Aerospace Composites Market
Aerospace Composites Market Size was valued at USD 21.2 billion in 2022. The aerospace composites market industry is projected to grow from USD 24.1192 Billion in 2023 to USD 67.699 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.77% during the forecast period (2023 - 2032).
Composite materials hold a huge range of applications and being used in numerous contexts. Global Aerospace Composites Market is mainly powered by the growing aircraft industry. Their characteristic of maintaining their own identity and merging absolutely is one of the prime advantages of composite materials. Upon blending, the materials develop a hybrid enriched with advanced structural characteristics. These characteristics can be handy for development of aerospace segments. Being highly used for frames, interior, etc., make it highly useful from market perspectives.
Characteristics of composite materials likeability to endure superior temperature, stress, shock, etc., make international aerospacecomposite material markethighly established. It is here to note in this context is that around 55 percent of aircraft are made using aerospace composite materials. In comparison, the old model aircraft use only around 5 percent of aerospace composites. Primarily the composites used in aerospace arena are to lower the cumulative weight. It is also effective in terms of lowering the corrosion within the aircraft body.
Another prime reason behind the enrichingaerospace composites market forecast is due to their characteristic of lowering the maintenance expenses of the aircraft. In comparison to the traditional materials, the cost can be lowered to a great extent. Carbon fiber composite is speculated to be used of around 75 percent of the whole for aircraft manufacturing. Growing demand for carbon fibers, especially in defense segment, makes it highly effective. Their characteristic to resist weather and greater strength is also one of the foremost reasons.
Market Segmentation:
International Aerospace Composites Market can be segmented on the basis of product type, on the basis of application, and in terms of region. On the basis of product type, the international composite material can be segmented further into glass fiber, carbon fiber, aramid fiber, and others. In terms of application, the global composite material market can be classified in to commercial and military. From a regional perspective, the international composite material market can be segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa. North America is touted to be the most prominent among these.
Key Players:
The aerospace composites market major players are Toray Industries Ltd. (Japan), Solvay Group (Belgium), Teijin Limited (Japan), Owen Corning (U.S.), Royal Ten Cate (Netherlands), SGL Group (Germany), Kaman (U.S.), Hexcel Corporation (U.S.), General Electric (U.S.), Koninklijke Ten Cate BV (Netherlands).
Regional Analysis:
On the basis of region, theAerospace Composites Market can be segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa. North America is touted to be the most prominent among these, which is expected to grow at highest CAGR. It is the most dominant from the perspective of market worth as well as volume. Presence of mass manufacturers can also be cited as one of the prime reasons. Its the aviation industry that is considered the prominent driving factor for the market in Europe. A growing number of budget-friendly carriers and growing demand, mostly from Brazil, establishes Latin American market.
Industry News:
International aerospace composite market is projected to grow at a CAGR of more than 9 percent according to reports. This report is speculated to be achieved during the forecast period between 2017 and 2023. North America is reportedly going to be the most dominant of all.
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