Composites are formed from two or more materials that, when combined, produce a new material with superior qualities that are significantly different from those found in the individual base materials. Traditionally, materials such as metals, aluminum alloys, plastics, and others were used for manufacturing aircraft. However, owing to composite properties such as lightweight, low density, high toughness and rigidity, low carbon emission, and so on, they have replaced traditional materials. Furthermore, market giants such as Airbus and Boeing are also utilizing increasing amounts of composite materials for manufacturing. Military aircraft and fighter aircraft also make use of composite materials within their structures, as this enables reduced drag, lower radar visibility, and increased resistance to the temperatures that are generated during high-speed flight.
In terms of fiber type, in 2016, carbon fiber accounted for over 50% of the global market in terms of revenue and is projected to maintain its hold during the forecast period of 2017 to 2025 due to its enhanced operational efficiency and weight reduction. Carbon fiber is followed by glass fiber. Glass fiber also has some properties that provide desirable qualities, such as a high strength-to-weight ratio, a cheaper material, and insensitivity to moisture and weather.
By resin type, epoxy resin accounted for the largest share of the global market, representing more than 60.0% of revenue in 2016. The second largest market in terms of resin type is phenolic resin, which is expected to increase owing to its rising usage in the interior of aircraft. Phenolic resins possess some superior properties, such as low toxic fumes, flame resistance, and excellent static dissipation.
Of the global aerospace composite market by application, in 2016, exterior applications accounted for the largest share of around 59% in terms of value. It is also projected to grow at the highest CAGR during the forecast period of 2017 to 2025. Composites' lightweight and acoustic properties, combined with their eco-friendliness, are driving their use in exterior applications.
In 2016, the aerospace composite market by region was dominated by North America, which accounted for around 34% of the market. Europe and Asia-Pacific followed North America. Asia-Pacific, being an emerging market, is projected to exhibit the second-highest growth between 2017 and 2025. This growth is attributed to emerging markets such as China and Malaysia and ongoing industrialization and investment.
With the rise in the use of composites in the aerospace industry, players are focusing on providing customized and innovative solutions to the giants such as Airbus and Boeing to gain a competitive edge. Some of the key players present in this market are Solvay, Hexcel Corp., Teijin Limited, Huntsman, and DuPont, among others.
The report titled "Global Aerospace Composite Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025" offers strategic insights into the global aerospace composite market along with the market size and estimates for the duration of 2017–2025. The said research study covers an in-depth analysis of multiple market segments based on fiber type, resin type, application, and a cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2016 and 2025. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.
The report also includes profiles of the leading aerospace composites manufacturers, as well as their product portfolios and key developments, to assist strategic decision-makers.
Other in-depth analysis provided in the report includes:
Current and future market trends to justify the forthcoming attractive markets within the aerospace composite industry
Market drivers, market impediments, and their impact on market growth
in-depth competitive environment analysis
Trailing 2-year market size data (2015–2016)
SRC (Segment, Region, Country) Analysis
Overall, the research study provides a holistic view of the global aerospace composite market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above-mentioned factors.
For the purpose of this study, the global aerospace composite market by fiber type is categorized into:
Carbon Fiber
Glass Fiber
Aramid Fiber
Others
In 2016, on the basis of fiber type, the aerospace composite market was dominated by the carbon fiber segment. This segment is projected to witness a growth of 8.7% between 2017 and 2025. Carbon fiber has become the most sought-after fiber type in the aerospace industry due to its widespread use in the commercial airline manufacturing industry, particularly with next-generation aircraft such as the Boeing 787 and Airbus A350. The outlook for this submarket remains positive, with other new or upgraded commercial aircraft platforms featuring higher proportions of carbon fiber materials in secondary structures, components, and interiors. Glass fiber is the second-largest segment, accounting for approximately 30% of the market. In commercial aviation, GFRP composite materials find application in areas such as overhead luggage bins, aircraft galleys, and lavatories. Fiberglass is also used to reinforce other composite materials and can be found in the rear fuselage structures, wing structures, and undercarriages.
For the purpose of this study, the global aerospace composite market by application is categorized into:
Interior Application
Exterior Application
The exterior application in the aerospace market accounted for the largest share of approximately 60% in terms of value. Areas such as the fuselage, propulsion system, undercarriage, wings, and others come under exterior application, where the composite material is being used. Excellent safety, acoustic features, and lightweight properties, coupled with compliance with eco-friendly regulations, are driving the usage of composite in exterior applications for better performance. Interior applications are forecast to grow at a CAGR of 8.7% between 2017 and 2025. There is a wide range of applications where composite materials are used, such as lavatories, wall and ceiling panels, galleys, floor boards, cabin dividers, stowage bins, bulkheads, and so on. Initially, composites were used mainly in floorboards, ceilings, panels, and other components, but now the major focus of manufacturers and suppliers of interior components is on seating.
On the basis of geography, the global aerospace composite market is segmented into the following regions and countries:
North America
U.S.
Canada
Europe
France
Germany
Italy
U.K.
Austria
Rest of Europe
Asia Pacific
China
JapanSingapore
Malaysia
Rest of Asia Pacific
Latin America
Brazil
Mexico
rest of Latin America
Middle East and Africa
Saudi Arabia
Israel
Rest of the Middle East and Africa
North America is the largest market, with a share of approximately 34.0%, in terms of value, of the global market in 2016, followed by Europe. Asia-Pacific is an emerging aerospace composites market, both in terms of value and as the second fastest-growing region. Growth in the aerospace composite market can be attributed to properties such as lightweight, which help reduce aircraft weight and enable enhanced performance and operational capabilities as well as reduced costs. The outlook for the aerospace composite market in Latin America also looks positive, thanks to rising disposable income, urbanization, and supportive governments. Rising demand from leading aircraft manufacturers such as Boeing, Airbus, and others is expected to drive the market in Europe and Asia-Pacific.
Frequently Asked Questions:
The market for Aerospace Composites is expected to reach US$ 36.20 Bn in 2025.
The Aerospace Composites market is expected to see significant CAGR growth over the coming years,at 8.5%.
The report is forecasted from 2015-2025.
The base year of this report is 2014.
Cytec Solvay Group,Royal Ten Cate N.V.,Teijin Limited,Dupont,Hexcel Corp are some of the major players in the global market.
