Aerospace Composites Market Growth Analysis by Top Venders: GE Aviation, Solvay, Lockheed Martin, Rolls-Royce, Honeywell, Embraer, Bombardier, Airbus, Boeing, BASF, Toray Industries, Inc., LMI Aerospace, Hexcel Corporation

Global aerospace composites are expected to cross 70 thousand tons till 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.

Boeing, Airbus, Lee Aerospace, Hindustan Aeronautics, E. I. du Pont de Nemours, and BASF are among the prominent players in the aerospace composites market. Other notable participants include Gurit Holding AG, ACT Aerospace, Teijin Ltd., Cytec Industries, Axioms Materials, and Hexcel.

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Aerospace Composites Market size is estimated to surpass USD 5 billion by 2024; according to a new research report by Global Market Insights, Inc.

Commercialization of aircrafts and extensive usage of carbon fiber are key trends that are prominent among the industry participants for enhancement of their products. For instance, Airbus and Boeing are continuously shifting their focus towards commercialization of advanced passenger aircrafts with wide by using significant amount of carbon fibers in their aircraft structures, further escalating the industry growth till 2024.

- Aerospace Composites Market by Application

• Interior
• Exterior

- Aerospace Composites Market by Aircraft

• Commercial aircraft
• Single engine piston
• Business aircraft
• Military aircraft
• Helicopters
• Space
• Others

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Carbon fiber is anticipated to account for 75% revenue share and generate over 52 thousand tons of composites till 2024 owing to provision of benefits including high temperature resistance, enhanced finishing, fatigue strength, and corrosion & solvent resistance. Extensive usage of phenolics and epoxy in the internal structures in aircrafts will support the industry dominance.

Thermoplastics are poised to grow at around 9% CAGR over the next eight years owing to enhanced shelf life in comparison with its counterparts. Easy molding into different shapes and less requirement of curing time will foster the industry growth till 2024.

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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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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