Aerospace Composites Market in North America Region is Projected to Showcase lucrative growth by 2024 | Key Players Are ACT Aerospace, Gurit Holding AG, Hexcel, Cytec Industries, Teijin Ltd, and Axioms Materials.

North America has been touted to emerge as one of the most lucrative growth grounds for aerospace composites market, perhaps on the grounds of the ever-expanding commercial and military airline sectors. The region in fact, accounted for the manufacture of close to 9,300 aircraft in 2016 alone. The extensive product penetration in the continent can be credited to the massive requirement of commercial aircraft and the marginally high consumer spending of late. Pertaining to the high demand for fuel efficiency and lightweight aircraft, North America aerospace composites market was worth more than USD 1.17 billion in 2016.

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Powered by the improving economic stability and heavy government investments in improving the aircraft infrastructure, global aerospace composites market has witnessed a rather commendable growth over the recent years. The perpetually rising demand for commercial & military aircrafts has massively propelled the use of composites in the aircrafts, both in the interior as well as the exterior applications. Moreover, the growing preferences toward cost effective, lightweight, and sturdy components with exceptional processing efficiency have further enhanced the scalability of composites in aerospace applications – a trend that is phenomenally driving the commercialization matrix of aerospace composites industry.

Aerospace composites market share is slated to extensively proliferate in the commercial sector, given the extensive use of carbon fibers in these aircrafts. As per estimates, aerospace composites market share from commercial aircrafts generated revenue over USD 1.4 billion in 2016, and is further projected to dominate the industry landscape, holding 52% of the overall share in the coming seven years. The increasing demand for commercial aircrafts due to rise in passenger traffic travelling by air, especially across the Asia Pacific belt have carved a lucrative roadmap for the regional aerospace composite industry. In addition, the robust urbanization & industrialization trends across the continent, along with increase in income levels of mass population have further led to considerable upsurge in the APAC aerospace composites market demand.

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Besides commercial projects, the regional government & private entities are also witnessed making huge investments in the defense and civil aerospace sector for upgradation. Backing with an instance, the military aviation sector of India is likely to capitalize USD 35 billion in the timespan of next twenty years, to refurbish the aircrafts with technical requirements, quality control, and safety features. This is set to generate huge demand for aerospace composites for renovating or manufacturing interior & exteriors of aircrafts. With India, China, and Japan at the forefront, Asia Pacific aerospace composites market is expected to register an annual growth rate of 8.5% over 2017-2024.

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.

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Speaking along similar lines, such innovations and advancements in aerospace materials are anticipated to be the chief parameters underlining the strategic landscape of aerospace composites market in the coming years. In terms of volume, industry experts claim global aerospace composites industry to exceed 70.5 kilo tons by 2024.

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