Functional Composites Market Size, Share, and COVID-19 Impact Analysis, By Type (Metal Matrix Composites, Polymeric Matrix Composites, and Others), By Function (Thermally Conductive, Electrically Conductive, and Others), By End-use (Consumer Goods, Electronics, Transportation, and Others), and by Regional Forecast, 2024-2032

Functional composites are materials with mechanical integrity formed by combining two or more different kinds of material distinct in chemical and physical properties. Combining the functional composites offers magnetic, electrical, and optical properties and enhances mechanical and environmental resistance. Thus the product is widely used in various applications, including consumer goods, electronics, and transportation, as it offers thermal and electrical conductivity. Additionally, these functional composite offers a specific role in addressing climate change and lightweight problems.

The market's growth is associated with the growing applications of functional composites in the end-use industries as these composites are widely utilized in consumer goods, electronics, and transpiration industries. These industries consume these function composite differently in variety of ways including thermal or electrical conductive material. Moreover, the rise in the electric vehicle market is boosting the product as the functional composite offers light weight and extreme resistance against various weather conditions. Additionally, the usage of functional composites enables morphological structures, tunable chemical, and high stability in the automotive components. More than 100 transportation models utilize carbon-reinforced plastic for OEM components in the automotive industry. For instance, BMW adopted these functional composites in their vehicles models such as BMW M3, BMW M4. Thus, all these mentioned factors are expected to drive the market.

However, the functional composite material is utilized in various end-use industries, but the product's high price is expected to hinder the market growth. The cost is associated with the increased price of the metal and polymeric composites and the costly manufacturing process required to produce them. Moreover, the traditional structure offers easy maintenance compared to the functional composite structures, which also restrains the market growth. Thus, the functional composites are expected to consume a small amount when utilized. All these mentioned factors are anticipated to hinder the market growth.                                                                                                              

Impact of COVID-19 on the Functional Composites Market

The pandemic of Covid-19 impacted nearly every sector of the market. This has created a massive decrease in demand for functional composites. Most consumer goods, electronics, and transportation manufacturers had to decrease their production capacity to maintain social distancing and neutralize the effect of the covid-19 virus, resulting in a short-term or temporary disruption in business operations for the end-use industries. Despite the disruption in the supply chain, the government of highly impacted countries such as China and India had to impose the lockdown on business operations. This has resulted in the halted manufacturing operations of the product. For instance, end-use industries such as transportation faced abnormal demand-supply requirements as necessitate became the priority.

Despite the uncertainties, the market has been moderately profitable as the functional composites utilized in the operational medical sector surged the demand for packaging material.

Key Insights

The report will cover the following key insights:

• Regulatory Scenario of Functional Composites


• Key Development of Functional Composites


• Impact of COVID-19 on the Functional Composites Market

Analysis by Type

Based on the type, the functional composites market can be segmented into metal matrix composites, polymeric matrix composites, and others.  The market growth of the type segment is associated with the specific properties of the functional composites for various applications. For instance, the metal matrix composite is utilized in bicycles, electronics substrates, automobiles, and other applications as it offers stiffness, strength, and electrical & thermal properties due to its matrix alloy, which is made of iron, copper, and titanium. Additionally, metal matrix composites offer the advantage of a long life span over traditional composites. Thus, the segment growth will surge the market demand in the forecast time frame.

Analysis by End-use

Based on the type, the functional composites market can be segmented into consumer goods, electronics, transportation, and others. The growth of the transportation is associated with a rise in the automotive industry as functional composite materials are utilized in the components to reduce weight. Additionally, introduction of the electric vehicles as the emerging trend is surging the product demand in the market.

Regional Analysis

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The growth of the functional composites market in the Asia Pacific is associated with increased demand for consumer goods.  Countries in the region, such as India and China, are the fastest-growing economies in the world. Both of the countries have the highest population in the world. The fastest economy and population surges the product demand from the various industries in the region. Thus, the growth of electronic equipment and necessities has increased over the past years.

In North America, market growth is associated with high disposable income, leading to a higher demand for automotive products.  This has resulted in a boost in product demand in the country as functional composites offer enhanced durability and toughness over traditional composites. Thus, the market is expected to grow in the forecast period.

The market growth in Europe is associated with the rapid increase in the automobile sector, leading to a higher demand for automotive parts. The automotive parts manufacturers are increasing their business operations to fulfill the consumer’s needs. This has resulted in higher demand for functional composites as the product is used to produce automotive parts. Thus, all these factors are supposed to boost the market in the region. At the same time, Latin America and the Middle East are expected to grow moderately.

Key Players Covered

The report will include key players such as 3M, Advanced Composite Materials Inc., Momentive Material Inc., Kyocera Group, EI du Pont de numerous, Covestro AG, Materion Corporation, GKN PLC, Bayer AG, AMETEK Inc., and Others

Segmentation

Key Industry Developments

• In November 2022, Covestro AG announced a partnership with the Collected to expand new applications for its PU composite product. The purpose of the partnership is to maximize revenue.