The global market for aerospace composites is estimated to grow during the forecast period (2017-2023) owing to the rising demand of fuel efficient aircrafts. The increasing air traffic and fluctuating oil prices has boosted the demand of aerospace composites in the manufacture of commercial aircrafts, defense aircrafts, helicopters, launchers and engines. The aerospace sector has witnessed an increasing shift towards composites on account of their light weight, high strength and increased operational efficiency as compared to metal alloys, that has in turn, increased the payload capacity of the airplanes. This is expected to boost the growth of aerospace composites market at a significant level during the forecast period.
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The global market for aerospace composites are categorized on the basis of fiber type, resin type, aircraft type, application and region. Based on fiber type, the market for aerospace composites is segmented into glass fiber composites, carbon fiber composites, and aramid fiber composites. Carbon fiber composites are expected to grow at a robust pace in the global aerospace composites market, in terms of value and volume, during the forecast period due to their light weight, tensile strength, fire resistance and durability, and growing applications in primary and secondary structures of aircrafts. Commercial airlines such as Boeing and Airbus has further propelled the demand of carbon fiber composite with increasing use in wide-bodied passenger aircraft.
On the basis of resin type, the aerospace composites market can be segmented into epoxy, phenolic, polyester, polyamide and thermoplastic. The thermoplastic resin composites are estimated to rise at a faster pace during the forecast period due to their increased demand in structural aerospace applications. Additionally, these types of composites can be molded into various shapes which is expected to further spur the demand for thermoplastic resin composites during the forecast period. Epoxy resins are utilized in the production of primary load carrying composite airframe components and as a result, they possess a larger market share than thermoplastic resins.
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North America is expected to be the fastest growing market for aerospace composites, in value terms, during the forecast period owing to the growth in aviation industry and airplane deliveries. Asia-Pacific is projected to witness significant growth in the aerospace composites market, in value terms, during the forecast period. The growth in the regional market is due to significant demand from aircrafts and helicopters from countries such as China, Japan and India.
Factors such as huge prices, lack of standardization and recyclability issues is likely to hinder the growth of the aerospace composites market during the forecast period.
The key companies operating in the global aerospace composites market include Hexcel Corporation, Owens Corning, Toray Industries, Inc., Solvay SA, Teijin Limited, SGL Group, Mitsubishi Rayon Co. Ltd., Renegade Materials Corporation and Koninklijke Ten Cate NV.
By Fiber Type
- Glass fiber composites
- Carbon fiber composites
- Aramid fiber composites
By Resin Type
By Aircraft Type
- Commercial aircraft
- Business and GA aircraft
- Military aircraft
- Civil helicopter
- North America
- Latin America
- Middle East and Africa
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