Press release
Aerospace Composites Market is expected to reach US$24.8 bn by the end of 2024
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As stated by Transparency Market Research (TMR) regardless of challenges, the market players are focused on improving their net worth. Many of them are using export as a tool for expanding their geographic footprint, while others are focusing on augmenting their production capacity. The degree of competition is thus forecast to remain high in the forthcoming years.
TMR calculated the global aerospace composites market to be valued at US$11.5 bn in 2015. Rising at CAGR of 9.1%, the market is forecast to reach US$24.8 bn by the end of 2024. By application, the demand for aerospace composites was the highest in the commercial and business aircraft segment, which held over 57.17% of the overall market in 2015. This segment is also expected to continue leading the global landscape through the course of the forecast period.
Regionally, North America was at the lead, holding nearly 35.4% of the global aerospace composites market in 2015. While North America will continue dominating, Europe and Asia Pacific will soon emerge at the market’s forefront. Of these, growth witnessed in Asia Pacific will be higher than other regional segments.
Demand for Lightweight Composite Materials for Aircraft Manufacturing to Aid Growth
Due to their lightweight composite materials are considered ideal for use in aircraft manufacturing. This, coupled with the rising demand for improved fuel efficiency in aircrafts, will accelerate the pace of gains for the global aerospace composites market. Using ultra lightweight composite materials can help aircrafts increase their payloads and fuel-carrying capacity. In the military sector, the features is considered indispensable to increase the mission duration and loiter time for aircrafts. In addition, using lightweight composites can help the sector tackle carbon emissions better.
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“The aerospace industry accounts for barely 3% of the global carbon emission. However, there is forecast for the same to increase in the coming years, thus affecting the global climate,” said a lead TMR analyst. “As composite materials are helpful in lowering carbon emission, they are increasingly preferred by aircraft manufacturers,” he added. Besides this, the market is gaining impetus from the rising number of airline passengers. The increasing demand from military and space technology sectors will boost the market as well.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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