Aerospace Composites Market By Fiber (Glass, Carbon/Graphite, and Ceramic), By Resin (Thermosetting [Epoxy, Phenolics, Polyester, and Polyimides] and Thermoplastic [Polyether Ether Ether Ketone, Polysulfones, and Polyetherimide]), By Aircraft (Commercial Aircraft, General Aviation, and Military Aircraft), By Application (Interior and Exterior) - Global Analysis and Forecast 2020-2030
Report ID : 385 | Published Date : Aug 2020 | Pages : 160 | Region : Global | Report Code : CM-36
Aerospace Composites Market Overview and Introduction
Various kinds of composites, such as glass, carbon/graphite, ceramic, and amarid are utilized to manufacture different parts of an aircraft. The utilization of composites in aircraft manufacturing makes the parts lightweight and corrosion-resistant, further minimizing maintenance costs. Over 50 percent of modern-day aircraft components are built with composites. Such wide-scale adoption of composites is owing to properties that they possess including resistance to high temperatures, impact loads, stress, and shocks.
Growing concerns regarding aircraft fuel efficiency, rising air travel as a result of growing tourism, growing preference for air travel, and airlines offering economic travel packages will drive the adoption of aerospace composites during the forecast timeframe. Also, the availability of low-cost carriers and rising disposable income in developing countries will contribute to considerable market growth. However, the reduced demand for aerospace composites, shutting down manufacturing facilities, and the impact of COVID -19 on travel & tourism will hamper the market growth to a certain extent.
The global aerospace composites market can be segmented into fiber type, resin, aircraft, application, and region.
Aerospace Composites Market Size By Fiber
Based on fiber, the global aerospace composites market can be segmented into glass, carbon/graphite, ceramic, and others. The carbon segment will grow at the highest CAGR on account of its extensive utilization in wings, fuselage, engine nacelles, fan casings, floorboards, and interiors. Carbon composites offer a high strength-to-weight ratio and excellent anti-corrosive property, low weight, high chemical resistance, and low thermal expansion.
Aerospace Composites Market Size By Resin
Based on resin, the global aerospace composites market can be segmented into thermosetting and thermoplastic. The thermosetting segment is further classified into epoxy, phenolics, polyester, and polyimides. Similarly, the thermoplastic segment is further classified into polyether ether ether ketone, polysulfones, and polyetherimide. Thermosetting resins are utilized to produce complex structural shapes and enable strong impregnation of fibers owing to low viscosity and high reactivity. Thermosetting resins will dominate the market during the forecast period. Epoxy resins will play a key role in the growth of the thermosetting segment owing to high strength, durability, chemical resistance, and compatibility with carbon.
Aerospace Composites Market Size By Aircraft
Based on aircraft, the global aerospace composites market can be segmented into commercial aircraft, general aviation, military aircraft, and others. The commercial aircraft segment will dominate the global aerospace composites market during the forecast period. This growth can be attributed to the increased preference for aerospace composites over aluminum alloys. Also, rising inclination of manufacturers toward enhanced fuel efficiency due to stringent emission standards will play a significant role in the growth of this segment.
Aerospace Composites Market Size By Application
Based on the application, the global aerospace composites market can be segmented into interior and exterior. The exterior segment will surpass the interior segment due to increased preference for composites to manufacture fuselages, stabilizers, tails, wings, elevators, and other exterior parts. The shifting preference of manufacturers is owing to properties of composites such as damage tolerance, higher operating temperatures, better curing properties, excellent strength-to-weight ratio, high stiffness, and better resistance to harsh environments.
Aerospace Composites Market Size By Region
Based on the region, the global aerospace composites market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America will dominate the global aerospace composites market followed by Europe. However, Asia Pacific will grow at the highest CAGR owing to the increased demand from aircraft manufacturers, the presence of leading manufacturers in the region, and the availability of low manufacturing & labor costs.
Some of the key players in the global aerospace composites market include Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings, Solvay, Hexcel Corporation, Spirit AeroSystems, SGL Group, Huntsman International, OWENS CORNING, and Kaneka Corporation, among others.