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Functional composites are materials or compounds that offer special magnetic, electrical, and optical properties. These properties cannot be achieved by its single constituent separately. Thus, functional composites combines properties of different materials as well as advantages of different group of materials. Functional composites are stiff, strong, tough, light, and more durable when compared to their original materials. Other special properties of functional composites include new formulations for extrusion products, weather resistance, adhesive properties, high temperature resistance, low weight, biodegradability, barrier properties, and mechanical properties.

The functional composites group includes composites with magnetic, optical, and electrical properties. Dispersoids are functional composites with large amount of electrical properties. The ion flow is carried out almost on the matrix filler interphase in dispersoids. Functional composites usually implement special properties in combination with initial product properties. Combination of the magnetostriction of phase 1 and the piezoelectricity of phase 2 resulting in the magnetoelectric effect in the composite is one of the example.

Functional composites includes photonic crystals, wherein the matrix as well as the filler are solid phases such as in opal and other structures. These composites also cradle many biomaterials  which are protected from interaction through efficient coating systems. Composite material is a multi-phase system that consist of matrix material and reinforcing material. Matrix material is a continuous phase, and it includes metal matrix composite materials, inorganic non-metallic matrix composite materials and polymer matrix composites. 

Functional composites can be segmented on the basis of type into: polymer matric composites, metal matrix composites (aluminum matrix composites), and epoxy resin matrix composites. Polymer matrix composite material uses fiber as reinforcement and organic polymer as matrix. Usually, the strength of reinforcement fiber are higher than that of matrix material, thus, making fibers the main load-bearing part. Metal matrix composites employ low-density metal, such as aluminum; which is reinforced with fibers of a ceramic material, such as graphite/silicon carbide. Aluminum metal matrix is widely used in the automotive industry, owing to its low density and high specific mechanical properties. Aluminum composite matrix dominates the demand for functional metal matrix composites. Growth in automotive and aerospace industries is the key driver of the demand for aluminum matrix composites. In terms of reinforcement, functional composites material can also be classified into: diffusion-enhanced composite materials, particle-enhanced composite materials, and fiber-reinforced composite materials.. Functional composite materials are widely used in several industries such as automotive, aerospace, defense, electrical, electronics, and aerospace.

Currently, countries in Europe and North America account for the major share of the global functional composite market, owing to developed defense base and aerospace industry in these regions. Large number of manufacturers of function composites are based in North America and Europe. However, in terms of year-on-year growth in demand for functional composites, countries in Asia-Pacific is expanding at a steady rate. Growth in industrialization in Asia-Pacific is the major driver for the demand for various types of functional composites. Automotive and aerospace industries in Asia Pacific especially in China, India, and Japan; are expanding at a steady rate. This, in turn, is boosting the demand for functional composites in the region. Rise in investments,  and formation of alliances, joint ventures, acquisition, and collaborations are encouraging companies to expand their market share and attain competitive edge against existing competitors.

Key manufacturers and suppliers of wax emulsion products include Kyocera Corporation, Materion Corporation, 3M Company, 3A Composites Inc., Air Products & Chemicals, Inc., Bayer AG, E. I. Du Pont De Nemours & Company, Momentive Performance Materials Inc., Applied Materials Inc., Ametek, Inc., and Momentive Performance Materials Inc. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Functional Composites Market

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