|03-07-2019 07:52 PM CET - Business, Economy, Finances, Banking & Insurance||
Aerospace Composites Market to Witness Substantial Gains over 2019-2024 | Key Players Hexcel Corporation, DuPont, LMI Aerospace, Solvay Group, BASF
Press release from: Global Market Insights, Inc.
Robust growth of commercial & military aerospace industry will support the aerospace composites market size from 2017 to 2024. The shifting trend toward cost effective alternatives, lightweight & sturdy component requirement and processing efficiency will propel the industry growth. In addition, wide usage in interior and exterior applications will further enhance the overall product penetration. The expansion of commercial and defence sector is expected to witness a strong growth during the forecast time frame. Increasing defence spending is expected to further influence the overall aerospace composites market demand.
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Carbon fiber accounted for nearly USD 2 billion in 2016 and is anticipated to exhibit the highest market share of over 70% owing to rising demand from commercial airline operators for their external structural operations. These external operations are the primary and secondary structures of aircraft include wings, fuselage, undercarriage, and propulsion systems.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
E.I. DuPont de Nemours
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Thermosetting resins dominated the overall aerospace composites market in 2016 acquiring more than 75% share by volume. The segment is expected to continue its dominance owing to high usage of Epoxy and Phenolics in aircraft internal structures. They provide various benefits such as resistance to corrosives and solvents, fatigue strength, excellent adhesion, resistance to high temperature and heat, and excellent finishing. Owing to these benefits, thermosetting resins are expected to register high gains over the forecast timeline. Superior impact toughness, chemical resistance, and a wide temperature range provide by the resins will support the industry growth.
Asia Pacific, led by China, India, and Japan is expected to witness steady growth over 8.5% CAGR during the forecast time frame. Increasing demand for commercial aircraft along with increasing number of flights is expected to boost the product demand. The growing population along with better profitability achieved are the major factors influencing the overall market demand. Also, various governments encouraging the private investments in defence and civil aerospace sector for regular technological advancements will stimulate the industry growth across the region
Exterior applications accounted for over USD 1.7 billion in 2016. The segment is anticipated to exhibit the highest revenue share owing to the extensive usage of composites in exterior aerospace structural applications. Benefits such as light weight and high strength are responsible for fostering the industry growth over the forecast timeframe. The use of composites enables for 20% weight reduction along with low production time and higher damage tolerance during production. The composites are primarily used to make exterior airframe structures such as fuselage, undercarriage, and wings as they provide high strength and reduce the overall weight of the aircraft.
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Key aerospace composites manufacturers include Hexcel, E.I. DuPont de Nemours, LMI Aerospace, Solvay Group, and BASF SE. Multiple presence across the value chain to reduce the operational costs is the major strategy adopted. Companies follow forward, backward, or full integration strategies between the raw material manufacturers, composites manufacturers, and distributors. Aerospace market players are mostly forward integrated involving manufacturing and distribution of the product.
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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