Aerospace Composites Market | 2024 Key Vendors – (Boeing, Airbus, Bombardier, Lockheed Martin, Embraer, Saab, GE Aviation, Rolls-Royce)
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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.
Thermosetting resins is anticipated to dominate the industry with over 75% revenue share and will generate over 52 thousand tons till 2024. The high revenue generation can be attributed to numerous benefits such as resistance to high temperatures, fatigue strength, enhanced finishing, excellent adhesion, and resistance to solvents & corrosives. High usage of Epoxy and Phenolics in aircraft internal structures will further support the aerospace composites market dominance. Thermoplastics will exhibit approximately 9% CAGR over the forecast timeframe owing to higher shelf life as compared to its counterpart. Less requirement of curing time and easy molding into various shapes will further escalate the growth of aerospace composites market.
Aerospace Composites Market by Aircraft
• Commercial aircraft
• Single engine piston
• Business aircraft
• Military aircraft
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. Additionally, huge investments in defense sector in developed countries such as U.S. will induce immense potential to the regional growth. Asia Pacific aerospace composites market will witness highest growth rate over the forecast timeframe owing to rising demand of commercial aircrafts across the region, especially in the emerging economies including China.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. The Boeing Company
4. Lockheed Martin
6. Saab Group
7. GE Aviation
8. Bell Helicopter
9. Honeywell Aerospace
12. SGL Group
13. Lee Aerospace
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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.
Commercial aircraft is expected to dominate the aerospace composites market with 52% revenue share over the next eight years owing to rising usage of composites, especially carbon fiber in these aircrafts. Increasing expenditure in defense will support the high revenue generation till 2024. Military aircrafts will grow exponentially owing to the rising investments in military aviation across the globe. For instance, the military aviation sector in India is expected to invest approximately USD 35 billion over the next 20 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.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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