Global Aerospace Composites Market by 2023 : Key Participants, Opportunities, Revenue and Application Type

The Aerospace Composites Market growth is mainly driven by the expanding commercial aircraft fleet worldwide, increasing demand for carbon fiber composites in aerospace applications, and growing application of composites in military aviation. Based on type, the aerospace composites market is categorized into carbon fiber, glass fiber, aramid fiber, and others (ceramic fiber and metal fiber). Of these, carbon fiber has been the largest category in the market, with an estimated volume contribution of more than 45.0% in 2017.

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In terms of resin type, the aerospace composites market is categorized into thermoset, thermoplastic, and others (ceramic and metallic matrices). Among these, thermoset has been the dominant category in the market in terms of size. This can be ascribed to the increasing adoption of thermoset such as epoxy, phenolic, and polyester resins in the construction of aircraft.

North America has been the largest aerospace composites market so far, with an estimated volume sales share of more than 35.0% in 2017. This can be ascribed to the presence of large number of composite material manufacturers such as Hexcel Corporation and Owens Corning in the region.

Also, these companies are undergoing expansions and acquisitions in order to increase their composite product line. For instance, in June 2017, Hexcel Corporation acquired Structil SA, a producer and supplier of high-performance composites to the defense, aerospace, and industrial markets.

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Some of the major players operating in the global aerospace composites market are Toray Industries Inc., Teijin Limited, Koninklijke Ten Cate bv, Hexcel Corporation, Royal DSM N.V., SGL Group, Mitsubishi Chemical Corporation, Materion Aerospace Metal Composites, Renegade Materials Corporation, Quantum Composites, and Solvay S.A.

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