Composites are made from the combination of two or more different materials resulting in a different physical or chemical properties than of the individual components. The fiber reinforced polymers are mainly used in the aerospace industry. These are mainly composed of carbon fibers, glass fibers, and aramid fibers. Composites are mainly used for the aerospace structure and components that need to be lightweight while also possessing the superior strength. Composites have found a wide range of applications in commercial aircraft, rotorcraft, UAVs and military aircraft. These have been largely used for aircraft fuselage, tail, wings, aircraft cabin interiors, aircraft seats, and jet engine components.
Aerospace Composites enjoy increasing popularity and does the Aerospace Composites Market enjoy an extensive traction. The market has been growing rapidly along with the growing demand for new and optimized aircrafts and jet engines, so has the production processes.
Accrediting the colossal growth the Aerospace Composites Market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2021. According to which, continuing with the same trends the global Aerospace Composites Market is projected to perceive an outstanding growth by 2021 registering a striking CAGR during the anticipated period (2017 – 2021).
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Aerospace Composites Market is highly competitive, and vendors compete on the basis of cost, composite material quality, reliability, and market share. To survive and succeed in such an intensely competitive environment, it is crucial for vendors to optimize their product development process to provide cost-effective and high-quality aerospace composite materials and parts.
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
According to MRFR, The global aerospace composites market is expected to grow at a CAGR of over 9%, during the forecast period from 2017 to 2023.
Major Key Players
Owen Corning (U.S.),
Solvay Group (Belgium),
Teijin Limited (Japan),
Royal Ten Cate (Netherlands),
Toray Industries, Ltd. (Japan),
Hexcel Corporation (U.S.),
SGL Group (Germany),
Kaman(U.S.), Koninklijke Ten Cate BV (Netherlands), and General Electric (U.S.).
Materials used in aircraft interior parts and components must have low flammability to withstand smoke and toxic gasses released during exposure to fire. The material should also be easy to process for high volume production, due to the need for high volume of parts for aircraft interiors. Many aircraft manufacturers and component OEMs are using composites for various aircraft interiors and components. For example, the aircraft seat manufacturers use the composites to reduce the seat weight. Also, in 2014, the composites accounted for about 25% of the aircraft interior component weight. As a result, it is expected that the usage of composites is expected to witness a surge by over 40%, in the forthcoming 10 years.
According to the analysis, at present, North America is the biggest market for aerospace composites across the globe. In addition, the market for aerospace composites in the North American region is likely to grow at the highest CAGR, during the forecast period, with respect to both volume and market value.
Growth of the North American aerospace composites market is mainly due to the presence of mass manufacturers of aerospace parts in the region. Due to the increased requirement of carbon fiber composites, most of the companies are focusing on setting up their carbon fiber composites manufacturing plants, in North America and Europe.
In Europe, the aerospace composites market is driving the aviation industry, the competition from high-speed trains, and other means of travel. In the past few years, a sudden rise in air passenger traffic and evolving global aircraft leaders in Asia Pacific have increased the growth of the aerospace composites market for this region.
In Latin America, the market is expected to have a strong growth due to the increased number of low-cost carriers and rising demand from Brazil. The presence of one of the dominant aircraft competitors, Embraer, will also enhance the market expansion in the region.
The Middle East & Africa is also likely to have significant growth due to the presence of aircraft competitors and growing number of maintenance, repair, and operational activities of aircraft in the region. Similarly, Central Europe and Russia would have high growth rates for the aerospace composites market, during the forecast period.
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