Global Functional Composites Market - 2020-2027
Composites are the fabric made with a mixture of two or more dissimilar materials to develop a singular and super-efficient material. This material often possesses some exceptional magnetic, optical, and electrical features, which has increased its applications in several industries, such as aerospace, automotive components, and more. Functional composites are also capable of gripping many biomaterials, during which the straightforward, functional components are secured from the interface with the setting of an organism by biocompatible coatings. Further, these materials have many highly capable specifications, such as improved resistance, adhesive, and extremely resistive to temperature.
The global functional composites market size was worth US$ XX billion in 2020 and further expected to reach US $ XX billion by 2027, with a CAGR of X% during the forecast period (2020-2027).
The increasing demand of varied end-use industries for high usage in their products and processes is driving the expansion of the worldwide functional composites market. High utilization of functional composites in the healthcare and medical industry is additionally fostering the demand for the products with these composites. Functional composites are now widely utilized in the event of Eco-friendly constructions is further creates an application segment liable for the expansion of the worldwide market. Growing opportunities in developing nations and the availability of untapped markets are some of the event factors affecting the augmentation of the worldwide functional composites market. On the contrary, the lack of standardization within the industry and fluctuating rates of the staple are some major forces restraining the expansion of the worldwide functional composites market. Additionally, the growing usage in eco-friendly construction projects coupled with the high growth opportunities in developing nationals, especially the Asian economy, is expected to fuel the lucrative opportunities in the market growth during the forecast period.
The proposition of fuel economy standards by regional governments in the automotive sector
Governments of varied countries, including Japan, the U.S., Canada, South Korea, China, Mexico, Brazil, and India, have proposed fuel economy and greenhouse emission standards for passenger and lightweight commercial vehicles/ light trucks. Therefore, the functional composites are gaining significant usage in automotive manufacturing, as they are considered safer, lighter material and often have fuel-efficient properties to be used in vehicles. Thus, proposed regulations in countries are further predicted to contribute towards the demand for composites from the automotive sector. Hence, it is expected to propel the global functional composites market growth.
Aerospace Industry is driving the growth of the market
Aerospace is one of the fastest-growing sectors in the global functional composites market. High-performance materials are required to be utilized in aircraft, rockets, satellites, and missiles within the aerospace industry. The consumption of composites within the aerospace industry is increasing due to their lightweight and high rigidity properties. Hence, the aerospace industry among all sectors is driving the growth for the market. The U.S. and Europe are the key markets within the aerospace and defense industry, with the demand being driven by aircraft manufacturers like Boeing and Airbus. Hence, this industry is contributing to overall market growth.
COVID-19 Impact Analysis
COVID-19 affected the global economy in many forms, such as supply chain distraction, directly affecting demand and production, and financial impact. COVID-19 pandemic has highly affected the Global Functional Composites Market due to the shutting down of factories, supply chain disruptions, and stoppage of transportation facilities.
Based on the application, the global functional composites market has been classified as consumer & retail, aerospace &defense, automotive & transportation and others.
Automotive & Transportation segment dominates the market
Automotive and transportation application segment dominates the market in terms of revenue. Functional composites offer an extensive advantage like fuel-saving to the transportation sector. Their lightweight and sturdiness are favorable properties for design and manufacturing efficiencies across this sector. Furthermore, the Aerospace and Defense industry is additionally of the foremost importance to the market due to the utilization of composites within the interior and exterior parts of economic aircraft, military aircraft, business jets, spacecraft, and general aviation aircraft.
Based on geography, the study analyzes the global functional composites market, including Europe, Asia-Pacific, North America, South America, and the Middle East & Africa.
Asia-Pacific holds a major share in Global Functional Composites Market
The Asia Pacific holds a significant stake in the worldwide functional composites market and is relied upon to be the quickest developing region at an exponential CAGR during the forecast period. This growth is often attributed to the presence of the foremost populated nations of the country. For instance, India and China, has increased the interest in various industries mainly in electronics and automotive to develop lightweight component and industrial parts, among others. Hence, it is predicted to fuel the interest for functional composites during this region. Whereas, The North American functional composites market is, for the foremost part, driven by the U.S. and Canada.
Global functional composites market is highly competitive due to major key players. The key players in the global functional composites market which are contributing to the growth of the global market include 3M Company, 3A Composites, Air Products and Chemicals Inc., Bayer AG, DuPont, AMETEK Inc., Applied Materials Inc., Kyocera Corporation, Momentive Inc., and Materion Corporation.
Overview: 3M Company operates in telecommunication, electronics, consumer and office, industrial, health care, safety, and other markets. The company businesses have robust marketing channels, manufacturing operations, and share technologies, and other resources. It serves its customers worldwide. Its headquarters is in Maplewood, Minnesota, United States. It has 132 office locations across 77 countries all over the world.
Product Portfolio: 3M Company offers various products under its various categories such as aerospace and aircraft maintenance, architecture & construction, automotive, dental and others. It has various brands such as scotch, command, scotch-brite, Littman and others.
The global functional composites market report would provide access to an approx. 57 market data table, 57 figures and 266 pages.
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