Aerospace Composites Market to cross 70.5 kilo tons consumption by 2024
Date: 2018-12-12   Author: Rahul Varpe  Category: #market

Aerospace Composites Market to cross 70.5 kilo tons consumption by 2024

Asia Pacific aerospace composites market will witness highest growth rate over the forecast timeframe owing to rising demand of commercial aircrafts across the region, especially in the emerging economies including China. North America aerospace composites market is anticipated to cross USD 2 billion, capturing almost 40% revenue share till 2024.

Higher consumer spending along with the constant ageing of commercial aircraft are among the primary factors influencing the overall product penetration in the region. Additionally, huge investments in defense sector in developed countries such as U.S. will induce immense potential to the regional growth. 

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The competitive landscape of aerospace composites market, inherently characterized by numerous integration strategies, is set to witness intense rivalry in the years ahead. The emergence of this prospective scenario can be primarily attributed to the fact that companies have been continuously striving to consolidate their position across the value chain, in a bid to reduce operational costs. Some of the biggest firms partaking in aerospace composites industry share, including the likes of BASF, Lee Aerospace, and Hexcel, have adopted the strategy of forward or backward integration between the composites manufacturers, raw material manufacturers, and distributors.

Furthermore, enhancement of productivity and production capacity are other vital strategies that companies have been deploying of late, pertaining to the rising demand from the commercial, business, and military aviation sectors. Unquestionably, the adoption of such tactics would cause quite a furor in aerospace composites market, on the grounds that all the companies partaking in the business share would be pressurized to come up with a range of unique products at reasonable costs, right from obtaining the raw material to developing and commercializing the products.

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Despite the pressure, it has been observed that companies are going the whole hog to strengthen their position in this fraternity, which has been predicted to surpass commendable heights of success in the years ahead. Estimates in fact, forecast aerospace composites market size to have been pegged at USD 2.5 billion in 2016.

North America has been touted to emerge as one of the most lucrative growth grounds for aerospace composites industry, perhaps on the grounds of the ever-expanding commercial and military airline sectors. The region in fact, accounted for the manufacture of close to 9,300 aircraft in 2016 alone. The extensive product penetration in the continent can be credited to the massive requirement of commercial aircraft and the marginally high consumer spending of late. Pertaining to the high demand for fuel efficiency and lightweight aircraft, North America aerospace composites market size was worth more than USD 1.17 billion in 2016.

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The United States is one of principal regions fulfilling the product demand in North America. The country is renowned for its extensive defense expenditure, which would be a major driving force for U.S. aerospace composites industry. Another significant reason for the development of the U.S. business space is the fact that most of the prominent players in aerospace composites market have their headquarters in the country. Having been housed in the nation, it goes without saying that the contributions of these firms toward the revenue of the aerospace composites market would have a considerable impact on the regional aerospace composites market outlook.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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