Composite Surfacing Films Market is Likely to Reach US$ 320.3 million Over the Next Five Years

Stratview Research has launched a new research report on Composite Surfacing Films Market report segments the market in five ways to provide a 360-degree holistic view.
The forecast of the market has been segmented by-
• By End-Use Industry Type: (Aerospace & Defense, Automotive and Others)
• By Application Type: (Wings, Fuselage and Others)
• By Function Type: (Surface Protection & Preparation, Lightning Strike Protection and Others)
• By Curing Type: (Autoclave and Out-of-Autoclave)
• by Region
o North America
o Europe
o Asia – Pacific
o Rest of the World

The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Composite Surfacing Films Market.
Years considered for this report -
• base year 2019
• trend period 2013 - 2018
• forecast period 2019 - 2024

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Composite Surfacing Films Market: Highlights
The composite surfacing films market is forecasted to grow at an impressive rate over the next five years to reach an estimated value of US$ 320.3 million in 2024. An organic growth of the aircraft industry coupled with an increased penetration of composites in the structural sections of the next-generation aircraft is the primary driver of the sustainable demand for composite surfacing films in the aerospace & defense industry. Airbus anticipated that there would be total deliveries of 37,390 aircraft worth US$ 5.8 trillion in the global marketplace during 2018-2037. Asia-Pacific and North America would be the largest demand generators with a combined share of 59.4% of the total aircraft deliveries during 2018-2037. An expected healthy CAGR of 4.4% in air passenger traffic during 2018-2037 will chiefly drive the demand for the aircraft. This factor will create a sustainable demand for composite parts incorporating composite surfacing films for aircraft exteriors in the foreseeable future.

Composite materials have a disruptive journey of more than seven decades. For instance; during the 1940s, the first-generation glass fiber-reinforced composites for the aerospace industry were developed and created ample opportunities for the researchers and scientists to develop stiffer and stronger composites in order to avoid undesirable flaws such as micro-cracks on the surface. In the early stages, structural film adhesives were used to cover the prepregs in the mold, which does not provide a sufficient blemish-free surface to composite parts. Thus, it requires an extra set of activities such as sanding and polishing to make it smooth and paint-ready. These activities increase the workload of labor as well as add significant cost and processing time. This has led to the development of the resin-rich, adhesive-based composite surfacing films to reduce the surface defects by approximately 95%, making the manufacturing easier. The newly developed composite surfacing films protect the composite surface from sanding and bead blasting required for paint stripping activities and eliminate surface imperfections. It is also tough to resist any cracks during thermocycling. In addition, composite surfacing film provides protection to exposed composite parts against UV radiation and lightning strike, when it is embedded with expanded copper or aluminum metallic foils.

There is a host of factors driving the demand for composite surfacing films in diverse range of applications. Among all, the biggest driving factor is the increasing use of composites in the aerospace, defense, automotive, wind energy, and marine industries. Increasing penetration of composites in the key aircraft programs, such as the development of all-composite wings and fuselage structures of B787 and A350XWB aircraft programs, is the major factor driving the growth of composite surfacing films in the aerospace & defense industry. Increasing usage of CFRP in the automotive body panels along with a high demand for getting Class-A body painted surface finish has created ample opportunities for the composite surfacing film manufacturers to develop and innovate composite surfacing films for the automotive industry.

The market is segmented based on the end-use industry type as Aerospace & Defense, Automotive, and Others. The aerospace & defense industry is expected to remain the growth engine of the market during the forecast period of 2019 to 2024. Increasing production rates of the key aircraft programs, such as B737, B787, A320, and A350XWB; introduction of variants of the best-selling aircraft programs (A320neo, B737 Max, B777x, and A330neo); market entry of new aircraft (C919 and MC-21); increasing demand for high-quality and lightweight components in the aerospace industry; and increasing penetration of composites in the aerospace industry are the major growth drivers of composite surfacing films in the aerospace & defense industry. Wind energy, automotive, and marine are the other major end-use industries of composite surfacing films.

Based on the application type, the market is segmented into Wings, Fuselage, Control Surfaces, Automotive Body Panels, and Others. The fuselage application segment is expected to maintain its dominance in the market during the forecast period, driven by increasing penetration of composites in the segment. The wings application is also likely to grow at an impressive rate in the coming five years.

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Based on the curing type, the market is segmented into Autoclave and Out-of-Autoclave. A higher usage of the autoclave process by major tier players across regions has made the segment dominant in the composite surfacing films market. However, out-of-autoclave curing type is expected to witness a higher growth during the forecast period.

In terms of region, North America is expected to remain the largest market during the forecast period. The USA is the growth engine of the region’s market with the presence of all major aircraft OEMs, tier players, composite surfacing film suppliers, and raw material suppliers.

Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic, the opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), and rising aircraft fleet size.

The supply chain of this market comprises raw material suppliers, composite surfacing film manufacturers, composite part fabricators, distributors, aircraft and automotive OEMs, airlines, aircraft leasing companies, and MRO companies. The key composite surfacing film manufacturers are Solvay S.A., Koninklijke TenCate B.V., The 3M Company, Gurit Holding AG, Henkel AG & Co. KGaA, Hexcel Corporation, Park Electrochemical Corporation and Axiom Materials, Inc. The development of high-performance composite surfacing films, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Research Methodology
This report studies the market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
• Extensive secondary research,
• Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
• Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
• More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

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