Aerospace Composites Market

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.