The global aerospace composites market share size is projected to reach USD 29.69 billion by 2026, exhibiting a CAGR of 9.27% during the forecast period. Heavy reliance on carbon fiber composites for manufacturing aircraft components will be the key growth driver for this market, states Fortune Business Insights™ in its report, titled “Aerospace Composites Market Size, Share & Industry Analysis, By Fiber Type (Carbon, Glass, Aramid, and Others), By Aircraft (Commercial Aircrafts, Military Fixed Wings, Business Aircrafts & General Aviation, Jet Engines, Helicopter and others), and Regional Forecast, 2019-2026”. Carbon fiber composites replaced aluminium as the primary material for making airplanes a few decades ago as aluminium was proving economically infeasible for aircraft manufacturers. The switch to carbon fiber was based on the material’s lightweight properties as well as high durability and tensile strength.
Moreover, carbon fiber, unlike other metals, is resistant to corrosion and fatigue and therefore, reduces maintenance costs of aircrafts. For example, Boeing utilizes carbon fiber composites in making all parts of its iconic 787 Dreamliner to keep it lightweight and sturdy. Thus, emergence of carbon fiber has augured well for the market for aerospace composites.
List of the Key Companies Profiled in the Aerospace Composites Market Report are:
- Unitech Aerospace
- Mitsubishi Chemical Corporation
- Teijin Limited
- Solvay S.A.
- Owens Corning
- VX Aerospace Corporation
- SGL Carbon
- Toray Advanced Composites
- Hexcel Corporation
- LMI Aerospace, Inc.
Issues Surrounding Flammability of Composites to Inhibit Market Growth
The aerospace composites market growth is likely to be impeded owing to the grave risks associated with the flammability of certain composite materials used in aircraft manufacturing such as resin. For instance, in 2013, the stationary Ethiopian Airlines 787 at London’s Heathrow airport caught fire when a short circuit was triggered in one of the lithium batteries that were powering an emergency beacon on the plane. Investigation revealed that the composite material resin, which is part of airline fuselage, fed the circuit. As a result, the US Federal Aviation Agency (FAA) tightened its norms for certifying flammability of composite materials used in aircraft to ensure safety of passengers. Tough regulations, therefore, may slow down the growth of this market.
Gain More Insights into the Aerospace Composites Industry Research Report: https://www.fortunebusinessinsights.com/aerospace-composites-market-102680
Major Advancements in Aerospace Manufacturing to Boost the Market in North America
North America is poised to dominate the aerospace composites market share during the forecast period on account of rapid advancements by the aerospace industry in the region. In 2019, the region led the market with a market size of USD 7.81 billion, with the main reason being the strong presence of some of the largest airline companies in the world such as Boeing and Airbus. In Europe, a well-established domestic aviation industry and robust military aircraft manufacturing are expected to propel the market. Asia-Pacific is anticipated to offer promising prospects for market players due to rising demand for commercial low-cost carriers in the region and steadily climbing military expenditures of India and China, with growing focus on fighter jets.
Deployment of Position Strengthening Mechanisms by Players to Intensify Competition
Key market players are adopting and implementing different strategies to entrench their position in this market. While some companies are acquiring smaller players to expand their global presence, other companies are collaborating with each other to diversify their offerings and widen their market reach.