The functional composite market is projected to reach a value of USD 56.7 billion in 2024, following a strong growth rate of 10.9% in 2023. From 2024 to 2034, the market is expected to maintain robust expansion, with a compound annual growth rate (CAGR) of 9.0%. By 2034, the market value is anticipated to grow to approximately USD 134 billion.
The rising demand for lightweight materials in industries like aerospace, automotive, and construction is driving the popularity of functional composites. These materials offer superior lightweight properties, making them perfect for reducing fuel consumption, improving performance, and cutting costs. Additionally, as the need for sustainable energy grows, functional composites are increasingly used in wind turbine manufacturing to reduce weight and boost efficiency, leading to enhanced energy production and cost savings.
The aerospace and defense industries demand high-performance materials capable of withstanding extreme temperatures and pressures. As a result, the adoption of advanced materials like functional composites is increasing, as they are ideally suited to meet these rigorous requirements.
Automation is fueling the expansion of the functional composites market. Composites are increasingly used in automation equipment to reduce weight, improve efficiency, and drive cost savings, ultimately boosting productivity.
However, the market is expected to encounter challenges during the forecast period, primarily due to the high cost of raw materials. Functional composites are significantly more expensive than traditional materials, which can make it difficult for manufacturers to offer competitively priced products. This elevated material cost is likely to pose a barrier to market growth.
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 Market 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
Get Strategic Guidance from Our Analyst Contact us on: +1-347-918-3531
Key Market Segments
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
About Future Market Insights (FMI)
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 over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube