Aerospace Composites Market Size By Fiber (Glass, Carbon/Graphite, Ceramic, Aramid), By Resin (Thermosetting [Epoxy, Phenolics, Polyester, Polyimides], Thermoplastic [Semi Crystalline, Amorphous, Polyether Ether Ketone]), By Aircraft (Commercial Aircraft, Single Engine Piston, Business Aircraft, Military Aircraft, Helicopters, Space), By Application (Interior, Exterior) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: Sep 2017  |  Report ID: GMI1358  |  Authors: Kiran Pulidindi, Soumalya Chakraborty

Report Format: PDF   |   Pages: 595   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Aerospace Composites Market size surpassed USD 2.5 billion in 2016 and is predicted to register over 8% growth till 2024. Robust growth of commercial & military aerospace sector will support the market revenue.

The shifting trend toward cost effective alternatives, lightweight & sturdy component requirement and processing efficiency will propel the industry demand. In addition, wide usage in interior and exterior applications will further enhance the market penetration.

Aerospace Composites Market

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Technological advancements have resulted in reduced process time, lower cycle time which in turn decreases the overall processing cost. Rising demand for high performance and light weight composites due to safety concerns and stringent regulations will induce immense potential to the aerospace composites market size.

These products provide better stability at high temperature and longer durability which in turn positively influence the market demand. High manufacturing cost of composite materials is one of the major factors challenging the market growth.

Aerospace Composites Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 2.5  Billion (USD)
Historical Data for: 2013 to 2015 Forecast Period: 2016 to 2024
Forecast Period 2016 to 2024 CAGR: 8% 2024 Value Projection: 5 Billion (USD)
Pages: 595 Tables, Charts & Figures: 770
Geographies covered (26): 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
Segments covered: Fiber, Resin, Application and Region
Companies covered (29): Cytec Industries, Hexcel, Koninklijke Ten Cate, Argosy International, Axioms Materials, BASF, E. I. du Pont de Nemours, Gurit Holding AG, Huntsman International, Owens Corning, Teijin Ltd., Toray Industries, JPS Composite Materials, Lee Aerospace, ACT Aerospace, LMI Aerospace, Hindustan Aeronautics, SGL Group, Solvay,

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Market by Fiber

In 2016, carbon fiber accounted for nearly USD 2 billion in the market and is anticipated to exhibit the highest revenue share of over 70% led by rising demand from commercial airline operators for their external structural operations. These external operations are the primary and secondary structures of aircraft include wings, fuselage, undercarriage, and propulsion systems.

Glass acquired more than 25% of the total market share in 2016. It is widely used in aircrafts for exterior lighting products, lenses, filter glass, and night vision imaging systems. The aerospace application needs glass for sustaining extreme environmental conditions, providing optimum illumination depending upon the climate and reducing overall aircraft maintenance.

Market by Resin

Thermosetting resins dominated the global aerospace composites market in 2016 accounting for around 75% volume share. The segment is expected to continue its dominance due to high usage of Epoxy and Phenolics in aircraft internal structures.

These resins provide various benefits such as resistance to corrosives and solvents, fatigue strength, excellent adhesion, resistance to high temperature and heat, and excellent finishing. Owing to these benefits, thermosetting resins are expected to register high gains over the forecast timeline. Superior impact toughness, chemical resistance, and a wide temperature range provide by the resins will support the industry growth.

Thermoplastic resin segment was valued at over USD 670 million in 2016 and is estimated to exhibit a significant growth rate through 2024 impelled by higher shelf life as compared to thermosetting resins requiring cold storage for fewer than six months. The provision of the benefits such as less requirement of curing time and easy molding into various shapes will further support the market demand.

Market by Aircraft

Commercial aircraft registered revenue more than USD 1.4 billion in 2016 and is anticipated to dominate the aerospace composites industry till 2024. Carbon fiber increasingly used in the commercial aircrafts will further escalate the market size. Increasing affordability of flights has increased the number of passengers traveling through flights in past few years. The growth in the overall passengers will influence the aircraft composites demand in commercial aircraft.

Growing defence spending will support the growth of the composites in military aircraft. The segment is projected to register 8.5% CAGR for the period 2017 to 2024.

Market by Application

Exterior applications generated over USD 1.7 billion market revenue in 2016. The segment is anticipated to exhibit the highest revenue share driven by extensive usage of composites in exterior aerospace structural applications. Benefits such as light weight and high strength are responsible for fostering the market growth.

The use of composites enables for 20% weight reduction along with low production time and higher damage tolerance during production. The composites are primarily used to make exterior airframe structures such as fuselage, undercarriage, and wings as they provide high strength and reduce the overall weight of the aircraft.

Market by Region

North America aerospace composites market is set to register over 7% growth during the forecast timeframe. The region is one of the major contributors of overall aircraft accounting over 9,300 aircraft in 2016. Higher consumer spending along with the higher age of commercial aircraft are among the key factors influencing penetration for the market.

Regular innovations for weight reduction coupled with a high demand for fuel efficiency will support the overall product demand. Moreover, vast defence spending in the U.S. will support market growth in North America.

Asia Pacific market, led by China, India, and Japan is expected to witness steady growth of 8.5% during the next few years. Increasing demand for commercial aircraft along with increasing number of flights is expected to boost the market demand.

The growing population along with better profitability achieved are the major factors influencing the overall market demand. Also, various governments encouraging the private investments in defence and civil aerospace sector for regular technological advancements will stimulate the industry growth across the region.

Competitive Market Share

Key aerospace composites manufacturers include Hexcel, E.I. DuPont de Nemours, LMI Aerospace, Solvay Group, and BASF SE.

Multiple presence across the value chain to reduce the operational costs is the major strategy adopted. Companies follow forward, backward, or full integration strategies between the raw material manufacturers, composites manufacturers, and distributors. Aerospace market players are mostly forward integrated involving manufacturing and distribution of the product.

Regardless of challenges, market players are concentrated on improving their net worth. Manufacturers focus on increasing export to strengthen their geographical presence. In addition, the companies are augmenting the production capacity to cater to increasing demand worldwide. Due to these factors, the market rivalry is expected to be high in the coming years.

The aerospace composites market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons and revenue in USD million from 2013 to 2024, for the following segments:

By Fiber

  • Glass
  • Carbon
  • Ceramic
  • Aramid
  • Others

By Resin

  • Thermosetting resins
    • Epoxy
    • Phenolics
    • Polyester
    • Polyimides
    • Others
  • Thermoplastic resins
    • Semi crystalline
    • Amorphous
    • Polyether ether Ketone (PEEK)

By Aircraft

  • Commercial aircraft
  • Single engine piston
  • Business aircraft
  • Military aircraft
  • Helicopters
  • Space
  • Others

By Application

  • Interior
  • Exterior

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Poland
    • Russia
    • Netherlands
    • Sweden
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Singapore
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • Qatar
    • UAE
    • Bahrain
    • Oman
    • South Africa

Frequently Asked Questions (FAQ) :

Continuous advancements in the commercial & defense aircraft sectors have driven the demand for aerospace composites. For attaining higher efficiency, aircraft manufacturers are mostly opting for lightweight, cost effective and sturdy components.
Carbon fiber composites are highly deployed in commercial aircrafts and are used in external aircraft structures like wings, fuselage, undercarriage, and propulsion systems. With its profound application, studies suggest that the carbon fiber segment may exhibit a share of over 70% in the global landscape.
North America has turned out to be one of the major contributors to the global aircraft manufacturing sector. Presence of renowned aerospace companies and a growing demand for new aircraft models could bolster the regional product demand.

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