Aerospace Composites Market to surpass USD 5 billion by 2024
Date: 2018-11-21   Author: Rahul Varpe  Category: #market

Aerospace Composites Market to surpass USD 5 billion by 2024

Global Market Insights, Inc. adds a new Aerospace Composites Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Global aerospace composites are expected to cross 70 thousand tons till 2024. Continuously rising demand for commercial aircrafts along with growing defense sector will primarily drive the growth over the forecast timespan. Rising passenger traffic travelling by air across the globe will also have a positive impact on the aerospace composites market size.

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Carbon fiber will account for highest revenue share in the industry crossing USD 3.5 billion till 2024. Rising demand from commercial airline operators for their external structural operations will support the aerospace composites market dominance. These external operations are the primary & secondary aircraft structures that include wings, fuselage, undercarriage, and propulsion systems. Reduction in the raw material cost for production of carbon fiber will further escalate the aerospace composites market growth.

Aramid fiber will grow at over 7% CAGR from 2017 to 2024 owing to the provision of all-weather operation of commercial aircrafts and an enhanced vision system. Moreover, the features such as temperature stability and durability will further support the aerospace composites market growth over the coming years.

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Commercial aircraft is expected to dominate the aerospace composites market with 52% revenue share over the next eight years owing to rising usage of composites, especially carbon fiber in these aircrafts. Increasing expenditure in defense will support the high revenue generation till 2024. Military aircrafts will grow exponentially owing to the rising investments in military aviation across the globe. For instance, the military aviation sector in India is expected to invest approximately USD 35 billion over the next 20 years.

Exterior applications will account for over USD 3 billion over the forecast timeline owing to the extensive usage of aerospace composites in exterior structural aircraft applications. The use of composites enables for 20% weight reduction along with low production time and higher damage tolerance during the production. Interior application will grow at over 8% CAGR from 2017 to 2024. Increased fuel efficiency and higher passenger comfort are among the key factors fueling the growth of aerospace composites market from interior application.

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. 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.

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Airbus, Boeing, BASF, E. I. du Pont de Nemours, Huntsman International, Lee Aerospace, and Hindustan Aeronautics are among the prominent players in the aerospace composites market. Other notable players include ACT Aerospace, Gurit Holding AG, Hexcel, Cytec Industries, Teijin Ltd, and Axioms Materials.

aerospace composites market players focus on aircraft commercialization and extensive utilization of carbon fiber for their product enhancement. For instance, Boeing and Airbus are shifting their focus on commercialization of their advanced passenger aircrafts with wide body that use considerable amount of carbon fiber in their structures, therefore escalating the aerospace composites market demand.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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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