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(Transportation-News.com, August 15, 2019 ) The Aerospace Composites Market size is expected to reach approximately USD 43.0 billion by 2022 from the estimated USD 26.9 billion in 2017 at a CAGR of 9.9%. Increasing use of composites in commercial & military aircraft and the overall growth of the aerospace sector are driving the growth of the industry.
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The commercial aircraft segment is expected to increase the demand for aerospace composites
Commercial aircraft dominates the consumption of aerospace composites. The usage of the material in commercial aircraft has increased over the past few decades. The latest Airbus aircraft, A350XWB, uses a significantly larger amount of aerospace composite materials than the old aircraft models, which used only 2–5% of the material.
The use of aerospace composites offers a weight reduction of the aircraft and resistance against corrosion. Maintenance costs for aircraft manufactured using these composites are lower than the aircraft built using traditional materials. This increased usage of aerospace composites and growing production of commercial aircraft will fuel the growth of the market.
Carbon fiber composites to witness the highest growth during the forecast period
The carbon fiber composites segment is expected to portray the highest growth during the forecast period. This segment also accounts for the largest share of the overall market. Carbon fiber composite is used widely in aircraft due to its properties such as low weight, high strength, and weather resistance. Several companies are investing in setting up or expanding their manufacturing capacity in Europe and North America.
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North America to continue leading the aerospace composites market across the globe
North America was the largest consumer of aerospace composites across the world. Additionally, the North American aerospace composites market is projected to register the highest CAGR during the period between 2017 and 2022. The rising consumption of aerospace composites in commercial & military aircraft is one of the primary factors augmenting the North American market growth. The mass production of aerospace components and the presence of major aerospace manufacturers and also support the growth of the market in the region.
Some of the leading manufacturers of aerospace composites include Owen Corning (US), Hexcel Corporation (US), Solvay (Belgium), Royal TenCate (Netherlands), Teijin Limited (Japan), SGL Group (Germany), Materion Corporation (US), Mitsubishi Rayon (Japan), Renegade Materials Corporation (US), and Toray Industries (Japan). These participants have been adopting diverse organic and inorganic strategies to strengthen their foothold in the aerospace composites industry.
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