Composite Surfacing Films Market to reach US$ 320.3 million during the coming years (2019-2024)
Addressing the most sought-after questions that occupy the minds of entrepreneurs and decision makers, the new report of "Stratview Research" on the Composite Surfacing Films Market, answers all the important questions.Getting to the bare bones of the issues and factors which are sculpturing the market, Stratview Research brings out the best actionable market intelligence for the global Composite Surfacing Films Market.
The analysts have scrupulously studied the trend and cautiously forecasted the future market developments for 2019-2024.
The important questions the report answers are:
1. What will be the market growth rate in the near future?
2. What are the major developments in the market wrt regulations, acquisitions and innovations?
3. What are the growth drivers as well as the constraints?
4. What are the regional growth hotspots?
5. What are the segmental growth forecasts?
These questions and many more, big and small, are all discussed in the report in great detail.
Composite Surfacing Films Market: Highlights
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.
The strategic Market dissection
The dissection of the market is done to enlighten the aspects which are of interest to firms across the value chain.
Dissection by Segments
• by End-Use Industry Type : Aerospace & Defense, Automotive and Others
• by Application Type : Wings, Fuselage and Others
• by Function Type : Surface Protection & Preparation and Others
• by Curing Type : Autoclave and Out-of-Autoclave
• by Region : North America, Europe, Asia-Pacific, and RoW
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The Growth Prognosis & its Drivers
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.
Market Segments
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.
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.
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.
Players
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.
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