Market Research Report
Aerospace Composites Market Size By Fiber, By Resin, By Aircraft, By Application, Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
|Published by||Global Market Insights Inc.||Product code||569713|
|Published||Content info||710 Pages
Delivery time: 2-3 business days
|Aerospace Composites Market Size By Fiber, By Resin, By Aircraft, By Application, Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026|
|Published: April 28, 2020||Content info: 710 Pages||
The aerospace composites market is projected to witness exponential growth due to the growing demand for lightweight composite materials and demand for fuel-efficient aircrafts. One of the most essential innovation in the aerospace sector is the use of composite materials, since they allow designers in overcoming the obstacles created by using metals.
These materials have played a key role in weight reduction, and thus are used in structural applications and components of all aircraft and spacecraft, from gliders and fighter planes to hot air balloon gondolas, to space shuttle and passenger airlines.
Some of the key advantages of using composites for aerospace industry are that they provide resistance to corrosion or fatigue, have high stability, and also have the ability to withstand intense force or shock. Citing an example, Kevlar armor shield planes have decreased any unplanned harm to the engine pylons carrying fuel lines and engine controls. Also, the structural components which are made up of composite materials can be easily assembled.
Aircraft production worldwide is temporarily on a halt due to the outbreak of COVID-19, however, the industry is expected to bounce back considerably as soon as the situation is under control. This would further lead to an increase in air travel passenger traffic and rise in tourism industry, thereby leading to market growth.
Aerospace composites market is bifurcated in terms of fiber, resin, aircraft, application, and regional landscape.
Based on fiber, the aerospace composites market is classified into ceramic, glass, aramid, carbon, and others. Among these, the ceramic fiber segment is expected to register a substantial CAGR above 8% during the forecast period. The fiber finds usage in propulsion and exhaust, thermal protection, and in hot primary structure applications.
With respect to resin, the aerospace composites market is divided into thermoplastic and thermosetting. The thermoplastic segment is estimated to account for one-fourth of the global market by the end of 2026 owing to fast production cycles and recyclability. In addition to this, current technological advancements in production and processing of composite have made thermoplastics as one of the feasible options to be used in a wide range of aerospace applications.
In terms of aircraft, the aerospace composites market is bifurcated into single engine piston, helicopters, commercial aircraft, space, business aircraft, military aircraft, and others. The space segment is projected to grow at a robust CAGR of around 10% during the forecast period. Proliferating space industry coupled with government-funds is likely to drive the product demand.
Based on application, the aerospace market is segmented into exterior and interior. The interior application segment is likely to register a healthy CAGR of around 9% during the forecast period.
From a regional frame of reference, the Latin America aerospace composites market is estimated to grow at a steady CAGR of around 8% through 2026. Increasing FDI along with low manufacturing wages and free trade will support the overall industry growth.