The Aerospace Composites Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Aerospace composite has emerged as an important component in the aerospace and aviation industry. The demand for high strength and lightweight materials is continuously increasing with rising air movement. Aerospace composites are high performance materials developed for manufacturing of aerospace components. Increasing disposable income has triggered the adoption of airways as preferred means of passenger transportation across the globe. Additionally, the growth of commercial fleets for cargo movement has increased significantly during past couple of decades. This has fueled the number of commercial aircraft orders, with increasing backlog for leading aircraft manufacturers. The aerospace composites help in improving the performance of aircrafts by reducing airframe weight and increasing structural strength. This is anticipated to fuel the growth of aerospace composites market during the forecast period. However, due to government mandate to ensure social distancing in an attempt to prevent spread of COVID-19 has disrupted the production and supply of aircrafts and associated components market. This is anticipated to impede the growth of the global aerospace composites market in coming years. The global aerospace composites market is anticipated to rebound to its original market strength post COVID-19 to exhibit a steady growth during the forecast period.
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Excellent properties offered by carbon fiber composites to drive the growth of market
The global aerospace composites market is segmented on the basis of fiber type, resin type, manufacturing process, aircraft type, application, and geography. Based on fiber type, the global aerospace composites market is segmented into carbon fiber composites, ceramic fiber composites, glass fiber composites, and others. The carbon fiber composites contributed a dominating share to the global aerospace composites market in 2019 owing to strong demand fueled by high strength, weather resistivity, wide range of surface textures, and lightweight of the carbon fiber composites. Increasing number of carbon fiber manufacturers globally is anticipated to fuel the growth of aerospace composites market during the forecast period.
Increasing penetration of aerospace composites and rising number of aircraft deliveries to drive the growth of commercial aircraft segment
Based on aircraft type, the global aerospace composites market is segmented into commercial aircraft, business aviation, civil helicopters, military aircraft & helicopters, and others. The commercial aircraft segment contributed a dominating share to the global aerospace composites market owing to increased number of orders and deliveries of commercial aircraft from emerging countries across the globe. The increasing penetration of aerospace composite across the commercial aircrafts to reduce weight of airframe and increase passenger carrying capacity is expected to be the prime factor contributing towards strong demand for aerospace composites in commercial aircraft manufacturing.
Based on geography, the global aerospace composites market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global aerospace composites market in 2019 owing to the presence of leading aircraft manufacturers. Increasing number of commercial and defense aircraft orders and increasing adoption of smart composite materials is anticipated to contribute towards the growth of North America aerospace composite material during the forecast period. Europe contributed a significant share to the global aerospace composites market in 2019 and is expected to witness steady growth during the forecast period.
Major players active in the global aerospace composites market include Hexcel Corporation, Koninklijke Ten Cate bv., Materion Corporation, Mitsubishi Chemical Corporation, Owens Corning, Renegade Materials Corporation, SGL Carbon, Solvay (Cytec Industries Incorporated), Teijin Limited, and TORAY INDUSTRIES, INC.
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