A composite is formed by a combination of two or more distinct materials for achieving superior properties, among which one is a binding material (also known as matrix) and the other is reinforcement material (fiber), which are held together by resin. The components in different types of aircrafts are made up of composites. They help in reducing the weight of the components and increase efficiency of engines while decreasing fuel consumption. Moreover, they also impart characteristics such as fire resistance, durability, flexibility, and light weight to the components. With the booming aviation industry, the demand for fuel-efficient aircrafts has increased over the years, thereby boosting the market for aerospace composites as well.
Drivers & Restraints
The global aerospace composites market is growing at a significant rate due to the following factors:
- Rising demand for fuel-efficient aircrafts
- Increasing use of carbon fiber by aircrafts OEMs such as Boeing and Airbus
- Rapidly progressing countries in Asia-Pacific
- Better environmental resistances
- Favorable environmental regulations
Moreover, advancements in technology and the growing business jet market are likely to offer potential growth opportunities for this market. However, higher costs of carbon fiber and high maintenance, repair, and overhaul services cost may hamper the market growth. Moreover, recyclability of composites remains a major challenge for the market players.
Market Scenario
The worldwide aerospace composites market is estimated to hit $4,993.1 Million by the end of 2019, growing at a CAGR of 7.2% between 2014 and 2019. In 2013, Europe, North America, and Asia-Pacific dominated the market with over 85% of the market share. Among countries, the U.S. is the top consumer of aerospace composites. However, the market in Asia-Pacific is expected to flourish at a high growth rate, especially in emerging economies like China and India.
Among application, commercial aircrafts segment dominated the market with around 61.7% of the total market share. However, military aircrafts segment and business & general aviation segment are expected to be the fastest-growing markets over the forecast period, owing to the rising security concerns and increased defense spending. Based on product type, the market for glass fiber composites dominated the market with about 89.6% of the total market share, in terms of volume in 2013 due to its properties such as lighter weight, high corrosion resistance, short maintenance cycles, and increased fuel efficiency.
Hexcel Corporation (U.S.), Owens Corning (U.S.), Toray Industries, Inc. (Japan), SGL Group (Germany), and Cytec Industries Inc. (U.S.) are some of the leading market players operating the global market for aerospace composites.
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Research Scope
The market for aerospace composites has been studied and forecasted on the basis of following segmentation:
- Product Type: Glass Fiber, Carbon Fiber, Ceramic Matrix, Aramid Fiber, Metal Matrix
- Aircraft Parts: Fuselage, Wings, Empennage
- Application: Commercial Aircrafts, Military Aircrafts, Business & General Aviation, Helicopters
- Geography: Asia-Pacific, North America, Europe, RoW
