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Aerospace Composites Market Analysis Report, Trends, Share & Forecast 2017
According to International Air Transport Association (IATA), the number of air passengers will likely double from its present value of around 3.8 billion in 2016 to more than 7 billion in 2035.
Global air traffic will also grow by around 4% annually during the forecast period requiring around 30,000 new aircrafts. Number of dedicated freight aircrafts will also increase during this period due to growth in air cargo deliveries and importance of high speed deliveries of perishable products across the globe.
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Aerospace composites market will also grow due to the increased spending by countries in their defense sectors, mostly in military aviation. Due to growing instability in many regions of the world, countries are spending more on defense R&D and manufacturing. U.S. tops the world in terms of defense spending and is followed by China.
Aerospace composites market is also poised to grow due to increasing space exploration projects by countries. The product finds extensive use in space exploration due to its many properties and recent involvement by developing countries like India and China in space exploration have opened new growth avenues for the aerospace composites market in the coming years.
Aerospace composites market will also witness growth due to the products ability to absorb radar signals which finds its use in developing stealth technology.
By product, aerospace composites market is segmented into carbon composites, metal composites and others. Carbon composites are used due to their strength and light weight. Metal composites finds its use owing to their hardness and strength.
High manufacturing cost of the product and challenge in transfer of skills may hamper the industry growth during these years. High risks involved in the applications lead to requirement of superior quality products, making the aerospace composites market highly technology oriented demanding highly skilled labor force.
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Europe also has a considerable share in this market owing to high defense spending in countries of western Europe. Aerospace composites market in Latin America will witness considerable growth in the future because of emergence of low cost carriers in that region.
Key players in aerospace composites market are Hexcel Corporation, BASF SE, Huntsman International LLC, Cytec Solvay Group, Finmeccanica, LMI Aerospace, Toray Industries, Ltd., Teijin Ltd., Toray Industries Inc., SGL-The Carbon Company, HITCO Carbon Composites, LEE Aerospace, Argosy International LLC, and Koninklijke TenCate.
The presence of large aircraft manufacturing companies like Boeing and Lockheed Martin in the U.S. is also increasing demand.in this region Asia Pacific has a substantial share of the aerospace composites market owing to increasing demand for aircraft and helicopter parts, mostly in China, India, and Singapore. Increasing defense spending by countries in this region will drive the market in the future.
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