The global functional composites market is projected to reach USD 43.35 Billion by 2021, at a CAGR of 8.7% between 2016 and 2021. Increasing usage of functional composites in various end-use industries and growing application of functional composites in consumer goods & electronics are the factors driving the global functional composites market.
The key companies offering functional composites have been mainly involved in new product launches or expansion strategies. They have been rigorously adopting these strategies to strengthen their position in the global functional composites market. The large players operating in this market have been taking initiatives to enhance their global reach, while small companies have been concentrating increasingly on the development of new products between 2010 and 2016.
The strategy of expansions has been most important growth strategy adopted by the companies manufacturing functional composites between 2010 and 2016. This strategy accounted for a share of 36% of all strategic developments that took place in the market between 2010 and 2016. The strategy of new product launches was the second-most preferred growth strategy adopted by the manufacturers and accounted for a share of 24.0% of the total development strategies that took place in the global functional composites market between 2010 and 2016.
3M Company (U.S.), 3A Composites (Switzerland), Air Products and Chemicals, Inc. (U.S.), Bayer A.G. (Germany), E. I. du Pont de Nemours and Company (U.S.), AMETEK Inc. (U.S.), Applied Materials, Inc. (U.S.), Kyocera Corporation (Japan), Momentive Performance Materials Inc. (U.S.), and Materion Corporation (U.S.), among others are the key players operating in the global functional composites market.
3M Company is one of the leaders in the global functional composites market. The company follows both, organic as well as inorganic growth strategies to increase its market share in the global functional composites market. Research and development activities carried out by the company for new products have led to increase in its sales, resulting in growing profit. For instance, in September 2015, 3M Advanced Materials Division introduced Glass Bubbles, which is a high-strength, low-density additive, specially designed to offer greater density reduction capabilities than other lightweight additives under similar working conditions. In March 2015, 3M Company established its West Region Technical Center in Chengdu, which is one of the largest cities for technology and innovation in Western China. This development aims at enhancing business of the company in Western China and strengthening its foothold in the global functional composites market.
3A Composites is another major player that has established a strong foothold in the global functional composites market. The company has a broad and diversified product portfolio, which ensures its consistent growth in the global functional composites market. The company is focused on both, organic as well as inorganic growth. It has enhanced its product portfolio by adopting various growth strategies such as new product launches, expansions, and mergers & acquisitions. For instance, 3A Composites Core Materials, in collaboration with The Dow Chemical Company, is developing innovative products in the wind energy sector. This development strategy aims at helping the company in enhancing its presence in the wind energy segment. In July 2015, 3A Composites acquired PNG Balsa, a leading manufacturer of world-class balsa wood. This acquisition aims at enabling the company to use balsa as a lightweight core material for wind turbines, marine, automotive, and other applications. This acquisition is further expected to help the company in enhancing its balsa supply base.
The global functional composites market is a competitive market, with key players adopting various growth strategies to maintain or increase their shares in the global functional composites market.
Functional Composites Market by Type (Metal Matrix Composites, Polymer Matrix Composites), Function (Thermally Conductive, Electrically Conductive); End-User (Consumer Goods & Electronics, Transportation), Region - Global Forecast to 2021
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