ALBANY, New York, January 3, 2019
ALBANY, New York, January 3, 2019 /PRNewswire/ --
Transparency Market Research (TMR) observers the global aerospace composites market features a highly consolidated vendor landscape. As more than, the three companies account for 50% of the share of the overall market in the year 2015. Some of the players operating in the market such as Toray Industries Inc., Hexcel Corporation, Huntsman International LLC, Cytec Solvay Group, and SGL-The Carbon Company. However, new entrants in the market are increasing level of competition.
According to TMR's report, the global aerospace composites market pegged the value of US$11.5 bn in 2015 and is anticipated to attain a value of US$24.8 bn by the end of 2024. The market is anticipated to expand with a CAGR of 9.1% over the forecast period from 2016 to 2024.
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Based on the product, the carbon fiber composites segment accounted for the leading share of 53% in terms of volume in the year 2015. Geographically, North America accounted for the leading market share of 35.4% in 2015 and is expected to remain dominant over the forecast period.
The requirement of Lightweight Material from Aircraft Industry to Propel Growth
The aircraft vendors and manufacturers are trying to replace the current heavy parts of planes with lighter material which further will improves the fuel efficiency. Uptake of lightweight material lowers the weight of the aircraft and aids for improving payloads and benefits in the military aircraft. The low weight of aircraft benefits especially during wartime. Thus, the companies are increasingly investing in the improvement of the aircraft. This is leading to improve the aircraft and drive the growth of the global aerospace composites market.
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Demand for aerospace composites is rising especially from the civil aviation sector and predominantly in the single lane and twin-aisle aircraft or business jet. Growing political instabilities is leading to boost demand for the aircraft from numerous countries. In order to cater to this demand, the aircrafts vendors are investing more in the technological innovation that is fuelling the growth of the global aerospace composites market. Additionally, growing demand for airplanes coupled with present backlogs that resulted as a mounting need in order to enhance production rates of the carbon fiber composites. This is another primary factor for the growth of the aerospace composites market.
High Cost and Lack of Trained Handler to Restrain Growth
Despite these growth prospers, the market is facing some challenges due to the high cost of carbon fiber composites, which witnesses high demand from the aerospace industry. Though, its demand and uptake are anticipated to remain higher due to demand for high-grade carbon fibers, especially in military jets. Additionally, the lack of trained individuals to handle the aerospace composites is a threat to the growth and likely to restrain the growth of the global aerospace composites market.
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Nevertheless, ongoing technological innovation and improvement in the aircraft, primarily the structural and componential improvement in aircraft are offering numerous opportunities for the growth of the market.
This information is encompassed in the new report by TMR, titled "Aerospace Composites Market (Product - Carbon Fiber Composites, Glass Fiber Composites, and Aramid Fiber Composites; Application - Commercial & Business Aircraft, Military, Helicopters, and Space) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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For the study, the aerospace composites market has been segmented as follows:
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