around USD 44.51 billion in 2022 and is predicted to grow to around USD 81.00 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.77% between 2023 and 2030.
Global Functional Composites Market: Overview
Composites are the material made with the combination of two or more dissimilar materials to develop a unique and super-efficient material. This material has some unique magnetic, optical, electrical properties. Functional composites also grip many biomaterials, in which the simple functional components are secured from the interface with the milieu of an organism by biocompatible coatings. They have many highly capable specification such as improved resistance, adhesive, and highly resistive to temperature.
Global Functional Composites Market: Growth Factors
Increasing demand of various end-user industries to high usage in their products and processes is driving the growth of the global functional composites market. High utilization of functional composites in healthcare and medical industry is also a fostering the demand for the products with these composites. Functional composites are now widely used in the development of Eco-friendly constructions is also an application segment responsible for the growth of the global market.
Growing opportunities in developing nations and availability of untapped market are one of the development factor affecting the augmentation of the global functional composites market. On the other hand, lack of standardization in the industry and fluctuating rates of the raw material are some factors restraining the growth of the global functional composites market.
Global Functional Composites Market: Segmentation
The global functional composite market is broadly segmented by various factors. Based on the matrix type it is segmented as polymer matrix composites, ceramic matrix composites, hybrid matrix composites, and metal matrix composites. Further based on its function the functional composite market is bifurcated as Magnetic, barrier, optics, thermally conductive, electrically conductive, optic, and so on.
In Addition, based on end user application it is diversified in transportation, aerospace, defense, consumer goods, electronics, construction, building, storage and many other applications. The global functional composite market is also broadly diversified into many regions which include North America, Europe, Asia-Pacific, Middle East, Africa and Rest of the World.
Functional Composites Market : Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Functional Composites Market Research Report |
| Market Size in 2022 | USD 44.51 Billion |
| Market Forecast in 2030 | USD 81.00 Billion |
| Growth Rate | CAGR of 7.77% |
| Number of Pages | 215 |
| Key Companies Covered | Ametek, Inc., Bayer AG, Applied Materials, Inc., Momentive Performance Materials Inc., Materion Corporation, 3M Company, Air Products and Chemicals, Inc., E. I. Du Pont De Nemours and Company, Kyocera Corporation, and 3A Composites Inc. |
| Segments Covered | By Matrix Type, By Function, By End User and By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 - 2030 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Global Functional Composites Market: Regional Analysis
Geographically, Asia Pacific region is fastest growing and leading the global functional composites market. It is also expected to retain its dominance in coming future owing to rising demand from transportation, consumer electronics, and goods industry. North America and Europe is expected to grow rapidly due to high growth potential in the region.
Global Functional Composites Market: Competitive Players
The global functional composites market is led by players like:
- Ametek, Inc
- Bayer AG
- Applied Materials, Inc
- Momentive Performance Materials Inc
- Materion Corporation
- 3M Company
- Air Products and Chemicals, Inc
- E. I. Du Pont De Nemours and Company
- Kyocera Corporation
- 3A Composites Inc
The global functional composites market is segmented as follows:
By Matrix Type
- Polymer Matrix Composites
- Ceramic Matrix Composites
- Hybrid Matrix Composites
- Metal Matrix Composites
By Function
- Magnetic
- Barrier
- Optics
- Thermally Conductive
- Electrically Conductive
- Optic
By End User
- Transportation
- Aerospace
- Defense
- Consumer Goods
- Electronics
- Construction
- Building
- Storage
- Other
Global Functional Composites Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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FrequentlyAsked Questions
Functional composites refer to materials that are engineered to exhibit specific and tailored properties by combining two or more distinct components. These components, often of different materials, work together to create a material with enhanced performance or functionality that is not achievable by the individual constituents alone. Functional composites find applications across various industries due to their unique properties, which may include strength, durability, conductivity, thermal resistance, or other specialized characteristics.
The overall demand for functional composites is closely tied to the industries they serve. For instance, sectors such as automotive, aerospace, construction, and healthcare are major consumers of functional composites. The growth in these industries can drive the demand for advanced materials and composites.
The global functional composites market size was worth around USD 44.51 billion in 2022 and is predicted to grow to around USD 81.00 billion by 2030,
The global functional composites market with a compound annual growth rate (CAGR) of roughly 7.77% between 2023 and 2030.
Geographically, Asia Pacific region is fastest growing and leading the global functional composites market. It is also expected to retain its dominance in coming future owing to rising demand from transportation, consumer electronics, and goods industry. North America and Europe is expected to grow rapidly due to high growth potential in the region.
Some of the major player contributing their efforts through their services and products to foster the growth of the global functional composites market include Ametek, Inc., Bayer AG, Applied Materials, Inc., Momentive Performance Materials Inc., Materion Corporation, 3M Company, Air Products and Chemicals, Inc., E. I. Du Pont De Nemours and Company, Kyocera Corporation, and 3A Composites Inc.
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