Aerospace Composites Market

Description

Introduction

Valued at US$ XX in 2017, the global aerospace composites market is projected to reach a value of US$ XX by 2022, registering a CAGR of XX%. This level of growth in the market comes amidst factors that have been weighing down the importance of lighter substitutes (such as those made from carbon fibre) to full metal alternatives in aircraft designs, helping decrease fuel consumption and increasing load capacity.

Market Dynamics

Aerospace composites boast higher strength and lighter weight, due to which they are seen as favourable substitutes to conventional aluminium counterparts. Composites are often used to make exterior structures such as wings, undercarriages, and fuselages. Manufacturers have started taking to composites, especially for exterior structures, owing to how they help model wide base aircrafts that boast better fuel efficiency.

With the growing demand for aircrafts worldwide and modern models exhibiting higher significant percentages of composite utilisation in airframe structures, the aerospace composites market will witness a healthy growth throughout the forecast period.

With end-users shifting their focus towards the necessity for better quality composites, manufacturers are now trying to provide retrofit solutions and upgrades while striving to maintain equilibrium between quality and costs. Also, recent concerns towards preserving ecological integrity have influenced governments to introduce regulatory reforms favouring eco-friendly composites. This comes as an added advantage to the market and its growth opportunities in the future, especially since the carbon fibre segment being the largest segment in the market.

Market Segmentation

The global aerospace composites market can be segmented on the basis of application into glass fibre, carbon fibre, and aramid fibre. Carbon fibre is observed to have the largest market share and is expected to grow at the highest CAGR in the market. Composites made of carbon fibre have long replaced aluminium counterparts in upcoming models, with composites that are fashionable for both primary as well as secondary aircraft structures.

Geographical Analysis

Regionally, the global aerospace composites market is segregated into three major segments – Asia-Pacific, Americas, and Europe, Middle-East and Asia (EMEA).

• The Americas dominate in terms of total market share, specifically the North American sub-segment. This is attributed to high demand, regulatory norms in favour of eco-friendly composites (such as carbon-fibre), and presence of large number of composite manufacturers.
• Asia-Pacific has been faring very well in recent times, owing to increased adoption of automated manufacturing in the region. This has brought about tremendous progress in the industry and has helped segregate the Asian vendors from others by their sophisticated and technologically advanced production method. With this taken into account, Asia-Pacific is expected to fair really well during the forecast period, and might even emerge as the fastest growing regional segment in the market.

Key players

Key players in the market include Cytec Industries, Owens Corning, Mitsubishi Rayon, Hexcel, Hartzell Aerospace, Hyosung, Koninklijke Ten Cate, Kaman, Teijin Aramid, and SGL Group.