Portland, OR -- (SBWIRE) -- 12/29/2017 -- Functional Composites are the compounds that have special electrical, magnetic, and optical properties that can't be achieved by its single constituent separately. In other words, functional composites bring together various material's properties and combine their advantages. They are stiffer, stronger, tougher, lighter, and more durable than original materials. The superior characteristics obtained by these include reduced weight, improved biodegradability, enhanced barrier properties, improved mechanical properties, new formulations for extrusion products, improved weather resistance, improved adhesive properties, and high temperature resistance.

Asia-Pacific is the fastest growing region for functional composites market owing to high demand for consumer goods & electronics and the growth of transportation industries. Aerospace & defense is the largest end user industry for the functional composites. The demand for functional composites from various end-use industries, such as automotive, aviation, electrical & electronics, and energy & power are expected to drive the market during the forecast period. However, high cost of functional composites is anticipated to act as major restrain.

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The report segments the functional composites market on the basis of matrix type, function, end user, and geography. On the basis of matrix type, the market is segmented into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites. According to function, the market is classified into thermally conductive, electrically conductive, magnetic, barrier, and optic. On account of end user industry, the market is divided into aerospace & defense, wind energy, transportation, building, construction, storage & piping, consumer goods & electronics and others. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.

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Capacity expansions, agreements & collaborations, joint ventures, and mergers & acquisitions are the key strategies adopted by the major players of the functional composites market. Such as Mitsui Chemicals Inc., has launched a manufacturing and sales facility for performance compounds/functional composites with an annual capacity of 11 kilotons in Jinshan district, Shanghai in November, 2015.

FUNCTIONAL COMPOSITES MARKET KEY SEGMENTS:

By Matrix Type

-Metal Matrix
-Polymer Matrix
-Ceramic Matrix
-Hybrid Matrix

By Function

-Thermally Conductive
-Electrically Conductive
-Magnetic
-Barrier
-Optic

By End-use Industry

-Aerospace & Defense
-Wind Energy
-Transportation
-Building
-Construction
-Storage & Piping
-Consumer Goods & Electronics
-Others