The report, now available on ASDReports, "Aerospace Composites Market by Fiber Type (Carbon, Glass, Ceramic), Resin Type (Epoxy, Phenolic, Polyester, Polyimides, Thermoplastics, Ceramic and Metal Matrix), Aircraft Type, Manufacturing Process, Application, Region - Global Forecast to 2022", The aerospace composites market is projected to reach USD 42.97 Billion by 2022 from USD 26.87 Billion in 2017, at a CAGR of 9.85% from 2017 to 2022. The major factors fueling the growth of the aerospace composites market across the globe are the increasing use of aerospace composites in commercial and military aircraft.
Increasing use of aerospace composites in the commercial aircraft segment is expected to drive the growth of the aerospace composites market from 2017 to 2022.
The use of aerospace composites in the commercial aircraft has gained momentum during the past few decades. Up to 53% of the latest Airbus aircraft A350XWB is made using aerospace composite materials as compared to old aircraft models, which used only 2–5% aerospace composites. The main reasons for the growing use of aerospace composites in commercial aircraft are the reduction in the weight of aircraft and high resistance offered against corrosion. Moreover, the maintenance costs for aircraft manufactured using aerospace composites are lower in comparison to the maintenance costs for aircraft manufactured using traditional materials.
Among fiber types, the carbon fiber composites segment is projected to lead the aerospace composites market during the forecast period in terms of both, volume and value.
Carbon fibers account for over 70% of the reinforcements used to manufacture aerospace composites across the globe. There is an increasing demand for carbon fiber composites in the aerospace and defense aircraft, owing to their lightweight, high inherent strength, weather-resistant finish, and variety in surface textures offered. As the demand for carbon fiber composites is increasing across the globe, several companies are investing in setting up their carbon fiber composites manufacturing plants in North America and Europe.
North America is the largest market for aerospace composites across the globe.
North America is the largest consumer of aerospace composites across the globe. In addition, the North American aerospace composites market is projected to grow at the highest CAGR in terms of both value and volume during the forecast period from 2017 to 2022. The increasing use of aerospace composites in the commercial and military aircraft is the major factor driving the growth of the North American aerospace composites market. Moreover, the presence of major aerospace manufacturers and mass production of aerospace parts using aerospace composites are driving the growth of the North American aerospace composites market.
Some of the leading manufacturers of composites include Owen Corning (US), Solvay (Belgium), Hexcel Corporation (US), Royal Ten Cate (Netherland), Teijin Limited (Japan), and Toray Industries (Japan), among others. These players have adopted various organic and inorganic strategies to strengthen their foothold in the aerospace composites market.
Source: ASDReports - Market Research
Date: Nov 20, 2017