Ocean View, DE -- (SBWIRE) -- 04/17/2020 -- Aerospace composites market is anticipated to be driven by growing demand from defense sector and commercial aircrafts owing to superior product properties. Increase in air passenger traffic along with expansion of the aerospace industry will impact the market growth over 2016-2024. Moreover, the aerospace industry is striving to reduce its environmental footprint and achieve light weighting in aerospace components, which is further favoring the usage of composites.

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The key players contributing towards aerospace composites market include Boeing, Lee Aerospace, Airbus, Hindustan Aeronautics, BASF and E. I. du Pont de Nemours. Other notable participants include ACT Aerospace, Gurit Holding AG, Cytec Industries, Axioms Materials, Hexcel and Teijin Ltd.

Extensive usage of carbon fiber and growing focus towards commercialization of aircrafts are the key trends fo

llowed by prominent industry participants, which is augmenting aerospace composites market growth. For instance, Boeing and Airbus are focused upon commercialization of advanced passenger airplanes and are widely utilizing carbon fibers in their aircraft structures.

Rising government spending in aerospace industry is estimated to create a favorable environment for the industry expansion. Moreover, increased budgets allocation on aerospace sector in various economies across the world is likely to foster aerospace composites market growth. As per estimates, global aerospace composites demand will exceed 70 kilo tons by 2024.

Commercial aircrafts segment is estimated to hold over 50% of aerospace composites market share over the analysis period. Extensive utilization of composites, primarily carbon fibers in aircraft interiors is positively impacting business outlook.

Rising expenditure in defense sector across major economies of the world will further generate demand for military aircrafts, hence fostering aerospace composites market. For instance, Indian military aviation sector is estimated to invest close to USD 35 billion over the next two decades.

Carbon fiber composites are likely to contribute around 75% to global revenue. These composites experience high demand owing to advantageous product attributes, such as high temperature resistance, fatigue strength, enhanced finishing, and corrosion & solvent resistance. Expansive utilization of carbon fibers in aircrafts is likely to lead to generation of over 52 thousand tons of composites by 2024.

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While Asia Pacific is undoubtedly one of the most profitable growth grounds for aerospace composites industry, the globally developed continent, North America, also stands to serve remarkable avenues for the market expansion. The region, as per statistics, has been forecast to contribute to over 40% of the overall revenue share and surpass a valuation of USD 2 billion by 2024. The extensive product penetration can be credited to the high demand for lightweight and fuel-efficient aircrafts in the region. The continent is omnipotent as far as developments & technological advancements in the composites business is concerned. Moreover, the fact that the region is home for most of the prominent players in aerospace composites industry, makes it quite overt for the regional trends to have a substantial impact on the global Aerospace Composites Market outlook.

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