Global Functional Composites Market to Top $43 Billion by 2021
The functional composites market is expected to grow from $28.62 billion in 2016 to $43.35 billion by 2021.
The functional composites market is expected to grow from $28.62 billion in 2016 to $43.35 billion by 2021, according to a recent report from Research and Markets. The main reasons for the growth of this market are the increasing use of these composites for various functions they serve, along with their structural properties.
The 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 and 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 and defense are the largest end-user industry segments 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.
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