ALBANY, New York, March 8, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Aerospace Composites Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global aerospace market was valued at US$ 11.5 Bn in 2015 and is anticipated to reach US$ 24.8 Bn by 2024, expanding at a CAGR of 9.1 % between 2016 and 2024.
Aerospace composite materials are the composite materials which are used in the aviation industry due to their attractive mechanical and chemical properties. Carbon fiber composites and glass fiber composites are the commonly used composites in aero structures. Due to their key properties such as low density, low carbon emission and high fuel efficiency, carbon fiber composites are preferred to other composites. Major applications of aerospace composites are in commercial & business aircraft, helicopters, military and space sectors. Increasing air passenger traffic, emerging economies, growing number of low cost carriers, increased competition among global aircraft leaders are driving the market for aerospace composites market.
Based on the product type, global aerospace composites market is segmented into carbon fiber composites, glass fiber composites, aramid fiber composites and others which include ceramic and metal fiber composites. Carbon fiber composites accounted for more than 55% share of the total aerospace composites demand in 2015. The production of carbon fiber composites is a complex undertaking as it takes number of intermediate steps to complete the process. Other composites such as glass fiber composites, aramid fiber composites and others are comparatively easy to manufacture. However, these are unlikely outperform carbon fiber composites in terms of fuel efficiency and low carbon emissions.
In terms of applications, aerospace composites market has been categorized into commercial & business aircraft, helicopters, military and space. In the present market scenario, commercial & business aircraft is the leading application segment with more than 50% of the market share. Helicopter segment is also on the path of progress. Space and military are the two sectors that are expected to have faster growth in the forecast period due to increasing investments in the military and space sectors.
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In terms of volume, North America accounted for a significant share in aerospace composites market in 2015 followed by Europe. This trend is expected to continue during the forecast period due to the increasing demand for composites with low carbon emissions and high fuel efficiency. Fleet expansion in North America and growing demand for domestic aviation in Europe are expected to propel the aerospace composites market in these regions. Further rise in air passenger traffic is expected to fuel the aerospace composites market in Asia Pacific. Policy of liberalization, impressive investments in the military and space programs are anticipated to propel the market in the region. Growing number of low cost carriers in Latin America is indicates further market opportunities for aerospace composites in the region. Middle East & Africa, geographically an international connectivity hub is also expected to witness an impressive growth opportunity for aerospace composites market.
Major players operating in the aerospace composites market includes Cytec Solvay Group, Hexcel Corporation, Koninklijke TenCate, Toray Industries Inc., SGL-The Carbon Company, Huntsman International LLC
The Aerospace Composites market has been divided into the following segments.
Aerospace Composites Market - Product Type Analysis
- Carbon Fiber Composites
- Glass Fiber Composites
- Aramid Fiber Composites
Aerospace Composites Market - Application Type Analysis
- Commercial & Business aircraft
Aerospace Composites Market - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
Rest of Latin America
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