Global Aerospace Composites Market has been growing rapidly, mainly due to the flourishing aerospace industry that is continually registering an increasing demand. The use of composites in the making of aircraft is primarily to reduce the overall weight and corrosion in the aircraft body, which further drastically reduces the maintenance costs. As a result, the use of these composite materials has increased dramatically.
Today, nearly 55% of the new aircraft are manufactured using composite materials as compared to old aircrafts that used only 2–5% composites. The increasing uses of these materials have led to increasing the size of the market, creating a huge demand, and the investments for the production and the R&D activities. Resultantly, the aerospace composite market is garnering colossal traction on the global front.
Acknowledging the substantial growth that the market is witnessing, currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global aerospace composites market is expected to accrue enormously by 2023, registering over 9% CAGR throughout the forecast period (2017-2023).
The burgeoning aircraft engineering and aviation industry is a dominant driving force behind the growth of the aerospace composites market. Evidently, Technological advancements are the key growth driver for the growth of the market.
Technological advancements transpired in the production process of these composites have certainly been supporting to suffice the augmented demand, eventually escalating the aerospace composites market to the next level.
Reduction in weight is particularly important in an environment where fuel prices are skyrocketing, and governments are continually tightening emission control standards. Hence, Aircraft manufacturers and OEMs are increasingly using these composites for various aircraft interiors and components. As a result, the usage of composites is expected to witness a surge by over 40%, in the next ten years.
Also, there is an increasing demand for carbon fiber composites in the defense and aerospace sector. The reason behind this is properties that carbon composites render such as lightweight, high strength, weather-resistant finish, and different surface textures. The usage of carbon fiber composites is projected to account for nearly 75% of the total composites used in aircraft manufacturing.
Global Aerospace Composites Market - Segmentation
For ease of understanding, the analysis is segmented into three key dynamics:
By Type: Glass Fiber, Carbon Fiber, and Aramid Fiber, among others.
By Applications: Commercial and Military.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Aerospace Composites Market - Geographical Analysis
North American region, heading with the presence of several manufacturers of aerospace parts, would continue its dominance over the global aerospace composites market. Factors such as the increasing number of carbon fiber composites manufacturing plants led by the augmenting demand for carbon fiber composites are acting as a major driving force for the regional market. Countries such as the USA, Canada, and Mexico are projected to be key contributors to the growth of the aerospace composites market in the region.
The aerospace composites market in the European region accounts for the second-largest market, globally. Europe has been witnessing significant growth in the aerospace composites market, which is led by the well-established the aviation industry and the defense sector. It is projected that some European countries, such as the UK, Germany, and Italy, would lead the regional market due to the huge consumption of aerospace composites.
The Asia Pacific aerospace composites market is emerging as a profitable market, globally. Factors such as the spurting rise in the number of air travels and the presence of evolving global aircraft leaders in the region have increased the growth of the aerospace composites market.
Furthermore, owing to the increased number of low-cost carriers and rising demand for the product, the APAC market is expected to witness healthy growth throughout the forecast period. Countries such as China, Japan, and India have become apparent as the leading players in this region.
The Middle East & Africa region is predicted to witness significant growth in the market due to the growing use of aerospace composites, presence of aircraft competitors and the increasing number of MRO activities of aircraft in the region.
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Key players leading the global aerospace composites market include Solvay Group (Belgium), Owen Corning (US), Teijin Limited (Japan), Toray Industries, Ltd. (Japan), Royal Ten Cate (Netherlands), Hexcel Corporation (US), Kaman (US), SGL Group (Germany), General Electric (US), and Koninklijke Ten Cate BV (Netherlands) among others.