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Aerospace Composites Market worth over $16 Bn by 2026

Published Date: April 29, 2020    Authors: Kiran Pulidindi, Soumalya Chakraborty

Aerospace Composites Market size is set to exceed USD 16 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Proliferating demand for light weight and high strength composites will have a significant contribution to the aerospace composites market growth

There is a radical shift towards composite materials from conventional metals such as steel and aluminum owing to their high strength and low weight properties. Aerospace composites can be used in both interior and exterior structural parts as well as in high-temperature regions as it exhibits superior thermal and corrosion resistance. Also, they possess high strength-to-weight ratio, thus, providing an ideal solution for lightweight aircraft structures.

 

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Carbon fiber is most used in the manufacturing of aerospace composites on account of superior strength, flexibility, and hardness, which spurs its demand to produce impellers and rotors. Also, there is an increasing penetration of aerospace composites in the commercial, military, and business aircrafts due to their high toughness and low weight properties, driving the aerospace composites market growth.
 

Significant technological advancements in manufacturing techniques coupled with easy machinability are further expected to propel the market size. Also, the ability of the composites to be manufactured in various complex shapes resulting in less material wastage is another factor bolstering the market demand.
 

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The glass fiber segment is likely to register a healthy CAGR of over 8% during the forecast period. The weight to quality proportion and non-combustible nature of fiberglass makes it suitable for strengthening aircraft covers and baggage containers. However, due to relatively high weight and absence of sturdiness, there is a gradual shift towards other fibers, namely, carbon and aramid.
 

The thermoplastic composites segment is likely to witness highest growth of 9.5% till 2026. Thermoplastic polymers are gaining popularity in the aerospace industry as it exhibits faster production cycle and high recyclability, unlike thermoset polymers. Moreover, they possess high toughness and low flammability.
 

Browse key industry insights spread across 710 pages with 787 market data tables & 41 figures & charts from the report, “Aerospace Composites Market Size By Fiber (Glass, Carbon/Graphite, Ceramic, Aramid), By Resin (Thermosetting [Epoxy, Phenolics, Polyester, Polyimides], Thermoplastic [Polyether Ether Ether Ketone, Polysulfones, Polyetherimide]), By Aircraft (Commercial Aircraft, General Aviation [Business Jets, Piston Airplanes {Single-Engine Piston, Multi-Engine Piston} Turboprop Airplanes {Single-Engine Turboprops, Multi-Engine Turboprops}, Helicopters {Piston Helicopters, Turbine Helicopters}, Military Aircraft, Space), By Application (Interior, Exterior), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aerospace-composites-market
 

The interior application segment held a moderate aerospace composites market share and is estimated to grow at a CAGR of around 9% from 2020 to 2026. Aerospace composites are incorporated in the interior parts of the aircrafts as it enables lightweight design offering significant weight reduction. The interior parts equipped with these composites include bulkheads and cabin dividers, galleys, floorboards, lavatories, and stowage bins.
 

The military aircraft segment is expected to grow at a considerable rate of over 9.5% through 2026. This growth can be ascribed to increasing geopolitical tensions and security concerns. Increasing defense expenditure further propels an upsurge in production of military combat aircrafts, further influencing the market revenue.
 

Europe market to grow at a significant CAGR by 2026

The European aerospace composites market is likely to hold a substantial market share of approx. 30% by 2026, owing to presence of leading aerospace companies, such as Airbus and Dassault Aviation. France, UK, Germany and Italy are the major contributors accounting for nearly 20% of total aerospace production. Also, in 2019, the region spent nearly USD 300 billion in defense, further driving the production of military warfare aircrafts. Moreover, rising tourism activities and significant R&D advancements will boost the market growth.
 

Manufacturers focusing on acquisitions and expansion strategies to gain competitive edge

Some of the key participants in the global market include Hexcel, Solvay, Cytec Industries, ACT Aerospace, Argosy International, Owens Corning, Hindustan Aeronautics, LMI Aerospace, BASF SE, and JPS Composite Materials. Strategies such as capacity expansions, acquisitions, and agreements are incorporated by key industry players to gain significant position in the market.
 

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