Report ID: SQMIG15E2513
Functional Composites Market Size, Share, Growth 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), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2513 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
91 |
Figures:
66
Functional Composites Market Insights
Global Functional Composites Market size was valued at USD 47.22 billion in 2022 and is poised to grow from USD 51.33 billion in 2023 to USD 100.04 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).
Materials made by combining two or more different materials with varied chemical and mechanical properties are known as functional composites. The process of combining different materials results in the creation of materials that have enhanced electrical, mechanical, and thermal properties. Functional composites find application in a wide array of industries including automotive, electronics, construction, and consumer goods. Increasing demand for novel lightweight materials with better strength and thermal as well as electrical resistance is slated to uplift sales of functional composites in the future. The growing use of lightweight components in electric vehicle manufacturing and the high demand for better thermal materials for use in HVAC applications are also estimated to bolster functional composites market growth in the long run.
Functional Composites Market Report Snapshots
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