The global aerospace composites market accounted for a value of 22.7 billion in 2019. Aerospace composites market projected to register growth at a CAGR of 9.1% during forecast period.
COVID-19 has impacted aerospace composites market negatively. The demand for this product has been declined due to virus outbreak across the world. The manufacturing activities have been halted and the supply chain got disrupted. The transportation of raw material and finished products got disrupted due to travel restrictions. The air travel was reduced significantly due to which there is a decline in aerospace industry. The aircraft deliveries have been reduced significantly which reduced the demand of composites material in aerospace industry.
For more details, visit: Global Aerospace Composites Market By Aircraft Type (Civil Helicopter, Military Aircraft, others), By Fiber Type (Carbon ,Ceramic, others), By application (Exterior, Interior), By Region–Forecast & Opportunities to 2026
The composites materials are highly in demand for their properties. These materials can survive harsh conditions. These materials are used as sandwich structures in exteriors and interiors of an aircraft. The demand for such materials because of their properties is increasing in aerospace industry and this is likely to drive growth in composites material in aerospace in industry.
On the basis of aircraft type, the aerospace composites market is segmented into civil helicopter, military aircraft, commercial aircraft and business and general aviation. The commercial aircraft segment is estimated to hold largest market share during forecast period. The demand for composites material is very high in commercial aircraft. Manufacturers of commercial aircraft such as boing and airbus prefer composites materials due their properties. The airframes of these aircrafts are made from composites materials. Composites materials have high tensile strength along with light weight property which helps in increasing fuel economy. This is likely to drive growth in commercial aircraft segment during forecast period.
On the basis of fiber type, the aerospace composites market is segmented into carbon fiber composites, ceramic fiber composites, glass fiber composites and others. The carbon fiber composites estimated to hold largest market share during forecast period. Carbon fibers have strength to weight ratio and they have anti corrosive property. The adopting of carbon fibers in rapidly increasing in aerospace industry and this drives growth in this segment during forecast period.
On the basis of application, the aerospace composites market is segmented into exterior and interior applications. The exterior application segment is estimated to hold largest market share during forecast period. Composites materials possess qualities such as durability, flexibility, low weight, stability, strength and resistance to moisture, heat and temperature. These properties make them most suitable for exterior applications. Composites materials used to make landing gears, engine nacelles, fuselages, wings, undercarriages, leading and trailing edges etc. These factors are likely to drive growth in exterior application of aerospace composites material.
Europe region is estimated to hold largest market share during forecast period. The demand for aerospace composites material is higher in this region due presence of many aerospace industries which utilize composites material at large scale. Europe region has accounted for XX% of total market share in 2019. The major countries contributed to this growth are France, UK and Germany. The demand in this region for aerospace composites is estimated to increase post COVID19.
The key market players in aerospace composites market are Solvay, Mitsubishi Chemical Holdings, Toray Industries, Hexcel Corporation, Teijin Ltd., SGL Group, Spirit Aerosystems, Lee Aerospace, Owens Corning, Materion Corporations, Gurit, Rolls-Royce, Hyosung, Victrex and Quantum Composites.
- What are the expected industry trends over the next three to five years?
- Which of the aerospace composites fiber type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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