Albany, NY -- (SBWire) -- 07/10/2018 --The global aerospace composites market is forecasted to witness a strong growth in the coming years. According to Transparency Market Research (TMR), the competitive landscape of this market has been consolidated. Around half the share in the market was held by the three leading players in 2015. Yet, the market could face some competition from new entrants. Some leading vendors in the global aerospace market are Toray Industries Inc., Huntsman International LLC, Hexcel Corporation, SGL-The Carbon Company, and Cytec Solvay Group.

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TMR's report predicts that the global aerospace composites market, which was estimated to be at US$11.5 bn in 2015, will rise to reach US$24.8 bn by the end of 2024. Thus, over the forecast duration of 2016 to 2024, it is anticipated to exhibit a robust 9.1% CAGR. Regionally, North America is predicted to maintain its dominant market share, which in 2015 was roughly 35.4%.

aerospace composites marketCarbon Fiber Composites to Emerge Popular Despite High Costs

The manufacture of carbon fiber composites is a complicated process, with the involvement if a number of intermediary steps in between the operation. However, its complexity also adds a lot of value to its structure. Thus, other composites such as aramid fiber composites and glass fiber composites are easier to produce in contrast to carbon fiber composites. The fuel efficiency and low carbon emissions offered by carbon fiber composites make it a popular choice, propelling the segment further.

Based on geography, the global aerospace composites market is slated to be dominated by North America in terms of demand. This could be attributed to high density of air traffic, and presence of leading aircraft vendors in the region.

Demand for Lightweight Aircrafts to Offer Rich Growth Opportunity

In recent years, aircraft vendors are on a quest to replace the current lot of airplanes with new, lighter planes to improve their fuel efficiency. Essentially, lightweight composites enable to accomplish just that. Lightweight aircrafts also aid in improving payloads, which are highly beneficial for military aircrafts, enabling to remain lightweight during war-times. The overall demand for aerospace composites is expected to rise in the civil aviation sector, particularly in the single aisle, twin aisle and business jet aircrafts.

The ongoing technological innovation, especially in terms of structure and components in aircrafts is expected to offer a robust opportunity to this market. With a surge in demand for airplanes, combined with the existing high order backlogs will result in a mounting need for enhanced production rates, which is a primary factor for aerospace composites percolating the market.

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A factor that could hinder market growth in some way is the high cost of carbon fiber composites, which are used widely in the overall aerospace industry. However, their use is expected to remain high on account of the utilization of high-grade carbon fibers in military aircrafts. The inadequate number of trained individuals may pose critical threat to the growth of the overall aerospace composites market as well.

This review is based TMR's report titled, "Aerospace Composites Market (Product - Carbon Fiber Composites, Glass Fiber Composites, and Aramid Fiber Composites; Application - Commercial & Business Aircraft, Military, Helicopters, and Space) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.