ALBANY, New York, September 27, 2018 /PRNewswire/ --
Featuring a largely consolidated vendor landscape, the global aerospace composites market had the three leading companies collectively accounting for over half of the overall market in 2015, according to a recent market research report by Transparency Market Research. High growth prospects of the market have attracted several new players to the market in the past few years and the market is steadily becoming a more fragmented space. In the near future, new players could pose challenge to the growth potential of established vendors.
Some of the leading companies operating in the global aerospace composites market are Huntsman International LLC, Toray Industries Inc., SGL-The Carbon Company, Hexcel Corporation, and Cytec Solvay Group.
According to the report, the market will rise from a valuation of US$11.5 bn in 2015 to a revenue opportunity of US$24.8 bn by 2024, exhibiting an impressive 9.1% CAGR from 2016 to 2024. From a geographical standpoint, the market for aerospace composites in North America accounted for the dominant share of 35.4% in the overall market in 2015, thanks chiefly to the presence of leading aircraft manufacturers and the high density air traffic. Of the key product varieties in the market, the segment of carbon fiber composites is expected to remain the most popular owing to the benefits of structures made from carbon fiber in terms of fuel efficiency and a low carbon emission quotient.
High Rise in Demand for Lightweight Aircrafts to Help Market Sail at Steady Pace
There has been increased focus on the development of lightweight aircrafts in the past few years that ensure fuel efficient behavior, have improved payloads, which is highly desirable in machines used in the military sector, and pose less harm to the environment. As the use of lightweight composites enables the production of such aircrafts, the rising global demand for lightweight aircrafts is likely to emerge as one of the leading drivers of the global aerospace composites market in the near future.
The thriving civil aviation industry, especially across emerging economies across the globe, is also expected to bode well for the market. Moreover, the market is also expected to benefit from the vast technological advancements witnessed in the aerospace composites sector, increased demand for airplanes, and the high order backlogs with some of the most eminent manufacturers of aircrafts.
High Cost of Carbon Fiber Could Hinder Growth Prospects
Despite mostly promising growth opportunities, some factors continue to cloud the growth prospects of the market, key ones of which include the high cost of popular composites such as carbon fiber. The usage of carbon fiber still remains high owing to the high demand from military applications.
Nevertheless, the market is likely to be influenced by the rising adoption of additive manufacturing techniques in the aerospace domain. With 3D printed parts such as small and lightweight compressors, screw threads, and new-age fasteners being installed in aircrafts, companies operating in the aerospace composites sector could benefit from developing new composites suitable for the additive manufacturing industry.
This analysis of the global aerospace composites market has been based on a recent market research report by Transparency Market Research, titled "Aerospace Composites Market (Product - Carbon Fiber Composites, Glass Fiber Composites, and Aramid Fiber Composites; Application - Commercial & Business Aircraft, Military, Helicopters, and Space) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
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