LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global fiberglass market for the aerospace industry is expected to reach USD 188.8 million in 2021, according to their latest report.
This research report titled ‘Global Fiberglass Market for the Aerospace Industry 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
There has been a steady increase in the number of aircraft in service and its orders. As of June 2014, Airbus and Boeing together had over 10,500 aircraft orders. In the same year, around 21,000 aircraft were in service. This number is expected to reach 42,160 over the following two decades. Advances in technology have led to the development of efficient and modern aircraft with reduced weight and fuel consumption. GE, one of the top manufacturers of Airbus, Boeing, and jet engine, are now using fiberglass in aircraft structure and components ranging from fuselages, wings, and cabin interiors to jet engines. The use of fiberglass for aerospace applications is primarily concentrated in Europe and North America.
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Technavio’s analysts categorize the global fiberglass market for the aerospace industry into the following major segments by the application. They are:
- Aerospace structural parts
- Aerospace flooring, closets, cargo liners, and seating
- Aerospace luggage bins and storage racks
- Others
The top three application segments for the global fiberglass market for aerospace industry are discussed below:
Aerospace structural parts
The global fiberglass market for aerospace structural parts is expected to grow at a CAGR of more than 5% through 2021. The fiberglass is mainly used in making the primary structural parts of aircraft, which include tail fins, fairings, flaps propellers, radomes, air brakes, rotor blades, and motor parts and wing tips. Two types of fiber glasses namely S-glass and S2-glass are mainly used in aircraft due to their high strength. Fiberglass has advantages such as low cost and resistant to chemicals. As a result, they are preferred over other composite materials. Other qualities of fiberglass include impact and fatigue resistance, ideal strength-to-weight ratio. Also, they are non-flammable.
According to Ajay Adikari, a lead textile, fiber, and composites research analyst from Technavio, “For reducing the cost and weight of the aircraft, which will further reduce the fuel consumption, there is a constant replacement of metals with composites. Being one of the most efficient material types, fiberglass is highly used in the aerospace industry. With the growing demand for both commercial and passenger aircraft, the market for fiberglass will also increase.”
Aerospace flooring, closets, cargo liners, and seating
The global fiberglass market for aerospace flooring, closets, cargo liners, and seating is expected to reach USD 56.2 million in 2021. Composites make almost 50% of a modern aircraft and fiberglass is one of the most widely used composites in the aerospace industry. With fuel price increasing significantly, there is a need to reduce the weight in aircraft to improve the fuel efficiency and payload capacity.
“Both civilian and military sectors make use of fiberglass aircraft parts and components. These are differentiated by good insulating properties, good formability, tailorable shear properties by layup, and low dielectric properties. Increasing growth in the aerospace industry across regions will propel the market during the forecast period,” adds Ajay.
Aerospace luggage bins and storage racks
The global fiberglass market for aerospace luggage bins and storage racks is expected to grow at a CAGR of more than 4% by 2021. Fiberglass composites form an integral part of the aircraft luggage bins and storage racks. The long-term aircraft production spending from various countries will make the global aerospace industry to witness a positive growth trend. The growing demand in the travel industry from APAC and the Middle East is driving the demand for fiberglass in the aerospace industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Braj Binani Group
- Jushi Group
- PPG Industries
- Saint-Gobain
- China Beihai Fiberglass
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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