"The global functional composites market size is projected to reach USD 43.35 billion by 2021”
The global functional composites market is projected to reach USD 43.35 billion by 2021, from USD 26.33 billion in 2015, registering a CAGR of 8.7% between 2016 and 2021. The main reasons for the growth of this market are the increasing use of these composites for various functions which they serve along with their structural properties.
Thermally conductive composites segment was the largest function segment of the global functional composites market in 2015. Thermally conductive composites are increasingly used in the aerospace & defense, consumer goods & electronics, and transportation industries for heat dissipation application. Electrical conductivity is another key function where carbon fiber, which is electrically conductive by nature, is used as reinforcement. Other key functions include magnetic, barrier, and optics.
“Aerospace & Defense: The fastest growing and the largest end-user industry segment”
Aerospace & defense is the largest end-user industry segment of the global functional composites market, having accounted for the largest market share in 2015. This large share can be attributed to the high usage of functional composites in key application areas, such as body parts of aircraft, combustion systems, and others. Transportation and consumer goods & electronics are the other key end-user industries for functional composites.
“Asia-Pacific: The fastest-growing regional market for functional composites”
The Asia-Pacific functional composites market is the fastest-growing market, with high demand from the region’s consumer goods & electronics and transportation industries. This market has the highest growth potential, as emerging economies in the region are expected to provide a key market to end users of functional composites. North America and Europe are the major markets for functional composites, and are expected to maintain their dominance during the forecast period.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 - 59%, Tier 2 - 21%, and Tier 3 - 20%
- By Designation: Director Level - 31%, Manager Level - 69%
- By Region: North America - 55%, Europe - 30%, Asia-Pacific - 5%, RoW - 2%
As a part of qualitative analysis, the report provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by different market players, such as The 3M Company (U.S.), Applied Materials, Inc. (U.S.), Momentive Performance Materials Inc. (U.S.), Kyocera Corporation (Japan), E.I. DuPont de Nemours (U.S.), Covestro AG (Bayer AG, Germany), Air Products (U.S.) Materion Corporation (U.S.), and others.
Reasons To Buy this report:
This report covers the following key aspects:
- What will be the market size by 2021 and what will be the growth rate
- What are the key market trends
- What is driving this market
- What are the challenges that impact market growth
- Who are the key players in this market
- Global report covers key regions, such as North America, Europe, Asia-Pacific, South America, and the Middle-East & Africa, along with country analysis