Functional Composites Market Overview:
The Asia Pacific holds a major share of the global Functional Composites market and is relied upon to be the quickest developing region at an exponential CAGR. This is due to the presence of the most populated nations of the world, for example, India and China, has increased the interest for different industries, for example, electronics and automotive among others, which, thusly, is foreseen to fuel the interest for functional composites in this region. The North American functional composites market is for the most part driven by the U.S. and Canada. The nearness of the developed end-user industries, for example, automotive and electronics combined with the expanding adoption rate is contributing essentially to the development of the market. Additionally, the developing interest in the energy and defense sector is additionally anticipated that would add fuel to the development of the market. The European region is a lucrative market and is majorly driven by the developed automobile and electrical & electronics industry. The growing application of functional composites in the aerospace and construction industries has further boosted the growth of the Functional Composites market. Furthermore, the increasing defense investment in the European region is also expected to fuel the market growth in this region.
Functional Composites Market Outlook:
Functional composites are mainly of three types: polymer matric composites, metal matrix composites, and epoxy resin matrix composites. Polymer matrix composite material uses fiber as reinforcement and organic polymers as matrix. For the most part, the quality of reinforced fiber are higher than that of matrix material, making fibers the main load-bearing part. Metal matrix composites utilize low-thickness metal, for example, aluminum; which is strengthened with strands of a ceramic material, for example, graphite or silicon carbide. Aluminum metal matrix is generally utilized in the automotive industry, inferable from its low density and high specific mechanical properties. Aluminum composite matrix commands the interest for functional metal matrix composites. Development in automotive and aerospace industries is the key driver of the interest for aluminum matrix composites. As far as reinforcement is considered, functional composites material can be grouped into diffusion enhanced composite materials, particle enhanced composite materials, and fiber reinforced composite materials. Functional composite materials are broadly utilized in many end-user industries like automotive, aerospace, defense, electrical & electronics and aerospace.
Functional Composites Market Growth Drivers: Functional composites are used in a many end-user industries like automotive, building, and construction, aerospace, and defense, owing to their excellent magnetic, electrical, and optical properties among others. The rising growth of the construction and automotive industry across the globe is substantially acting as one of the main drivers for the growth of global functional composites market.
Functional Composites Market Challenges: One of the major challenges in the global Functional Composites Market is the complex fabrication process of composites. The fabrication process is labor intensive and complex which are of high costs.
Functional Composites Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Functional Composites market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Functional Composites market and their specific applications in different types of vehicles.
Functional Composites Market Report: Industry Coverage
Types of Functional Composites: Metal Matrix Composites, Polymer Matrix Composites, Ceramic Matrix Composites, Epoxy Resin Matrix Composites, Hybrid Matrix Composites.
Functional Composites by Function: Thermally Conductive, Electrically Conductive.
Applications of Functional Composites: Sensors, Body Panels, Valve Covers, Truck Beds, Storage Tanks, Electrical Components, Others.
Functional Composites market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- The Middle East and Africa: Israel, South Africa, Saudi Arabia
Functional Composites Market Key Players Perspective:
Some of the key players mentioned in this report are 3M Company (US), 3A Composites (Switzerland), Air Products and Chemicals Inc. (US), Bayer AG (Germany), DuPont (US), AMETEK Inc. (US), Applied Materials Inc. (US), Kyocera Corporation (Japan), Momentive Inc. (US) and Materion Corporation (US) among others.
Functional Composites Market Trends:
- Researchers from Shanghai Normal University, Shanghai, have developed a new polydopamine based functional composite particles for tumor cell targeting and dual mode cellular imaging. They have enhanced Raman scattering (SERS) dual-modal imaging capabilities. Polydopamine composite particles act as active templates, gold nanoparticles binding agent, gold ion reducing agents as well as methylene blue (MB) adsorption agents, simultaneously.
- Scientists from China have developed a new scalable in-fiber manufacture of functional composites. This method for the fabrication of magnetic polymeric functional composite with extreme wide tunability range. This approach of manufacturing has proved that it can serve as a universal route for encapsulating various functional building blocks in magnetic polymeric particles and modulating their combinations. This is major step toward the next-generation magnetic functional composites with luminescent and electrical properties that may outperform conventional magnetic functional composites.
- Scientists from Academy of Scientific and Innovative Research (AcSIR), CSIR, India have developed a new triluminescent functional composite pigment for non-replicable security codes to combat counterfeiting. This novel strategy is to design an un-clonable triluminescent pigment derived security ink to protect valuable merchandise, bank notes, pharmaceuticals, confidential documents etc. against counterfeiting, by embedding luminescent security codes or images.
- May 2, 2018: AMETEK, Inc., one of the key players in the global Functional Composites Market has acquired SoundCom Systems, one of the global leaders in the design, integration, installation, and support of clinical workflow and communication systems for healthcare facilities, educational institutions and corporations.
- March 1, 2017: Materion Corporation, one of the key players in the global Functional Composites Market has acquired target materials business of the Heraeus Group, of Hanau, Germany, for approximately $30 million. This acquisition will strengthen Materion’s position in precious and non-precious target materials for the architectural and automotive glass, photovoltaic, display and semiconductor markets.