The Functional Composites Market size is estimated to reach more than US$68.3 billion by 2027, growing at a CAGR of 7.8% during the forecast period 2022-2027. The use of functional
composites in the Transportation Industry has increased significantly.
Functional composites, which include metal matrix composites, polymer matrix
composites, ceramic matrix composites and hybrid matrix composites, are
substances with distinctive electrical, optical and magnetic properties. The
market for functional composites is being driven by the rising demand from
end-user industries like aerospace and defense, automotive and others. According to the Energy Information Administration (EIA),
by 2035, there would be 1.7 million automobiles worldwide. According to the International Organization of
Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the
first nine months of 2021 to 57.26 million vehicles, up from 52.15 million
units in the same period for 2020.
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Functional Composites Market: The Building & Construction Segment Leads the Market
On the basis of the end-use industry, the BPF Epoxy Resin market can be segmented into transportation, electrical & electronics, building & construction and others. During the forecast period 2022-2027, the electrical & electronics segment is expected to grow at a CAGR of 7.5%. The market for functional composites would grow as a result of the widespread use of functional composites in body panels, sensors, valve covers and other transportation-related applications. Increasing demand from the transportation industry across the globe is driving the functional composites market. With the increasing transportation production, the demand for functional composites is also likely to increase, as a result of which the functional composites industry would be flourished over the forecast period. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36% CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20.
Functional Composites Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Functional Composites market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. APAC region is expected to grow at a CAGR of 8.0% during the forecast period. Asia-Pacific countries, including India and China, are ahead comparatively in terms of transportation products. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and a rise in production. According to the India Equity Foundation, by 2030, the Indian aerospace and defense (A&D) sector is expected to reach US$70 billion. In November 2020, Boeing estimated that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. The Functional Composites market would also gain demand from the North American region. The USA and Canada are emerging as competitive countries in the Functional Composites market.
Functional Composites Market: Competitive Landscape
The key companies holding major shares in the Functional Composites market are Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc., Mitsubishi Rayon Co. Ltd, Teijin Limited and SGL Carbon SE.