Aerospace Composites has gained importance in the past few years. Novelty has introduced a broad range of variation in the existing products escalating demand in the global aerospace composites market. Globally, the market has been mounting at an exceptional rate over the past few decades and is projected to sustain the pace in the future too. There are numerous aspects that drive the demand in global aerospace composites market. Rising demand for lightweight composite materials in aircraft production is the prime aspect of the global aerospace composites market.
As stated by an analyst of Transparency Market Research (TMR), the global aerospace composites market was treasured at US$11.5 bn in 2015, and is projected to expand at a steady 9.1% CAGR between 2016 to 2024. The market is expected to reach US$24.8 bn by the end of 2024. Introduction of cutting-edge products attracting the eyes of youth and unique marketing approaches are garnering request in the global aerospace composites market. Further, brands will be looking at exploring new avenues in geographies to stay ahead in the market.
Carbon Fiber Composites to Lead the Global Aerospace Composites Market
Based on the type of products, the global aerospace composites market is divided into aramid fiber composites, carbon fiber composites, and glass fiber composites. Of this, carbon fiber composites constituted the leading product-based segment, with a volume share of nearly 53% in the overall market in 2015.
At the moment, composites are manufactured via autoclave process majorly. This process utilizes pressurized vessels at high temperature to producing composite materials. However, the autoclave process is extensively adopted in production process, it requires substantial time for processing, cost, and energy. This increases the global cost of the composite material manufactured.
On the basis of applications, the global aerospace composites market is divided into commercial & business aircraft, military, helicopters, and space. Among these, the aircrafts, helicopters and space are likely to remain dominant in the market in the coming years. Composites are ever more utilized in the exterior of aircraft with an aim to control the possible of composites including abrasion resistance, lightweight, and corrosion resistance.
Asia Pacific Holds a Bright Future in the Global Aerospace Composites Market
In terms of geography, the global aerospace composites market has been segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. In terms of demand, North America is expected to lead the global aerospace composites market in the coming years. The regional market was followed by its counterparts in Europe, Asia-Pacific, Latin America and Middle East & Africa.
The aerospace composites market in India is highly competitive with the existence of a few companies currently. It is projected that the growth of the market may attract global enterprises to enter the Indian market in the forthcoming years to capture a larger chunk of the growing aerospace composites market. Furthermore, it is also projected that the current enterprises may create better technological proficiencies in the future to remain in competition for long run.
Some of the key players in the global aerospace composites market are Toray Industries Inc., Huntsman International LLC, Hexcel Corporation, SGL-The Carbon Company, and Cytec Solvay Group.
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