Aerospace Composites Market: Snapshot
The increasing demand for lightweight composite materials in aircraft manufacturing is the chief driver of the global aerospace composites market. The demand for better fuel-efficiency and curbing the chances of increased carbon emission in future will compel aircraft manufacturers to look for advanced composite materials. Spurred by these factors, the global aerospace composites market is forecast to exhibit robust growth in the coming years. In the military sector, the use of composite materials will rise to cater to the need for increasing mission duration and loiter time for aircrafts.
Despite forecasts for its positive run, the aerospace market is reeling under the challenge of high cost of manufacturing. Expenditure incurred during fabrication and designing of composites is considerably high. In addition, the cost of carbon fiber composites, widely used in the aerospace industry, is less likely to reduce any time in the near future. Besides this, existing challenge of transferring skills will continue haunting the market players also in the forthcoming years.
According to Transparency Market Research (TMR), the global aerospace composites market is forecast to exhibit a CAGR of 9.1% between 2016 and 2024. At this pace, the market’s valuation is expected to reach US$24.8 bn by the end of 2024, from US$11.5 bn in 2015.
Despite High Cost, Carbon Fiber Composites to Continue Dominating the Market
Based on the product type, the global aerospace composites market is segmented into carbon fiber composites, glass fiber composites, aramid fiber composites and others, which include ceramic and metal fiber composites. The production of carbon fiber composites is a complex undertaking as it takes a number of intermediate steps to complete the process. The complexity inherent in the manufacturing of carbon fiber composites is the one that adds value to the structures made from it. Other composites such as glass fiber composites and aramid fiber composites are comparatively easy to manufacture. However, these are unlikely to outperform carbon fiber composites in terms of fuel efficiency and low carbon emissions. According to TMR, carbon fiber composites constituted the leading product-based segment, with a volume share of nearly 53% in the overall market in 2015.
Europe and Asia Pacific to Emerge as Lucrative Regional Markets
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 accounted for the leading market share in 2015. The regional market was followed by its counterparts in Europe, Asia-Pacific, Latin America and Middle East & Africa. Fleet expansion activities, increased competition among global aircraft leaders such as Boeing, expansion of low cost carriers and clause relaxation are the key drivers of the market in the North America region.
In Europe, the aerospace composites market is riding on the competition from high speed trains, increased domestic aviation and other modes of travelling. Asia Pacific is an attractive region for the aerospace composites market as it showed a considerable rise in air passenger traffic and emergence of global aircraft leaders into the region. In Latin America, the market is expected to witness a robust growth owing to the increased number of low cost carriers and rising demand from emerging economies like Brazil. The presence of one of the prominent aircraft competitors Embraer will also aid the market’s expansion in the region. The Middle East & Africa is also anticipated to have a growth potential owing to the presence of aircraft competitors and the growing number of maintenance, repair, and operational activities in the region
Key players operating in the aerospace composites market include Cytec Solvay Group, Hexcel Corporation, Koninklijke TenCate, BASF SE, Toray Industries Inc., SGL-The Carbon Company, Huntsman International LLC and Argosy International LLC.
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:
Aerospace Composites Market – Product Type Analysis
- Carbon Fiber Composites
- Glass Fiber Composites
- Aramid Fiber Composites
Aerospace Composites Market – Application Type Analysis
- Commercial & Business Aircraft
Aerospace Composites Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America