PUNE, India, October 25, 2016 /PRNewswire/ --
The report "Aerospace Composites Market by Fiber Type (Glass, Carbon, Aramid), Resin Type (Epoxy, Phenolic, Polyester, Polyamide, Thermoplastic), Aircraft Type (Commercial, Business & Ga, Military, Civil), Application and Region - Global Forecast to 2021", published by MarketsandMarkets, the market was valued at USD 19.38 Billion in 2015, and is projected to reach USD 32.35 Billion in 2021 at a CAGR of 8.95%.
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Browse 74 market data Tables and 57 Figures spread through 158 Pages and in-depth TOC on "Aerospace Composites Market"
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The demand for light weight and high-performance composites is propelled by regulatory norms emphasizing the need to use light weight and fuel efficient materials.
Carbon fiber composites comprise a major share in the aerospace composites market in terms of value and volume
Carbon fiber composites have the largest market share and are projected to grow at the highest CAGR in the global Aerospace Composites Market. Carbon fiber composites are widely used in primary & secondary structures of aircraft. There is a high demand for carbon fiber composites for wide body commercial aircraft. The world's largest commercial airline companies, Airbus and Boeing are commercializing their latest wide-bodied passenger aircraft that use a significant proportion of carbon fiber composites in their structures, thus, creating a high demand for carbon fiber composites. In addition, upcoming aircraft projects, backlog clearance in purchase of aircraft deliveries, and reduction in the cost of precursor raw materials used to manufacture carbon fiber are expected to increase the demand for carbon fiber composites from 2016 to 2021.
Composites are extensively used in the exterior structural applications of aerospace
Owing to their high strength and light weight, a majority of the composites are used to make exterior airframe structures such as undercarriage, fuselage, and wings. The production of composites for airframe components is expected to grow during the forecast period, as the advanced and next-generation aircraft would constitute significant percentage of aerospace composites in their airframe structures. This would further bolster the demand for composites in aerospace exterior applications during the forecast period.
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North America accounts for a major market share of the aerospace market
North America accounts for the largest market share in aerospace composites, globally. This is due to the high demand for aerospace composites from North America's commercial airline companies, the presence of a large number of aerospace composites manufacturers and regulatory norms requiring the use of ecofriendly, light weight and fuel efficient materials in aircraft. The aerospace composites manufacturers in this region are focusing on capacity expansion of composites production to meet the high demand for carbon fiber composites from commercial airline companies. For instance, Toray Industries, Inc. enhanced the production facility for carbon fiber TORAYCA prepreg in the U.S. to achieve a stable supply of TORAYCA prepreg for Boeing's 787 aircraft. Further, the penetration of aerospace composites in the North American aerospace industry is projected to increase during the forecast period on account of the growth in the aviation industry due to the low interest rates and a stable economy, increase in the defense budget, rise in the number of aircraft deliveries, and the replacement of old aircraft with advanced ones.
Some of the key global players in the aerospace composites market are Royal Ten Cate (Netherlands), Toray Industries, Ltd. (Japan), Teijin Ltd. (Japan), Hexcel Corporation (U.S.), Solvay Group (Belgium) and others. These players have adopted various organic and inorganic developmental strategies during the past five years.
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