December 23, 2020
According to the research report titled ‘Global Aerospace Composites Market Size study, by Fiber Type (Carbon, Ceramic, Glass, Others), Manufacturing Process (AFP/ATL, Lay-up, Resin Transfer Molding, Filament Winding, Others), Aircraft Type (Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global aerospace composites market accounted for USD 22.21 billion in 2019 and is expected to record a CAGR of 11.6% through 2027.
Rising demand for composite materials from aerospace manufacturing vertical, due to extensive purchase of aircrafts, is driving the global aerospace composites market growth. According to Dubai Airshow report, middle-east region yearly expenditure on defense is estimated to reach USD 117 by 2023 and around 3000 commercial planes will be purchased in the next 20 year.
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Beneficial properties of the composite materials, such as light-weight and high tensile strength, leading to superior fuel efficiency and reduction in maintenance costs of the aircrafts, are propelling the growth of global aerospace composites industry. Also, increasing government norms aimed at reduction of emissions encourages OEMs to use aerospace composites, thereby contributing to the market growth. However, disruptions in the aerospace industry due to the COVID-19 outbreak, and fluctuations in raw material prices will hamper the market remuneration over the next couple of years.
Based on aircraft type, global aerospace composites market is segmented into civil helicopter, commercial aircraft, military aircraft, and business & general aviation. Speaking of fiber type, the industry is divided into glass, carbon, ceramic, and others. With respect to manufacturing process, the market is classified into filament winding, AFP/ATL, resin transfer molding, lay-up, and others.
From a regional frame of reference, worldwide aerospace composites market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to well-established aerospace sector, and abundant leading manufacturers in the region. Meanwhile, the APAC market is likely to witness the highest CAGR during the forecast period, due to rising disposable income of individuals, surging population, and increasing preference for air travel in the region.
Major players operating in global aerospace composites market sphere include Hexcel Corporation, SGL Carbon SE, Solvay S.A., Mitsubishi Chemical Holdings Corporation, Cytec industries, Inc., Spirit AeroSystems, Inc., Teijin Limited, JPS Composite Materials Corporation, Toray Industries, Inc., Argosy International, Inc.