Expanding Commercial Aircraft Fleet Driving Aerospace Composites Market

In 2017, the global aerospace composites market generated a value of $2,376.7 million and is predicted to attain a value of $4,234.4 million in 2023, advancing at a 10.1% CAGR during the forecast period (2018-2023). The market is growing due to the wide applications of composites in military aviation, expanding commercial aircraft fleet, and increasing requirement for carbon fiber composites in aircraft manufacturing. Composites are utilized in different aerospace applications such as nacelles, engine blades, brackets, and interiors, as they play a vital role in decreasing the weight of the aircraft.

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On the basis of type, the aerospace composites market is classified into aramid fiber, carbon fiber, glass fiber, and others (which include metal fibers and ceramic fibers). Out of these, the carbon fibers classification held the largest share of the market during the historical period (2013-2017) and is further projected to dominate the market during the forecast period, in terms of volume. This is due to the several beneficial properties of this composite, such as fire-resistance, heat-resistance, high stiffness, and exceptional load carrying properties, which are leading to its increased demand.

The expanding commercial aircraft fleet is a key driving factor of the aerospace composites market. As per the International Air Transport Association, the global aviation traffic is predicted to reach 7.8 billion passengers by 2036. This is ascribed to the growing travel & tourism industry, lower air fares, and improving living standards in developing countries, primarily Asian countries such as India and China. It is due to this swift growth in passenger traffic that the primary airlines across the world are investing for the expansion of their fleet size by ordering new aircraft.

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Competitive Landscape of Aerospace Composites Market

The global aerospace composites market is consolidated in nature, characterized by the presence of established companies such as Hexcel Corporation, Teijin Limited, SGL Carbon SE, and Toray Industries Inc. Some other important players operating in the market are Mitsubishi Chemical Carbon Fiber and Composites Inc., Renegade Materials Corporation, Royal DSM N.V., Materion Aerospace Metal Composites, and Solvay SA.

Market Size Breakdown by Segment

The Aerospace Composites Market report offers comprehensive market segmentation analysis along with market estimation for the period 2013-2023.

Based on Type

Carbon Fiber
Glass Fiber
Aramid Fiber
Based on Resin Type

Thermoset
Thermoplastic
Based on Aircraft Type

Commercial Aircraft
Business and General Aviation
Civil Helicopter
Military Aircraft
Based on Application

Interior
Exterior
Geographical Analysis

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific (APAC)
China
Japan
India
South Korea
Latin America (LATAM)
Brazil
Mexico
Middle East & Africa (MEA)
South Africa
Saudi Arabia
U.A.E.

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This release was published on openPR.