(MENAFNEditorial) iCrowdNewswire - Sep 21, 2018
'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.
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'Thermally Conductive Composites: The largest function segment of the market
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.
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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.
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Nanocellulose Market by Type (Cellulose nanocrystals Cellulose nanofibrils cellulose nanocomposites and others) Application (Composites and Packaging Paper and Paper Board Biomedicine Rheology Modifier Flexible Electronics and Sensors and Others) - Global Forecast to 2019
The nano cellulose market is estimated around $ 250 million in 2014, with the high share held by North America and Europe together. The global nano cellulose market by value is projected to grow at a CAGR of approximately 19% from 2014 to 2019. The high growth is forecasted to be in the North America and Europe due to rising advancements in the end industries such as paper and paper board, composites & packaging, biomedicine in the region. Europe is estimated to have the second highest growth from 2014 to 2019.
With the emergence and development of nanotechnology, cellulose, the demand for nano cellulose as a novel and advanced material is projected to increase gradually. Biomedicine and electronic industry have the largest application of nano cellulose. Composites & packaging, rheology modifier, flexible electronics and sensors are the other significant applications. Cellulose nanocrystalls (CNC), cellulose nanofibrils (CNF), and cellulose nanocomposites are the major types of nano cellullose.
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