Aerospace Composites Market Emerging Trend, Advancement, Growth and Business Opportunities | P&S Intelligence

Countries across the world are focusing on expanding their aircraft fleet, owing to the surging number of air passengers. To cater to a wide passenger base, airline companies, both public and private, are increasingly adopting fuel-efficient and cost-effective aircrafts. This is fueling the demand for carbon fiber composites in aircraft manufacturing, as they are lightweight and exhibit exceptional tensile strength and high stiffness and help aircraft manufacturers reduce the weight of the aircraft.

This subsequently increases the aircraft’s fuel efficiency, thereby, reducing the overall operational cost. Additionally, the increasing preference for the out-of-autoclave (OOA) technology over the autoclave process in the production of aircraft composite materials is expected to propel the aerospace composites market at a CAGR of 10.1% during 2018–2023. As the OOA process uses pressuring and heating techniques to manufacture composites in a closed mold, without autoclaves, it curtails the processing time. This consequently reduces the overall production cost.

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According to P&S Intelligence, the market revenue stood at $2,376.7 million in 2017, and it will reach $4,234.4 million by 2023. In recent years, established companies such as Hexcel Corporation, SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Carbon Fiber and Composites Inc., Royal DSM N.V., and Solvay S.A. focused on mergers and acquisitions to expand their consumer base. For example, Hexcel Corporation completed the acquisition of the aerospace and defense (A&D) business of Oxford Performance Materials in December 2017.

The composites used in these aircrafts are usually made of thermostat resins, due to their exceptional mechanical strength, low weight, and excellent corrosion resistance. Additionally, thermostat resins impart high tensile strength and stiffness to aircraft components, due to which they are preferred over thermoplastic resins. Geographically, North America utilized the highest volume of aerospace composites in the recent past, owing to the presence of a large base of aircraft manufacturers in the region.

In the coming years, North America and Europe will dominate the aerospace composites market, due to the presence of several well-established market players and original equipment manufacturers (OEMs) and the soaring demand for reducing the overall weight of aircrafts in the regions. Furthermore, Asia-Pacific (APAC) and Latin America (LATAM) are also expected to use a considerable volume of such composites in the upcoming years, due to the burgeoning demand for commercial aircrafts in India, China, and Brazil.

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On the other hand, the Middle East and African (MEA) region is expected to adopt aerospace composites at the highest rate in the foreseeable future. This is primarily owed to the rising focus on economic diversification in the U.A.E. and Saudi Arabia. As a part of their economic diversification plans, these nations are rapidly shifting their economic reliance from the oil and gas industry to non-oil-based sectors, such as the aerospace sector.

Thus, the escalating number of air passengers and an increasing shift from the autoclave process to the OOA process will augment the production of aerospace composites in the immediate future.

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