North America aerospace composites
market valued over USD 1.17 billion in 2016 and is estimated to exhibit over 7%
CAGR over the forecast timeframe.
Aerospace
Composites Market size is
estimated to surpass USD 5 billion by 2024; according to a new research report
by Global Market Insights, Inc.
Global aerospace composites are
expected to cross 70 thousand tons till 2024. Continuously rising demand for
commercial aircrafts along with growing defense sector will primarily drive the
growth over the forecast timespan. Rising passenger traffic travelling by air
across the globe will also have a positive impact on the aerospace composites
market size.
Huge investments by various governments in
aerospace business will spur the aerospace composites market growth till 2024.
The economies that are witnessing rapid growth in aerospace industry are forecasted
to possess robust growth prospects over the coming years. These investments
will contribute significantly towards the high revenue generation over the next
eight years. However, complex manufacturing processes may hamper the aerospace
composites market growth.
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Advanced fiber recycling, especially
for carbon fiber will be witnessed as an emerging trend over the coming years.
The significant potential demand of reclaimed fibers can be attributed to their
high value, recovered high strength, and high modulus aerospace grade fibers
that retain better properties. One of the key innovations is the complete
digitization of the aerospace industry. This includes real-time resource
planning & allocation and high-tech enabled equipment and engines that notify
the maintenance staff & operations centers during issues in the aircrafts.
Carbon fiber will account for highest
revenue share in the industry crossing USD 3.5 billion till 2024. Rising demand
from commercial airline operators for their external structural operations will
support the aerospace composites market dominance. These external operations
are the primary & secondary aircraft structures that include wings,
fuselage, undercarriage, and propulsion systems. Reduction in the raw material
cost for production of carbon fiber will further escalate the aerospace
composites market growth.
Aramid fiber will grow at over 7% CAGR
from 2017 to 2024 owing to the provision of all-weather operation of commercial
aircrafts and an enhanced vision system. Moreover, the features such as
temperature stability and durability will further support the aerospace
composites market growth over the coming years.
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Thermosetting resins is anticipated to
dominate the industry with over 75% revenue share and will generate over 52
thousand tons till 2024. The high revenue generation can be attributed to
numerous benefits such as resistance to high temperatures, fatigue strength,
enhanced finishing, excellent adhesion, and resistance to solvents &
corrosives. High usage of Epoxy and Phenolics in aircraft internal structures will
further support the aerospace composites market dominance. Thermoplastics will
exhibit approximately 9% CAGR over the forecast timeframe owing to higher shelf
life as compared to its counterpart. Less requirement of curing time and easy
molding into various shapes will further escalate the growth of aerospace
composites market.
Commercial aircraft is expected to
dominate the aerospace composites market with 52% revenue share over the next
eight years owing to rising usage of composites, especially carbon fiber in
these aircrafts. Increasing expenditure in defense will support the high
revenue generation till 2024. Military aircrafts will grow exponentially owing
to the rising investments in military aviation across the globe. For instance,
the military aviation sector in India is expected to invest approximately USD
35 billion over the next 20 years.
Exterior applications will account for
over USD 3 billion over the forecast timeline owing to the extensive usage of
aerospace composites in exterior structural aircraft applications. The use of
composites enables for 20% weight reduction along with low production time and
higher damage tolerance during the production. Interior application will grow
at over 8% CAGR from 2017 to 2024. Increased fuel efficiency and higher
passenger comfort are among the key factors fueling the growth of aerospace
composites market from interior application.
North America aerospace composites
market is anticipated to cross USD 2 billion, capturing almost 40% revenue
share till 2024. Higher consumer spending along with the constant ageing of
commercial aircraft are among the primary factors influencing the overall
product penetration in the region. Additionally, huge investments in defense
sector in developed countries such as U.S. will induce immense potential to the
regional growth. Asia Pacific aerospace composites market will witness highest
growth rate over the forecast timeframe owing to rising demand of commercial
aircrafts across the region, especially in the emerging economies including
China.
Airbus, Boeing, BASF, E. I. du Pont de
Nemours, Huntsman International, Lee Aerospace, and Hindustan Aeronautics are
among the prominent players in the aerospace composites market. Other notable
players include ACT Aerospace, Gurit Holding AG, Hexcel, Cytec Industries,
Teijin Ltd, and Axioms Materials.
aerospace composites market players
focus on aircraft commercialization and extensive utilization of carbon fiber
for their product enhancement. For instance, Boeing and Airbus are shifting
their focus on commercialization of their advanced passenger aircrafts with
wide body that use considerable amount of carbon fiber in their structures,
therefore escalating the aerospace composites market demand.
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About
Global Market Insights:
Global Market Insights, Inc.,
headquartered in Delaware, U.S., is a global market research and consulting
service provider; offering syndicated and custom research reports along with
growth consulting services. Our business intelligence and industry research
reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These
exhaustive reports are designed via a proprietary research methodology and are
available for key industries such as chemicals, advanced materials, technology,
renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com/
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com/
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