Aerospace Composites Market 2024 key Players Hexcel, E.I. DuPont de Nemours, LMI Aerospace, Solvay Group, and BASF

North America aerospace composites market is expected to capture over 40% revenue share, surpassing USD 2 billion. Constant ageing of aircrafts along with high consumer spending will primarily drive the regional growth over the next eight years. Additionally, heavy investments in defense sector in established countries including U.S. will induce immense potential to the industry across the region. Asia Pacific will showcase highest CAGR over the coming years due to rising commercial aircrafts demand, especially in the developing countries such as China.

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Aerospace composites market share will surpass 70 kilo tons by 2024. Growth in defense sector coupled with constantly rising demand for commercial aircrafts will primarily drive the industry growth. Increasing air passenger traffic across the globe will positively impact the aerospace composites market growth over the next eight years.

Governments are making huge investments in aerospace industry, inducing immense potential to the industry. Rapid growth has been witnessed in the aerospace industry of various economies, further escalating the industry growth. These investments will result in significant contribution towards revenue generation over the forecast timeframe. However, complexities in manufacturing processes may pose as a challenge for the industry participants.

Innovative fiber recycling, particularly for carbon fiber is an emerging trend and is anticipated to gain prominence in the industry over the coming years. Considerable potential demand for these recycled fibers can be attributed to their recovered high strength, high modulus grade aerospace fibers that possess enhanced properties and their high value.

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Complete digitization of the aerospace industry is one of the key innovations in aerospace composites market. This digitization includes high-tech enabled engines & equipment and real-time resource planning & allocation that notify the maintenance operation centers and staff during aircraft issues.

Aerospace composites market from exterior applications is expected to cross USD 3 billion over the next eight years. High usage of composites in exterior applications of aircraft structures will support the industry growth. Use of aerospace composites lead to weight reduction by 20% coupled with high damage tolerance and low production time. Interior applications are set to grow at over 8% CAGR till 2024 owing to assurance of high passenger comfort and increased fuel efficiency.

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Commercial aircraft is projected to dominate the industry with over 50% market share over the forecast timeline. The high revenue generation can be attributed to excessive usage of composites in these aircrafts, especially carbon fiber. Rising expenditure in defense sector will further support the dominance of commercial aircrafts. Military aircrafts are set to grow significantly owing to heavy investments in military aviation across the globe. For instance, Indian military aviation sector is anticipated to invest around USD 35 billion over next two decades.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Cytec Industries
2. Hexcel
3. Koninklijke Ten Cate
4. Argosy International
5. Axioms Materials
6. BASF
7. E. I. du Pont de Nemours
8. Gurit Holding AG
9. Huntsman International
10. Owens Corning
11. Teijin Ltd.
12. Toray Industries
13. JPS Composite Materials
14. Lee Aerospace
15. ACT Aerospace
16. LMI Aerospace
17. Hindustan Aeronautics
18. SGL Group
19. Solvay

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