A recent report by Persistence Market Research, on ‘Aerospace Composites Market’ provides a detailed analysis on the industry size, revenue forecasts and geographical landscape pertaining to this business space. Additionally, the report highlights primary obstacles and latest growth trends accepted by key players that form a part of the competitive spectrum of this business.
A wide range of composites are used in aerospace industry. Commercial aircrafts, defense aircrafts, helicopters, launchers and engines are made-up of composites. Aerospace composites help to lighten the weight of the components and increase the efficiency of the engines. Aerospace composites help in weight reduction subsequently decreasing the fuel consumption. Low weight and durability of components are of huge importance in aerospace and aircraft industry. The market for aerospace composites is classified as: carbon fiber reinforced composites, glass fiber reinforced composites, metal matrix composites, foam core materials and ceramic matrix composites among others. Aerospace composites are used in interiors as well as exterior of the aircrafts. In addition, to this ceramic matrix composites are used in manufacturing of engines, which sustains at higher temperatures. Moreover, aerospace composites provides various characteristics to the components such as fire resistance, durability, flexibility and lighter weight among others.
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The market for aerospace composites was mainly driven by commercial aircrafts coupled with military and defense activities. Aerospace composites are used in various applications such as passenger and cargo floor panels, ceiling panels, galleys, air ducts, cabin linings, plenums, overhead compartments, ceiling panels, lavatories, bars, partitions, wardrobes, seats, winglets and fins, trailing edges, brackets and landing gear doors among others. The aerospace composites have to deal with regulatory bodies regarding smoke, toxicity and fire levels of the components. In military and defense applications, aerospace composites are used in manufacturing of components required for helicopters, launchers and aircrafts among others.
Aerospace composites help the components to deal with wear and tear, fire and harsh weather conditions. In addition, aerospace composites help the components to enhance the performance of the aircrafts. Maintenance, repair and overhaul are one of the major segments in aerospace industry and will be a major opportunity for the aerospace composites over the forecast period. However, higher prices and recyclability issues regarding the aerospace composites is anticipated to hinder the growth of the market in near future.
In terms of demand, North America was the leading region in aerospace composites market in 2013. The market for aerospace composites in North America was led by the U.S. Increasing demand for aerospace composites from commercial aircrafts coupled with defense activities has been driving the market in past few years. North America was followed by Asia Pacific. Asia Pacific is considered to be fastest growing market for aerospace composites. Increasing demand from aircrafts and helicopters is driving the demand for aerospace composites in this region. China had the highest demand for aerospace composites in this region. Other countries such as Japan, Singapore and India are likely to show potential growth for the aerospace composites in near future. In terms of demand, Europe had the third largest share for aerospace composites in 2013. Western Europe had the largest demand for aerospace composites in this region owing to the huge demand from military and defense activities. However, central Europe and Russia will have higher market share for aerospace composites in foreseeable future. In 2013, Rest of the World had the least demand for aerospace composites; however the region is predicted to illustrate upbeat for the aerospace composites market in near future.
New product development in order to meet the growing expectations of the industry is one of the key strategies in the market. Some of the key manufacturers in the aerospace composites market are Hexcel Corporation, Gurit Holding Co., Cytec Industries, Royal Tencate, Toray Industries Inc. and GKN Plc among others.