The aerospace composites market is projected to reach USD 42.97 billion by 2022, from an estimated USD 26.87 billion by 2017, at a CAGR of 9.85% between 2017 and 2022. Increasing use of aerospace composites in the exterior and interior of commercial and military aircraft is driving the growth of the aerospace composites market across the globe. However, high processing and manufacturing costs of aerospace composites and lack of standardization in aerospace composite manufacturing technologies are the factors expected to restrain the growth of the aerospace composites market during the forecast period.
The commercial aircraft segment is projected to lead the aerospace composites market, in terms of both volume and value, during the forecast period.
The commercial aircraft segment is projected to lead the aerospace composites market during the forecast period. The growth of this segment can be attributed to the increased use of aerospace composites in aircraft structures. Aerospace composites are used in various aircraft structures such as wings, fuselage, and aircraft interiors, among others, as these can survive extreme operating conditions such as high stress, shocks, and impact loads. Thus, there is an increase in the demand for aerospace composites for the manufacture of new generation aircraft such as Airbus A350 XWB and A320neo, and the Boeing 787 and 737 MAX.
The North America aerospace composites market is projected to grow at the highest CAGR in terms of both, value and volume between 2017 and 2022
North America is expected to be the fastest-growing market for aerospace composites during the forecast period. Increased number of aircraft deliveries, clearance in the backlog of aircraft orders by commercial airline companies, and replacement of old aircraft with advanced ones is driving the growth of the aerospace composites market in North America. The US leads the market for aerospace composites in North America. The penetration of aerospace composites in the US aerospace industry is expected to increase due to the capacity expansion for the production of aerospace composites by major composite manufacturers, increased budget for defense aircraft programs, and growth in the aerospace industry due to a stable economy.
In the process of determining and verifying the market sizes gathered through secondary research for the aerospace composites market, its segments and subsegments, extensive primary interviews have been conducted.
The breakdown of these primary interviews has been given as follows:
• By Company Type: Tier 1-10%, Tier 2-25%, and Tier 3-65%.
• By Designation: C-level-10%, Director Level-30%, and Others-60%
• By Region: North America-20%, Europe-15%, Asia Pacific-45%, Latin America-11%, and the Middle East & Africa-9%
Aerospace composites are also being used in various other applications such as medical, oil & gas, and energy & power, among others. These are being used to manufacture reactors and healthcare equipment, among others.
The key players profiled in the report are as follows:
1. Solvay Group (Belgium)
2. Toray Industries, Ltd. (Japan)
3. Teijin Ltd. (Japan)
4. Hexcel Corporation (US)
5. Royal Ten Cate (Netherlands)
6. SGL Group (Germany)
7. Owens Corning (US)
8. Mitsubishi Rayon Co., Ltd. (Japan)
9. Materion Corporation (US)
10. Renegade Materials Corporation (US)
This report covers the global aerospace composites market and forecasts the market size till 2022. The report includes market segmentation on the basis of fiber type, resin type, application, aircraft type, manufacturing process, and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The Porter’s Five Force analysis, along with drivers, restraints, challenges, and opportunities of the market have been discussed in the report. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Reasons To Buy THE REPORT
The report is expected to help market leaders/new entrants in the aerospace composites market in the following ways:
1. This report segments the aerospace composites market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different verticals and regions.
2. The report is expected to help the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report is expected to help stakeholders understand competitors and gain insights to enhance their positions in the aerospace composites market. The competitive landscape section includes the ecosystem of competitors, investments & expansions, new product launches, and agreements.