ALBANY, New York, January 11, 2019
ALBANY, New York, January 11, 2019 /PRNewswire/ --
The competition in the global aerospace composites market is expected to increases with the entry of new players. Though in 2015, top three players held half of the share. New players are expected to introduce new products with advanced technology that might change the current market structure. Key players are also focusing on different strategies such as merger and acquisitions, collaboration, and innovation that will help them in getting a stronger hold in the market and expand their business in different geographies. Currently, Huntsman International LLC, Toray Industries Inc., Cytec Solvay Group, Hexcel Corporation, and SGL-The Carbon Company these players are analyzed in the report.
According to the report published by Transparency Market Research, the global aerospace composites market is likely to witness high growth in the coming years. The market valuation is expected to reach US$24.8 bn by 2024. In 2015, the market valued at US$ 11.5 bn. During the forecast period between 2016 and 2024, the market is projected to rise at steady CAGR of 9.1%.
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On the basis of product type, the carbon fiber composites segment held 53% share in 2015. This segment is likely to hold a dominant position over the forecast period. Due to its high fuel efficiency and low carbon emission, the demand for carbon fiber composites is high in the market. Geographically, North America held a leading position in 2015 and is expected to dominate the market in the forthcoming years. Rising competition among the players and fleet expansion activities in the region has led the growth of this market in North America.
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Rising Use of Innovative Technology to Drive Market Growth
The crucial factor driving the growth in this market includes the rapid growth of innovative technology that has boosted the demand in the aerospace composited market. The growing need for lightweight composites has also provided a substantial push in this market. Moreover, increasing demand for lightweight aircraft that are beneficial in times of war and provides improved payloads are other factors driving the demand in this market.
Adding to the growth factors, rapid growth in air traffic due to the growing number of low-cost carriers mainly in the developing regions has significantly boosted the demand in the aviation industry. This will simultaneously boost the demand in the aerospace composites market. Increasing living standards and reducing government intervention in the aerospace industry in the Middle East countries will further drive the demand in this market.
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Inadequate Number of Skilled Individuals to Impede Market's Growth
The demand for carbon fiber composites in high in the overall aerospace industry, its high cost might deter demand in the coming years. Moreover, high manufacturing cost and challenges while transferring skills might create problems for manufacturers and limit the growth of the market to a certain level. An inadequate number of trained individuals is also challenging the market's growth. However, the demand for carbon fiber composites is expected to remain high in military aircraft. This might aid in the market's growth.
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The information presented in this review is based on a TMR report, 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."
The Global Aerospace Composites Market has been segmented as presented below:
Global Aerospace Composites Market - Product Type Analysis
Global Aerospace Composites Market - Application Type Analysis
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