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Global Aerospace Composites Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Key Player's Market Share Analysis, Competitive Landscape and Supply Chain Analysis.Market Scenario:
Composite materials are used for various purposes in the aircraft industry. The advantage of composites is that they can sustain their identities and do not merge completely with each other. On mixing, the materials create a hybrid material that has better structural properties, which can be used for aerospace components. Composite materials used in aerospace industry consist of fiberglass, carbon fiber, and fiber-reinforced matrix systems or any combination of these materials. Aerospace composites are used in various aircraft frames, such as wings, aircraft interiors, and fuselage as these can sustain extreme operating conditions, including high temperature, high stress, shocks, and impact loads.
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Nearly 55% of the new Airbus aircraft A350XWB is manufactured using aerospace composite materials as compared to old aircraft, which used only 2–5% aerospace composites. The use of composites in the aerospace industry is mainly to reduce the overall weight and corrosion in the aircraft body. In addition to this, maintenance costs for aircraft manufactured using aerospace composites have reduced drastically in comparison to the maintenance costs for aircraft manufactured using traditional materials.
The usage of carbon fiber composites is estimated to account for 75% of the total composites used in manufacturing aircraft. There is an increasing demand for carbon fiber composites in defense and aerospace aircraft. The reason behind this is their insubstantial weight, high strength property, weather-resistant finish, and different surface textures.
Composite material have many advantages, such as excellent fatigue and corrosion resistance property, strength-to-weight ratio is high and composites also withholds against high impact load. Reduction in weight is particularly important in a market environment with high fuel prices and stringent aircraft emissions standards. The air transport sector has started using composites in the last few decades. For example, Airbus A320 started using composite material in the late 1980s and Boeing 777 implemented the use of composites to 10-15% percent of the total structural weight per plane. New technologies and integrated process innovations led to automated tape laying, decreased costs, and increased use of composites in Airbus A380 and Boeing 787 Dreamliner, along with the recently revamped Airbus A350 XWB. The aerospace composites are used right from the initial production of aircraft to the maintenance, repair, and overhaul (MRO) services.
The global aerospace composites market is expected to grow at a CAGR of over 9%, during the forecast period from 2017 to 2023.
Key Players
• Owen Corning (U.S.)
• Solvay Group (Belgium)
• Teijin Limited (Japan)
• Royal Ten Cate (Netherlands)
• Toray Industries Ltd. (Japan)
• Hexcel Corporation (U.S.)
• SGL Group (Germany)
• Kaman(U.S.)
• Koninklijke Ten Cate BV (Netherlands)
• General Electric (U.S.)
Materials used in aircraft interior parts and components must have low flammability to withstand smoke and toxic gasses released during exposure to fire. The material should also be easy to process for high volume production, due to the need for high volume of parts for aircraft interiors. Many aircraft manufacturers and component OEMs are using composites for various aircraft interiors and components. For example, the aircraft seat manufacturers use the composites to reduce the seat weight. Also, in 2014, the composites accounted for about 25% of the aircraft interior component weight. As a result, it is expected that the usage of composites is expected to witness a surge by over 40%, in the forthcoming 10 years.
Market Segmentation
BY TYPE
• Glass Fiber
• Carbon Fiber
• Aramid Fiber
• Others
BY APPLICATION
• Commercial
• Military
BY REGIONS
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
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Regional Analysis
According to the analysis, at present, North America is the biggest market for aerospace composites across the globe. In addition, the market for aerospace composites in the North American region is likely to grow at the highest CAGR, during the forecast period, with respect to both volume and market value.
Growth of the North American aerospace composites market is mainly due to the presence of mass manufacturers of aerospace parts in the region. Due to the increased requirement of carbon fiber composites, most of the companies are focusing on setting up their carbon fiber composites manufacturing plants, in North America and Europe.
In Europe, the aerospace composites market is driving the aviation industry, the competition from high-speed trains, and other means of travel. In the past few years, a sudden rise in air passenger traffic and evolving global aircraft leaders in Asia Pacific have increased the growth of the aerospace composites market for this region.
In Latin America, the market is expected to have a strong growth due to the increased number of low-cost carriers and rising demand from Brazil. The presence of one of the dominant aircraft competitors, Embraer, will also enhance the market expansion in the region.
The Middle East & Africa is also likely to have significant growth due to the presence of aircraft competitors and growing number of maintenance, repair, and operational activities of aircraft in the region. Similarly, Central Europe and Russia would have high growth rates for the aerospace composites market, during the forecast period.
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Commercial Scape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/supply Chain Analysis
Continued......
List of Tables
Table 1 Global Aerospace Composites Market: by Region, 2017-2023
Table 2 North America Aerospace Composites Market: by Country, 2017-2023
Table 3 Europe Aerospace Composites Market: by Country, 2017-2023
Table 4 Asia Pacific Aerospace Composites Market: by Country, 2017-2023
Table 5 Row Aerospace Composites Market: by Country, 2017-2023
Table 6 Global Aerospace Composites Market, by Type by Regions, 2017-2023
Continued.....
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