Aerospace Composites Market Globally Grow at a CAGR of 7% by 2023 | Top Key Company’s (Bally Ribbon Mills, DuPont., Cytec C Solvay Group., Hexcel., SGL Carbon., Toray Industries., Toho Tenax)

Aerospace Composites Market

The aerospace composites market is expected to register a CAGR close to 7% during the forecast period. Demand for fuel efficient and long haul aircrafts, are the major driving factors for the carbon fibercomposite industry. Use of carbon fiber composites in wings, can reduce the weight of the aircraft by 50,000 pounds. It offers superior strength to weight ratio, high chemical resistance, high stiffness, low thermal expansion, and its mechanical properties can be tailored based on application.

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The use of composite materials in commercial transport aircraft is attractive because reduced airframe weight enables better fuel economy, and therefore, lowers operating costs. Reduced maintenance and longer design life, fewer parts, and reduced tooling and assembly costs are some of the reasons, which drive the market for carbon fiber in the aerospace industry. Initially, composite materials were used only in secondary structure, but as knowledge and development of the materials has improved, their use in primary structure, such as wings and fuselages has increased. Thus, there is increasing penetration of carbon fiber in commercial aircraft (B787 and A380), wind turbine blades, and other aerospace applications. However, the strict performance requirements of composites in aerospace applications lead to certification barriers and tighter manufacturing tolerances than those associated with other composites applications. This in turn leads to higher prices for aerospace parts. The other restraints identified in the market include difficulty in test detection, need for specialized repair techniques.

Key Developments in the Aerospace Composites Market

February 2018: Toho Tenax launched high-tensile, highly shock-resistant hybrid prepreg combining carbon fiber and CNT technology.
January 2018: Toray planned to expand production facilities for Ultrasuede.
November 2017: ADEKA Corporation and GH Craft developed world's first fiber-to-composite direct molding process.

Aerospace Composites Market Major players:

Bally Ribbon Mills., DuPont., Cytec C Solvay Group., Hexcel., SGL Carbon., Toray Industries., Toho Tenax., Mitsubishi Chemical Carbon Fiber., Composites.

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North America Market Holds the Largest Share for Aerospace Composites Market

North America is expected to remain the largest market, due to the augmentation in the end-use industries, and an increasing demand for lightweight materials in the aerospace industry. The growth is mainly driven by the increasing consumption of aerospace composites in exterior and interior parts in commercial and military aircraft. The United States is the largest consumer of aerospace composites globally, in terms of value and volume and is expected to strengthen its position further during the forecast period. The growth of the US aerospace composites market is attributed to the presence of giant players, such as Boeing and GE, along with the establishment of several new carbon fiber production plants in the country.

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