Aerospace Composites Market Overview
Aerospace Composites Market Research Report- Global Forecast to 2023 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 Report Information by Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), by Applications (Commercial and Military), and by Region - Forecast to 2023 : https://www.marketresearchfuture.com/reports/aerospace-composites-market-1242