According to the new market research report “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”, published by MarketsandMarkets™, the functional composites market is expected to grow from USD 28.62 Billion in 2016 to USD 43.35 Billion by 2021, at a CAGR of 8.7% from 2016 to 2021.
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Increase in the use of functional composites in various end-use industries is expected to drive the growth of functional composites market.
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.
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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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