(EMAILWIRE.COM, October 08, 2021 ) The global functional composites market is projected to grow from USD 26.33 billion in 2015 to USD 43.35 million by 2021. This growth is attributed to increasing demand for functional composites in various end-use industries, such as aerospace & defense, consumer goods & electronics, and others. Functional composites are the major alternative for conventional materials; these composites are used to ensure optimum product designs and fulfil requirements of various industries. Increased demand for nanotechnology in consumer goods & electronics for carrying out bulk production is among the factors fueling the growth of the global functional composites market during the forecast period.

On the basis of matrix type, the global functional composites market has been segmented into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites. Among matrix types, the polymer matrix composites segment is the largest segment of the global functional composites market, whereas the hybrid composites segment is projected to grow at the highest CAGR during the forecast period. Hybrid matrix composites are used in the areas of extreme conditions, such as high temperature and relative humidity where polymer and metal composites cannot be used. Aerospace & defense, wind energy, and transportation are the major end-use industries of hybrid matrix composites.

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The thermally conductive function segment accounted for the largest share of the global functional composites market in 2015. The magnetic segment of the global functional composites market is expected to grow at the highest CAGR between 2016 and 2021. Increasing application of soft magnetic composites in various applications is the key factor for the growth of the magnetic segment of the global functional composites market during the forecast period. These magnetic composites are primarily used in alternating current applications that operate at high frequencies and require different material solutions. Magnetic composites are mainly used in electromagnetic applications, such as motors, alternators, and coils, among others.

The North American region accounted for the largest share of the global functional composites market in 2015, owing to presence of various developed industries, such as aerospace & defense, transportation, and wind energy, among others in the region. The Asia-Pacific functional composites market is projected to grow at the highest CAGR during the forecast period due to increased demand for functional composites from consumer goods & electronics and transportation industries of the region. This market has the highest growth potential, as emerging economies in the Asia-Pacific region are expected to be key markets for various end-use industries that use functional composites. Other potential regions for functional composites include the Middle East & Africa, and South America.

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The global functional composites market is expected to have significant potential for growth in the near future. Some of the major players involved in the manufacturing of functional composites are 3M Company (U.S.), Applied Materials, Inc. (U.S.), Momentive Performance Materials Inc. (U.S.), Kyocera Corporation (Japan), E.I. du Pont de Nemours and Company (U.S.), Covestro AG (Bayer AG, Germany), and Air Products and Chemicals, Inc. (U.S.), among others. These major players have adopted various development strategies to strengthen their positon in the global functional composites market. New product launches/product development, expansions, mergers & acquisitions, joint ventures, and agreements/collaborations are some of the key strategies undertaken by these major companies. These strategies are expected to help market players in capitalizing increased revenue in the market during the forecast period. The market players are expected to grow their business in the future by customizing their existing product portfolios to meet domestic needs of the customers, thereby creating a huge revenue earning opportunities for the market players.

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