DUBLIN--(BUSINESS WIRE)--The "Aerospace Composites Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The aerospace composites market is anticipated to register a CAGR of above 7%, during the forecast period.
The characteristics of composites, like temperature and chemical resistance, light weight, high stiffness, dimensional stability, and flex performance, among others, have made their use popular in various aerospace components and structural applications.
Reduced maintenance and longer design life, fewer parts, and reduced tooling and assembly costs are some of the reasons that drive the composites market in the aerospace industry.
The increasing investments in R&D of advanced composite materials by various aerospace companies, like General Electric, the Boeing Company, and Airbus SE ,among others, is also supporting the growth of the aerospace composites market.
Key Market Trends
The Military Segment Dominates, in Terms of the Market Share
The military segment of the market is expected to record the highest CAGR, during the forecast period. The composites used in military aircraft are lightweight, durable, and chemical and temperature resistant.
The additional properties of composites used in military aircraft are ballistic and low detection-ability by radars. For instance, carbon and glass fibre-reinforced plastic laminates are used in Lockheed Martin F-35 Lightning II in element, like vertical stabilizer, tailplane, flaps, and wings skin that account for approximately 40% weight of aircraft.
Military helicopter blades are also made of composite materials, which makes it much lighter. The development of advanced materials and composite fibers, which decrease the detection rate and weight of the aircraft, is expected to drive the growth of the segments during the forecast period.
Currently, North America Holds the Major Share in the Aerospace Composites Market
North America is expected to remain the largest market, due to the augmentation in end-user industries, and an increasing demand for lightweight materials in the aerospace industry. The growth is mainly driven by increasing consumption of aerospace composites in exterior and interior parts in the commercial and military aircraft.
The United States is the largest consumer of aerospace composites, globally, in terms of value and volume, and is expected to strengthen its position further during the forecast period. The growth of the US aerospace composites market is attributed to the presence of giant players, such as Boeing and GE, along with the establishment of several new composite manufacturing facilities in the country.
The prominent players in the market are Toray Industries, SGL Carbon, Hexcel Corporation, Solvay, and DuPont.
The partnerships of the companies with OEMs for the development of components and parts of the aircraft, to increase the profitability of the end user, is expected to open new market opportunities to the existing players. Also, investments of companies into advanced composites for space-based applications may also help increase their market presence.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Fiber Type
5.1.1 Glass Fiber
5.1.2 Carbon Fiber
5.1.3 Ceramic Fiber
5.1.4 Other Fiber Types
5.2.3 General Aviation
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Vendor Market Share
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Bally Ribbon Mills
6.4.2 Mitsubishi Chemical Carbon Fiber & Composites Inc.
6.4.3 Toho Tenax
6.4.4 Toray Industries Inc.
6.4.5 SGL Carbon SE
6.4.6 Hexcel Corporation
6.4.7 Solvay S.A.
6.4.9 Royal Ten Cate
6.4.10 Materion Corp.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xdyuch