The aerospace sector of a region holds immense relevance for national authorities and state planners. Several indicators of national growth and development use the performance of the aerospace sector to evaluate various metrics. Furthermore, aerospace operations have helped a number of countries in gathering the reins of development and national progress. In this scenario, the investment index of the global aerospace composites market is expected to improve in the years to follow. Aerospace composites help in enhancing the performance of various equipment and aids. In this scenario, the global value of the aerospace composites market is projected to increase in the times to follow.
- The aerospace sector hosts a robust manufacturing, repair, and overhaul (MRO) domain. The presence of an ever-evolving MRO sector has been a gamechanger for the global aerospace industry. Therefore, the total worth of the global aerospace composites market is slated to escalate in the years to follow. The aerospace sector functions in conjunction with the defense industry, and this is an important consideration from the perspective of evaluating market growth. The interdependence of the two industries has paved way for the inflow of fresh revenues across the aerospace composites market. Aerospace technologies have played a defining role in ascertaining growth across national territories.
- Over the course of the next decade, investments in aerospace research could increase by a noticeable margin. These investments are projected to trickle down to the global aerospace composites market in the years to follow. Furthermore, research related to the development of high-performance composites has also garnered the attention of the masses. Aerospace engineering is an investment-heavy area, creating new inlets for market growth. Government authorities have played an integral role in enhancing the functional dynamics of the aerospace sector. This is an important dynamic responsible for the expansion of the global aerospace composites market.
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.
Global Aerospace Composites Market: Overview
Aerospace composites are the composite material systems which find applications in the aviation industry due to their key chemical and mechanical properties. The composite materials commonly used in the aerospace industry are carbon fiber composites, glass fiber composites and aramid fiber composites. Application segments of global aerospace composites include commercial & business aircraft, helicopters, military and space. Carbon fiber composites are the commonly used composite material in the aerospace industry due to high fuel efficiency and low carbon emission. Increasing air passenger traffic, emerging economies and growing number of low cost carriers are expected to boost the market. Recent trend of spending heavily on military and space programs are expected to fuel the growth of the aerospace market in near future.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Global Aerospace Composites Market: Scope of the Report
The report estimates and forecasts the aerospace composites market on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (Tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the aerospace composites market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the aerospace composites market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes global average price trend analysis of aerospace composites.
The report includes Porter’s Five Forces Model to determine the degree of competition in the aerospace composites market. The report comprises a qualitative write-up on market attractiveness analysis, wherein application and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for aerospace composites between 2016 and 2024.
Global Aerospace Composites Market: Key Segments
The study provides a comprehensive view of the aerospace composites market by dividing it into product type, application and geography. The aerospace composites market has been segmented into carbon fiber composites, glass fiber composites, aramid fiber composites and others. Application segments have been analyzed based on commercial & business aircraft, military, helicopters and space .The aerospace composites market has been estimated in terms of volume (Tons) and revenue (US$ Mn) between 2016 and 2024.
Companies Mentioned in Report
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Cytec Solvay Group, Hexcel Corporation, Koninklijke TenCate, Toray Industries Inc., BASF SE, SGL-The Carbon Company. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
The global aerospace composites market has been segmented as follows:
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