Aerospace Composites Market expected to cross 70 thousand tons till 2024
Global aerospace composites are expected to cross 70 thousand tons till 2024. Continuously rising demand for commercial aircrafts along with growing defense sector will primarily drive the growth over the forecast timespan. Rising passenger traffic travelling by air across the globe will also have a positive impact on the aerospace composites market size.
Huge investments by various governments in aerospace business will spur the aerospace composites market growth till 2024. The economies that are witnessing rapid growth in aerospace industry are forecasted to possess robust growth prospects over the coming years. These investments will contribute significantly towards the high revenue generation over the next eight years. However, complex manufacturing processes may hamper the aerospace composites market growth.
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Advanced fiber recycling, especially for carbon fiber will be witnessed as an emerging trend over the coming years. The significant potential demand of reclaimed fibers can be attributed to their high value, recovered high strength, and high modulus aerospace grade fibers that retain better properties. One of the key innovations is the complete digitization of the aerospace industry. This includes real-time resource planning & allocation and high-tech enabled equipment and engines that notify the maintenance staff & operations centers during issues in the aircrafts.
Carbon fiber will account for highest revenue share in the industry crossing USD 3.5 billion till 2024. Rising demand from commercial airline operators for their external structural operations will support the aerospace composites market dominance. These external operations are the primary & secondary aircraft structures that include wings, fuselage, undercarriage, and propulsion systems. Reduction in the raw material cost for production of carbon fiber will further escalate the aerospace composites market growth.
Aramid fiber will grow at over 7% CAGR from 2017 to 2024 owing to the provision of all-weather operation of commercial aircrafts and an enhanced vision system. Moreover, the features such as temperature stability and durability will further support the aerospace composites market growth over the coming years.
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Thermosetting resins is anticipated to dominate the industry with over 75% revenue share and will generate over 52 thousand tons till 2024. The high revenue generation can be attributed to numerous benefits such as resistance to high temperatures, fatigue strength, enhanced finishing, excellent adhesion, and resistance to solvents & corrosives. High usage of Epoxy and Phenolics in aircraft internal structures will further support the aerospace composites market dominance. Thermoplastics will exhibit approximately 9% CAGR over the forecast timeframe owing to higher shelf life as compared to its counterpart. Less requirement of curing time and easy molding into various shapes will further escalate the growth of aerospace composites market.
Commercial aircraft is expected to dominate the aerospace composites market with 52% revenue share over the next eight years owing to rising usage of composites, especially carbon fiber in these aircrafts. Increasing expenditure in defense will support the high revenue generation till 2024. Military aircrafts will grow exponentially owing to the rising investments in military aviation across the globe. For instance, the military aviation sector in India is expected to invest approximately USD 35 billion over the next 20 years.
Exterior applications will account for over USD 3 billion over the forecast timeline owing to the extensive usage of aerospace composites in exterior structural aircraft applications. The use of composites enables for 20% weight reduction along with low production time and higher damage tolerance during the production. Interior application will grow at over 8% CAGR from 2017 to 2024. Increased fuel efficiency and higher passenger comfort are among the key factors fueling the growth of aerospace composites market from interior application.
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North America aerospace composites market is anticipated to cross USD 2 billion, capturing almost 40% revenue share till 2024. Higher consumer spending along with the constant ageing of commercial aircraft are among the primary factors influencing the overall product penetration in the region. Additionally, huge investments in defense sector in developed countries such as U.S. will induce immense potential to the regional growth. Asia Pacific aerospace composites market will witness highest growth rate over the forecast timeframe owing to rising demand of commercial aircrafts across the region, especially in the emerging economies including China.
Airbus, Boeing, BASF, E. I. du Pont de Nemours, Huntsman International, Lee Aerospace, and Hindustan Aeronautics are among the prominent players in the aerospace composites market. Other notable players include ACT Aerospace, Gurit Holding AG, Hexcel, Cytec Industries, Teijin Ltd, and Axioms Materials.
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