Aerospace Composites Market Latest Trends, Market Growth, Analytical Insight by 2023

The aerospace composites market is projected to reach $4,234.4 million by 2023. The 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.

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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. The largest share of the category is ascribed to its superior properties over other types, such as high tensile strength, high stiffness, exceptionally light-weight, and improved durability.

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.

the aerospace composites market is categorized into commercial aircraft, business and general aviation aircraft, military aircraft, civil helicopter, and others (spacecraft). The commercial aircraft category has been leading the market, with an estimated revenue contribution of more than 50.0% in 2017. The large-scale production of these aircraft and increase in air travel worldwide is the major reason for the category’s largest share.

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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.

Europe is estimated to be the second largest aerospace composites market, with more than 25.0% volume sales contribution in 2017. The market in the region is powered by the presence of strong aircraft manufacturing companies such as Airbus SE, ArianeGroup, and European Satellite Navigation Industries. Further, in France, the production of aircraft is increasing owing to the increase in air travel and tourism in the country.

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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