Aerospace Composites Market is anticipated to grow at a CAGR of ~7.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Aerospace Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030.” According to the report, the global aerospace composites market accounted for over US$ 20 billion in 2019. It is anticipated to grow at a CAGR of ~7.5% from 2020 to 2030.
The aerospace industry utilizes a major chunk of composites including fiberglass, carbon/graphite, ceramic, and aramid, or a combination of these. These materials are utilized extensively in interiors, wings, and fuselage, among others. The widespread utilization of composites in aerospace manufacturing is owing to several unique properties that they possess such as lightweight and resistance to high temperatures, impact loads, stress, & shocks. Moreover, the utilization of such composites in aircraft reduces corrosion, minimizing maintenance & repair costs drastically.
The growing preference for air travel, rising tourism industry, airlines offering cost-effective travel packages, and growing concerns regarding aircraft fuel efficiency are among the primary factors driving the market growth. Similarly, the emergence of low-cost carriers and improved standard of living in emerging economies will also contribute to the overall market growth. On the other hand, the airline industry is witnessing reduced air traffic since early 2020 as a result of the global COVID-19 pandemic. The shutdown of aircraft manufacturing facilities due to reduced demand from airlines is hampering the market growth to a certain extent.
Moreover, Airbus and Boeing suffered from order cancellations as a result of accidents suffered by Malaysian and Ethiopian airlines in October 2018 and March 2019 respectively. This resulted in the grounding of Boeing 737MAX worldwide. However, newer commercial aircraft projects undertaken by Boeing such as, such as 787, 777X, and A350XWB, utilize significant amounts of carbon composites. It is estimated that approximately 55% of the airframe consists of carbon composites.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/aerospace-composites-market/385
Manufacturers are investing heavily in the development of composites having a high strength-to-weight ratio and excellent impact strength. They are further focused on lightweight and cost-effectiveness. This will not only drive market growth but also offer lucrative growth opportunities to new & established market players. However, the aerospace composites market is capital-intensive and it is crucial for manufacturers to maintain a steady flow of finances during challenging times that the world is facing presently.
North America is expected to hold the major share of the global aerospace composites market followed by Europe. The large market share in these regions is primarily owing to the utilization of such composites in the manufacture of commercial & military aircraft. The Asia Pacific is considered to be the fastest-growing region for aerospace composites owing to the increased demand from aircraft manufacturers, the presence of leading manufacturers in the region, and the availability of low manufacturing & labor costs. Moreover, China leads the regional market followed by Japan and Singapore.
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.
Market Industry Reports (MIR) believes in sharing accurate market-related insights. The information that we obtain is from authentic sources and key opinion leaders in the industry. We take efforts to ensure that the information published by us is both reliable and accurate; however, we take no liabilities for any inaccuracy in the information obtained from users, manufacturers, or other sources; opinion, projections, and estimates may be subject to fluctuations and changes.
This report is intended for internal use by the customer and not for disclosure to third parties or general publications. No part of the report or the report as a whole may be reproduced, resold, lent, circulated or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without explicit permission from MIR. Neither MIR nor any of our partner companies take responsibility for any short-term or long-term decisions taken by our clients based on insights present in our publications.