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Market Size – $32.61 billion in 2019, Market Growth – CAGR of 9.2%, Market Trends – High demand from developing countries.
NEW YORK, NY, UNITED STATES, Sept. 21, 2022 /EINPresswire.com/ — The rapid adoption of composites in aircraft and the adoption of new manufacturing technologies are driving the growth of the market.
According to a new report by Reports and Data, the global aerospace composites market is expected to reach $63.37 billion by 2027. The global aerospace composites market is expected to witness significant growth due to the increased production of aircraft due to the boom in the aerospace industry. The aerospace sector contributes a significant share of the composites market due to the increasing use of lightweight materials for interior and exterior parts. The increase in air travel coupled with the number of low-cost airlines coming to the emerging Asia-Pacific and Latin American economies to facilitate air travel is expected to be a key driver for the airline industry, leading to growth in the aerospace industry will lead composites market. Also, the improved standard of living in the Middle East associated with the laissez-faire aerospace industry has led to an increasing demand for cheap air travel, which is expected to have a positive impact on the market over the forecast period.
The aerospace composites market is expected to grow due to strong demand for commercial and military aircraft, helicopters, business jets, general aviation and spacecraft manufacturing. The growing demand for light and efficient aircraft is expected to bring immense opportunities to manufacturers of composite parts, materials and frames during the forecast period. Continued technological advances in the application of components and structures in aircraft are expected to result in high demand for aerospace composites. With the growing demand for aircraft and pending orders, the need for production has increased, which is likely to be one of the main reasons for the market penetration of aerospace composites.
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Major participants include Solvay Group, Hexcel Corporation, Royal Tencate NV, Teijin Limited, Toray Industries Inc., Royal DSM NV, SGL Group – The Carbon Company, Mitsubishi Rayon Co. Ltd., Renegade Materials Corporation and Quantum Composites, among others .
The effects of COVID-19:
The COVID-19 pandemic is expected to have a massive negative impact on the global Aerospace Composites market in 2020 due to the standstill in the aerospace industry. Post-pandemic, however, the trends discussed in the global market study persist.
Also, supply chain disruptions and production shutdowns have resulted in worsening prospects for their manufacture, which will lead to future supply and demand gaps. While the industry expects a return to near-normal conditions well before the end of 2020, the negative demand shock caused by the crisis is likely to persist.
Other key findings from the report suggest
• Composites also offer a simpler design compared to metals, which is expected to further fuel market demand. Demand for aerospace composites is expected to be high in civil aviation, especially for business jets, single-aisle aircraft and main aircraft.
• Carbon fiber composites, all types of composites, accounted for the largest market share in 2019. This is mainly due to the high demand for carbon fiber composites due to their high tensile strength, high chemical resistance, tolerance to high temperatures, low thermal expansion and exceptional resilience compared to other materials.
• The thermoset category had the largest market share by volume and value in 2019 based on resin type. The superior properties of thermoset resins, such as mechanical strength, corrosion resistance, and light weight, have led to their increasing acceptance in various aerospace applications. In addition, thermoset resins impart high stiffness and tensile strength to aircraft components, making them preferred in the aerospace industry.
• North America represented the largest share of the aerospace composites market in 2019. This is due to the presence of a broad base in the region for the manufacture of all aircraft types. The region is also a major exporter of commercial aircraft to the APAC, MEA and Europe regions.
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For the purposes of this report, reports and data have been segmented into the global Aerospace Composites Market on the basis of fiber type, resin type, application, aircraft type and region:
Fiber Type Outlook (Revenue, USD bn; 2017-2027)
Resin Types Outlook (Revenue, $Bn; 2017-2027)
Bid Outlook (Revenue, $Bn; 2017-2027)
Aircraft Types Outlook (Revenue, $Bn; 2017-2027)
Business and General Aviation
Regional Outlook (Revenue, $Bn; 2017-2027)
Important questions answered in the report
What will be the market size and growth rate in the forecast year?
What are the key factors driving the global Aerospace Composites market?
What are the risks and challenges ahead of the market?
Who are the key manufacturers in Aerospace Composites market space?
Which trend factors influence the market shares?
What are the main conclusions of Porter’s five forces model?
What are the global opportunities for expansion of the Global Aerospace Composites Market?
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Table of Contents:
Chapter 1. Market Summary
Chapter 2. Summary
Chapter 3. Indicative Metrics
Chapter 4. Aerospace Composites Market Segmentation and Impact Analysis
Chapter 5. Aerospace Composites Market by Fiber Type, Insights and Trends
Chapter 6. Aerospace Composites Market by Resin Type, Insights and Trends
Chapter 7. Aerospace Composites Market by Application Insights and Trends
Chapter 8. Aerospace Composites Market by Aircraft Type, Insights and Trends
Chapter 9. Regional Outlook for Aerospace Composites Market
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
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