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.
Sellbyville, DE -- (SBWIRE) -- 11/02/2018 -- GMI presents a most up-to-date research on "Aerospace Composites Market – Global Industry Analysis, Size, Share, Application (Interior, Exterior), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, Netherlands, Sweden, China, India, Japan, South Korea, Singapore, Australia, Brazil, Mexico, Argentina, Saudi Arabia, Qatar, UAE, Bahrain, Oman, South Africa) and Forecast 2017 – 2024".
Aerospace Composites Market size is estimated to surpass USD 5 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.
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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.
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.
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Commercial aircraft is projected to dominate the industry with over 50% market share over the forecast timeline. The high revenue generation can be attributed to excessive usage of composites in these aircrafts, especially carbon fiber. Rising expenditure in defense sector will further support the dominance of commercial aircrafts. Military aircrafts are set to grow significantly owing to heavy investments in military aviation across the globe. For instance, Indian military aviation sector is anticipated to invest around USD 35 billion over next two decades.
Aerospace composites market from exterior applications is expected to cross USD 3 billion over the next eight years. High usage of composites in exterior applications of aircraft structures will support the industry growth. Use of aerospace composites lead to weight reduction by 20% coupled with high damage tolerance and low production time. Interior applications are set to grow at over 8% CAGR till 2024 owing to assurance of high passenger comfort and increased fuel efficiency.
North America aerospace composites market is expected to capture over 40% revenue share, surpassing USD 2 billion. Constant ageing of aircrafts along with high consumer spending will primarily drive the regional growth over the next eight years. Additionally, heavy investments in defense sector in established countries including U.S. will induce immense potential to the industry across the region. Asia Pacific will showcase highest CAGR over the coming years due to rising commercial aircrafts demand, especially in the developing countries such as China.
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Boeing, Airbus, Lee Aerospace, Hindustan Aeronautics, E. I. du Pont de Nemours, and BASF are among the prominent players in the aerospace composites market. Other notable participants include Gurit Holding AG, ACT Aerospace, Teijin Ltd., Cytec Industries, Axioms Materials, and Hexcel.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.