Aerospace Composites Market 2020: In-depth Analysis,Market Share, Historical and Current Trends, Competition Dashboard And Growth by 2030 | Impacts of COVID-19

The global aerospace composites market accounted for over US$ 20 billion in 2019. It is anticipated to grow at a CAGR of ~7.5% from 2020 to 2030.

The aerospace industry utilizes a major chunk of composites including fiberglass, carbon/graphite, ceramic, and aramid, or a combination of these. These materials are utilized extensively in interiors, wings, and fuselage, among others. The widespread utilization of composites in aerospace manufacturing is owing to several unique properties that they possess such as lightweight and resistance to high temperatures, impact loads, stress, & shocks. Moreover, the utilization of such composites in aircraft reduces corrosion, minimizing maintenance & repair costs drastically.

Top Key Players:

Some of the key players in the global aerospace composites market include Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings, Solvay, Hexcel Corporation, Spirit AeroSystems, SGL Group, Huntsman International, OWENS CORNING, and Kaneka Corporation, among others.

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COVID-19 Impact on the Global Aerospace Composites Market:

The emergence of COVID-19 has created several disturbances in smooth functioning of businesses including production, delayed delivery of raw materials, reduced population in workspaces, supply chain interruptions, price fluctuations, and reduced demand from end users and customers. However, researchers have managed to study about the recent strategies during pandemic to avert huge losses and contribute stability of the Global Aerospace Composites Market. The report also mentions about the futuristic strategies and planning of the business owners post pandemic.

Growth Factor:

The growing preference for air travel, rising tourism industry, airlines offering cost-effective travel packages, and growing concerns regarding aircraft fuel efficiency are among the primary factors driving the market growth. Similarly, the emergence of low-cost carriers and improved standard of living in emerging economies will also contribute to the overall market growth. On the other hand, the airline industry is witnessing reduced air traffic since early 2020 as a result of the global COVID-19 pandemic. The shutdown of aircraft manufacturing facilities due to reduced demand from airlines is hampering the market growth to a certain extent.

Moreover, Airbus and Boeing suffered from order cancellations as a result of accidents suffered by Malaysian and Ethiopian airlines in October 2018 and March 2019 respectively. This resulted in the grounding of Boeing 737MAX worldwide. However, newer commercial aircraft projects undertaken by Boeing such as, such as 787, 777X, and A350XWB, utilize significant amounts of carbon composites. It is estimated that approximately 55% of the airframe consists of carbon composites.

Manufacturers are investing heavily in the development of composites having a high strength-to-weight ratio and excellent impact strength. They are further focused on lightweight and cost-effectiveness. This will not only drive market growth but also offer lucrative growth opportunities to new & established market players. However, the aerospace composites market is capital-intensive and it is crucial for manufacturers to maintain a steady flow of finances during challenging times that the world is facing presently.

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Segmentation Based On:

By Fiber -

1.Glass, Carbon/Graphite,
2.Ceramic

By Resin -

1.Thermosetting (Epoxy, Phenolics, Polyester, and Polyimides)
2.Thermoplastic (Polyether Ether Ether Ketone, Polysulfones, and Polyetherimide)

By Aircraft -

1.Commercial Aircraft,
2.General Aviation,
3.Military Aircraft

By Application -

1.Interior
2.Exterior

Regional Analysis:

North America is expected to hold the major share of the global aerospace composites market followed by Europe. The large market share in these regions is primarily owing to the utilization of such composites in the manufacture of commercial & military aircraft. The Asia Pacific is considered to be the fastest-growing region for aerospace composites owing to the increased demand from aircraft manufacturers, the presence of leading manufacturers in the region, and the availability of low manufacturing & labor costs. Moreover, China leads the regional market followed by Japan and Singapore.

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Table of Contents

1.INTRODUCTION
1.Market Definition
2.Market Ecosystem
1.Market Classification
2.Geographic Scope
3.Years Considered for the Study
1.Historical Years – 2016 & 2017
2.Base Year – 2018
3.Forecasted Years – 2019 to 2030
3.Currency Used for the Study
4.Report Beneficiary List

2.RESEARCH METHODOLOGY
1.Research Framework
2.Data Collection Technique
3.Data Sources
1.Secondary Sources
2.Primary Sources
4.Market Estimation Methodology
1.Bottoms Up Approach
2.Top Down Approach
5.Data Validation and Triangulation
1.Market Forecasting Model
2.Limitations of the Study
3.Assumptions of the Study

3.ABSTRACT OF THE STUDY

4.MARKET DYNAMICS ASSESMENT
1.Overview
2.Drivers
3.Barriers/Challenges
4.Opportunities

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