Albany, NY -- (SBWIRE) -- 06/13/2017 -- Aerospace Composites Market: Snapshot
The increasing demand for lightweight composite materials in aircraft manufacturing is the chief driver of the global aerospace composites market. The demand for better fuel-efficiency and curbing the chances of increased carbon emission in future will compel aircraft manufacturers to look for advanced composite materials. Spurred by these factors, the global aerospace composites market is forecast to exhibit robust growth in the coming years. In the military sector, the use of composite materials will rise to cater to the need for increasing mission duration and loiter time for aircrafts.
Despite forecasts for its positive run, the aerospace market is reeling under the challenge of high cost of manufacturing. Expenditure incurred during fabrication and designing of composites is considerably high. In addition, the cost of carbon fiber composites, widely used in the aerospace industry, is less likely to reduce any time in the near future. Besides this, existing challenge of transferring skills will continue haunting the market players also in the forthcoming years.
According to Transparency Market Research (TMR), the global aerospace composites market is forecast to exhibit a CAGR of 9.1% between 2016 and 2024. At this pace, the market's valuation is expected to reach US$24.8 bn by the end of 2024, from US$11.5 bn in 2015.
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Despite High Cost, Carbon Fiber Composites to Continue Dominating the Market
Based on the product type, the global aerospace composites market is segmented into carbon fiber composites, glass fiber composites, aramid fiber composites and others, which include ceramic and metal fiber composites. The production of carbon fiber composites is a complex undertaking as it takes a number of intermediate steps to complete the process. The complexity inherent in the manufacturing of carbon fiber composites is the one that adds value to the structures made from it. Other composites such as glass fiber composites and aramid fiber composites are comparatively easy to manufacture. However, these are unlikely to outperform carbon fiber composites in terms of fuel efficiency and low carbon emissions. According to TMR, carbon fiber composites constituted the leading product-based segment, with a volume share of nearly 53% in the overall market in 2015.
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Europe and Asia Pacific to Emerge as Lucrative Regional Markets
In terms of geography, the global aerospace composites market has been segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. In terms of demand, North America accounted for the leading market share in 2015. The regional market was followed by its counterparts in Europe, Asia-Pacific, Latin America and Middle East & Africa. Fleet expansion activities, increased competition among global aircraft leaders such as Boeing, expansion of low cost carriers and clause relaxation are the key drivers of the market in the North America region.
In Europe, the aerospace composites market is riding on the competition from high speed trains, increased domestic aviation and other modes of travelling. Asia Pacific is an attractive region for the aerospace composites market as it showed a considerable rise in air passenger traffic and emergence of global aircraft leaders into the region. In Latin America, the market is expected to witness a robust growth owing to the increased number of low cost carriers and rising demand from emerging economies like Brazil. The presence of one of the prominent aircraft competitors Embraer will also aid the market's expansion in the region. The Middle East & Africa is also anticipated to have a growth potential owing to the presence of aircraft competitors and the growing number of maintenance, repair, and operational activities in the region
Key players operating in the aerospace composites market include Cytec Solvay Group, Hexcel Corporation, Koninklijke TenCate, BASF SE, Toray Industries Inc., SGL-The Carbon Company, Huntsman International LLC and Argosy International LLC.