Composite Surfacing Films Market projected to reach US$ 320.3 million in the forecast period (2019-2024)

Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Composite Surfacing Films Market is expected to inflate at impressive CAGR by the forecast period (2019-2024).

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Highlights of the Report:
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.

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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. 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.

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.

Market 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.

Features of the Report
Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

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This release was published on openPR.