Aerospace Composites Market - Global Industry Analysis and Forecast 2024

The global aerospace composites market features a consolidated vendor landscape, says Transparency Market Research (TMR) in a new report. In 2015, top three companies namely Hexcel Corporation, Cytec Solvay Group, and Koninklijke Ten Cate held nearly 50% of the global aerospace composites market. Despite the consolidated vendor landscape, key players in the market face moderate threat from new entrants, says analyst at TMR.

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Regardless of challenges, market players are concentrated on improving their net worth. While export is a major instrument used by several players to expand their geographical presence, augmenting production capacity is the focus of many of them. Due to these factors, the degree of competition is expected to be high over the forecast period.

The global aerospace composites market is expected to exhibit a CAGR of 9.1% between 2016 and 2024 for the market’s valuation to increase from US$11.5 bn in 2015 to US$24.8 bn by 2024.

Europe and Asia Pacific to Emerge as Significant Markets in Future

In terms of application, commercial and business aircraft stood as the leading application segment in 2015 with a share of more than 57.17% in the global market. The segment is expected to lead throughout the course of the forecast period.

By application, carbon fiber composites led the aerospace composites market in 2015. The complex process of manufacture of carbon fiber composites results in a tough end product that adds to the structural integrity where they are used. On the other hand, fiber glass composites and aramid composites are easy to manufacture sans the fuel efficiency and low carbon emissions properties of carbon fiber composites.

Regionally, North America leads the global aerospace composites market and is expected to retain its position until the end of the forecast period in 2024. However, Europe and Asia Pacific are expected to emerge as significant markets with Asia Pacific to display higher growth than other regional markets.

Low Carbon Emission Property of Composite Materials Drives Market

The lightweight of composite materials is a matchless virtue, which makes it suitable for aircraft manufacturing. This, along with fuel efficiency considerations of aircrafts are expected to accelerate the growth of aerospace composites market. In particular, the use of ultra light composite materials can enhance payloads and fuel-carrying capacity of aircrafts. In military sector, increased payloads and increased fuel-carrying capacity are indispensable for augmenting mission duration and loiter time for aircrafts.

“Composite materials are also preferred by aircraft manufacturers due to their low carbon emissions property,” says TMR analyst. While currently the aerospace industry accounts for less than 3% of carbon emissions globally, it is expected to rise in the future. Besides this, the rising number of commercial flights is giving an impetus to the growth of this market.

On the downside, high cost of manufacturing of composite materials is one of the major factors challenging the market’s growth. Major cost incurred is for the design and fabrication of these materials. In addition, cost factor of carbon fiber composites, which are extensively used in the aerospace industry, due to the use of high-grade carbon fibers is restraining the growth of this market. Lack of trained personnel and aging of existing workforce are posing critical challenges to the growth of the global aerospace composites market. Nevertheless, advancements in manufacturing techniques and technology-driven processes is expected to pace up the market’s growth in the near future.

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The review presented is based on the findings of Transparency Market Research report, 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.”

The global aerospace composites market is segmented as follows:

Aerospace Composites Market – Product Type Analysis
-Carbon Fiber Composites
-Glass Fiber Composites
-Aramid Fiber Composites
-Others
Aerospace Composites Market – Application Type Analysis
-Commercial & Business Aircraft
-Military
-Helicopters
-Space

Aerospace Composites Market – Regional Analysis
-North America
-U.S.
-Canada

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