Press release
Aerospace Composites Market Growth Analysis 2024 By Top Key Players - Solvay Group, Lockheed Martin, Rolls-Royce, Honeywell, Embraer, Bombardier, Airbus, Boeing, BASF, Toray Industries, Inc., LMI Aerospace, GE Aviation, Hexcel Corporation
North America aerospace composites market is anticipated to cross USD 2 billion, capturing almost 40% revenue share till 2024. Higher consumer spending along with the constant ageing of commercial aircraft are among the primary factors influencing the overall product penetration in the region.
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Global aerospace composites are expected to cross 70 thousand tons till 2024. Continuously rising demand for commercial aircrafts along with growing defense sector will primarily drive the growth over the forecast timespan. Rising passenger traffic travelling by air across the globe will also have a positive impact on the aerospace composites market size.
- Aerospace Composites Market by Fiber
• Glass
• Carbon
• Ceramic
• Aramid
• Others
- Aerospace Composites Market by Aircraft
• Commercial aircraft
• Single engine piston
• Business aircraft
• Military aircraft
• Helicopters
• Space
• Others
- Aerospace Composites Market by Application
• Interior
• Exterior
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Carbon fiber will account for highest revenue share in the industry crossing USD 3.5 billion till 2024. Rising demand from commercial airline operators for their external structural operations will support the aerospace composites market dominance. These external operations are the primary & secondary aircraft structures that include wings, fuselage, undercarriage, and propulsion systems. Reduction in the raw material cost for production of carbon fiber will further escalate the aerospace composites market growth.
Aramid fiber will grow at over 7% CAGR from 2017 to 2024 owing to the provision of all-weather operation of commercial aircrafts and an enhanced vision system. Moreover, the features such as temperature stability and durability will further support the aerospace composites market growth over the coming years.
Exterior applications will account for over USD 3 billion over the forecast timeline owing to the extensive usage of aerospace composites in exterior structural aircraft applications. The use of composites enables for 20% weight reduction along with low production time and higher damage tolerance during the production. Interior application will grow at over 8% CAGR from 2017 to 2024. Increased fuel efficiency and higher passenger comfort are among the key factors fueling the growth of aerospace composites market from interior application.
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Airbus, Boeing, BASF, E. I. du Pont de Nemours, Huntsman International, Lee Aerospace, and Hindustan Aeronautics are among the prominent players in the aerospace composites market. Other notable players include ACT Aerospace, Gurit Holding AG, Hexcel, Cytec Industries, Teijin Ltd, and Axioms Materials.
aerospace composites market players focus on aircraft commercialization and extensive utilization of carbon fiber for their product enhancement. For instance, Boeing and Airbus are shifting their focus on commercialization of their advanced passenger aircrafts with wide body that use considerable amount of carbon fiber in their structures, therefore escalating the aerospace composites market demand.
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