The functional composite market is expected to be valued at US$ 56.7 billion in 2024. The valuation CAGR for 2023 was 10.9%. The market’s progress is projected to be invigorating from 2024 to 2034, with a CAGR of 9.0%. By 2034, the market value is forecasted to have hit US$ 134 billion.
The ever-increasing demand for lightweight materials across various industries, including aerospace, automotive, and construction. Functional composites are gaining popularity due to their excellent lightweight properties, making them an ideal choice for these industries. These composites help reduce fuel consumption, enhance performance, and lower overall costs.
With the growing need for sustainable energy sources, there is a significant demand for wind turbines. The use of functional composites in the manufacturing process of wind turbines helps to reduce weight and enhance performance, resulting in more efficient energy production and cost savings.
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The aerospace and defense industry requires high-performance materials that can withstand extreme temperature and pressure conditions. The use of advanced composites, such as functional composites, in these industries is gaining traction, as they are well-suited for this purpose.
Automation is driving the growth of the functional composites market. The use of composites in automation equipment reduces weight, increases efficiency, and leads to cost savings and increased productivity.
However, during the forecast period, the market is expected to face challenges due to the high cost of raw materials. This cost is significantly higher for functional composites compared to traditional materials, making it difficult for manufacturers to competitively price their products. As a result, the high cost of raw materials is likely to hinder the growth of the market.
Key Takeaways from the Functional Composite Market
- The global functional composite market is estimated to register a CAGR of 9.0% with a valuation of US$ 134 billion by 2034.
- The metal matrix is anticipated to dominate the global market by considering an 8.7% market CAGR from 2024 to 2034.
- With an 8.6% market CAGR, aerospace & defense will drive the global market through 2024 to 2034.
Competitive Landscape
Constantly evolving market, with a growing demand for lightweight and high-strength materials. This demand has led to an influx of new players and innovative solutions, with companies now prioritizing product innovation, strategic partnerships, and mergers & acquisitions to stay competitive. Moreover, the market is also witnessing the emergence of a number of start-ups and niche players that are disrupting traditional market dynamics through their unique offerings and business models.
Recent Developments in the Functional Composite Market
- In 2023, Switzerland-based 3A Composites Core Materials has recently unveiled their new Engicore series of core materials for the North and South American markets. The series features a variety of customized core solutions that are tailored to meet each customer’s unique manufacturing process and standard needs. Engicore is specifically targeted towards customers who prioritize innovative and sustainable procurement solutions.
Key Players:
- Toray Industries Inc.
- Hexcel Corporation
- Owens Corning
- Solvay, SGL Carbon
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- Gurit
- Henkel AG & Co. KGaA
- Huntsman Corporation
- BASF SE
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Key Segmentations:
By Matrix Type:
- Metal Matrix
- Polymer Matrix
- Ceramic Matrix
- Hybrid Matrix
By End-use Industry:
- Aerospace & Defense
- Wind Energy
- Transportation
- Building & Construction
- Consumer Goods
- Electronics
- Others
By Industry:
- Semiconductor
- Healthcare
- Automotive
- Manufacturing
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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