Aerospace Composites Market:
Growth opportunities in the aerospace composites market look promising over the next six years. This is mainly due to the growing air traffic followed by the rising number of approaching low-cost carriers in Asian and Latin American countries for easier air travel and the strong demand for composite material in the aerospace sector.
Aerospace Composites Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the prominent factors driving the growth of the global aerospace composites market is the robust demand for composite material in the aerospace sector. The aerospace industry is one of the biggest consumers for composite materials because of their lightweight and application in interior and exterior parts. Furthermore, the surging traffic accompanied by the rising number of prospective low-cost carriers in Latin America and Asian countries for soother air travel will further strengthen the aerospace composites market size. The market is also stimulated by the excessive demand for aerospace composites across the civil-aviation sector, primarily in the single and twin-aisle mainline aircraft and business jets. Boeing, since 2013 has been producing nearly about five 787 Dreamliners per month which consists of composite horizontal stabilizer components. Therefore, the rising production of such aircraft will further fuel the growth of the aerospace composites industry.
The rigorous rules regarding less consumption of fuel support the end-users to choose aerospace composite materials. For instance, in 2018, Airbus launched the new fuel-efficient and widebody aircraft A350XWB, with 53% composite in the fuselage. Moreover, the growing demand for aerospace composites, mainly in general aviation, helicopters, business jets, commercial & military aircraft, and spacecraft manufacturing, will boost the market demand.
However, the paramount safety and security towards aviation structure regarding aerospace composites testing at every step. The overall testing expenditure is quite huge, thus resulting in certain skepticism for the utilization of composites materials.
Application Segment Drivers
Based on the application, the exterior segment is projected to lead the market during the forecast period. Aerospace composites offer significant advantages, including flexibility, higher strength, durability, stability, lightweight, and resilience to heat, temperature, and moisture, thus making them suitable for exterior usage. Also, aerospace composites, including carbon fiber composites, are used mainly for airframe structures, including leading and trailing edges, landing gears, undercarriages, and wings, therefore propelling market growth.
Regional Drivers
Based on the regional coverage, North America is anticipated to dominate the market over the forecast period. This is due to the enormous demand for lightweight materials in the aerospace sector. Also, the accelerating consumption of aerospace in exterior and interior parts of military aircraft will contribute to the market growth. The U.S. is one of the top countries in the defence and aerospace sector and the biggest consumer of aerospace composites, both in value and volume. The prevalence of various leading companies such as the General Electric Company and Boeing Company indirectly adds to the market growth.
Aerospace Composites Market’s leading Manufacturers:
- Lee Aerospace
- Owens Corning
- SGL Carbon
- Hexcel Corporation
- TORAY INDUSTRIES, INC.
- Spirit AeroSystems, Inc.
- Materion Corporation
- TEIJIN LIMITED
- Mitsubishi Chemical Holdings Corporation
- Solvay
Aerospace Composites Market Segmentation:
Segmentation by Material:
- Carbon Fiber
- Ceramic Fiber
- Fiberglass
- Aramid
- Others
Segmentation by Application:
- Interior
- Exterior
Segmentation by Aircraft Type:
- Military
- Commercial
- General Aviation
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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