The global functional composites market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR. The presence of the most populated countries of the world, such as India and China, has augmented the demand for various sectors such as the electronics and automotive among others, which, in turn, is anticipated to fuel the demand for functional composites in the region. Moreover, the growing investment in the development of residential and commercial infrastructure is further adding fuel to the growth of the market.
The North American functional composites market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries such as automotive and electronics coupled with the increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing investment in the energy and defense sector is further expected to add fuel to the growth of the market.
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Competitive Analysis
Some of the prominent players operating in the global functional composites market are 3M Company (U.S.), 3A Composites (Switzerland), Air Products and Chemicals, Inc. (U.S.), Bayer AG (Germany), DuPont (U.S.), AMETEK Inc. (U.S.), Applied Materials, Inc. (U.S.), Kyocera Corporation (Japan), Momentive Inc (U.S.), and Materion Corporation (U.S.), among others.
Functional Composites Market- Top 10 Global key Players & Their Strategy
Some of the prominent players operating in the global functional composites market are
- 3M Company (U.S.),
- 3A Composites (Switzerland),
- Air Products and Chemicals, Inc. (U.S.),
- Bayer AG (Germany),
- DuPont (U.S.),
- AMETEK Inc. (U.S.),
- Applied Materials, Inc. (U.S.),
- Kyocera Corporation (Japan),
- Momentive Inc (U.S.),
- Materion Corporation (U.S.).
Functional Composites Market
Functional composites are used in a wide range of end-user industry application owing to their excellent magnetic, electrical, and optical properties among others. It is extensively used in applications such as automotive, building, and construction, aerospace, and defense. The rising growth of the construction and automotive industry across the globe is substantially affecting the growth of the functional composites market.
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Intended Audience
- Functional composites market manufacturers
- Traders and distributors of functional composites market
- Production process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory
Segmentation Analysis
The global functional composites market is segmented into type, function, and end-user. On the basis of the type, the market is segregated into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites. The market by the function is segmented into thermal conducive, electrical conducive, magnetic, barrier, and optic. The market by the end user industry is further categorized into aerospace and defense, wind energy, transportation, building & construction, electrical & electronics, and consumer goods.
Regional Analysis
The functional composites market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the market and is expected to be the fastest growing region at a rapid rate. Growing population and the increasing per capita disposable income in the developing nations are primarily driving the growth of the global functional composites market. Moreover, increasing demand for functional composites in the automobile and electronic industry mainly in countries such as India, China, and Japan is propelling the market growth.Furthermore, factor such as competitive manufacturing cost and encouraging government regulations are further contributing to the growth of the market in this region. Additionally, the growing defense budget coupled with increasing application of functional composites in energy and power sector is surging the market growth.
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