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.
Browse
86 market data tables with 67 figures spread through 159 pages and in-depth TOC
on "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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Thermally Conductive: Largest segment of functional
composites market based on function
The thermally conductive function holds the largest
share in the global functional composites market. The growth of this segment
can be attributed to the increasing use of composites in eco-friendly
constructions to improve energy efficiency in case of heating, ventilation, and
air conditioning (HVAC) and lighting applications. Ceramic matrix composites
are widely used in this industry in comparison to metal matrix or polymer
matrix composites. Graphite fibers are usually added to ceramic matrix
composites for thermal conduction.
Polymer Matrix Composites: Largest segment of
functional composites based on matrix type
The polymer matrix type holds the largest share in
the global functional composites market among various matrix types. This growth
can be attributed to the significant rise in demand from consumer electronics,
aerospace & defense, and transportation segments, with a high impetus on
weight reduction and less complex manufacturing methods, such as injection
molding. Polymer matrix composites are primarily used in the aerospace
industry, since they are lightweight and provide better strength, stiffness,
and other structural benefits.
North America: Largest market for functional
composites, globally
North America was the largest market for functional
composites in 2015. The rise in demand for functional composites in the North
American region can be attributed to the growth of various end-use industries,
such as automotive, aviation, electrical & electronics, and energy &
power, among others. The aerospace & defense and wind energy end-use
industries are expected to drive the growth of the functional composites market
in North America during the forecast period.
Key players operational in the functional
composites market include 3M Company (U.S.), 3A Composites (Switzerland), Air
Products and Chemicals, Inc. (U.S.), Bayer AG (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.
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