The composite repair market is expected to register a CAGR over 8%, during the forecast period, 2019-2024. Factors, such as rising investment in rehabilitation of old structures and cost saving associated with composite structure repair, are driving the composite repair market, globally.
- Increasing usage of composites in the aerospace and defense industry is expected to drive the demand for the market, during the forecast period.
- Introduction of self-healing composites is likely to hinder the market growth.
- Automation of composite repair is projected to act as an opportunity for the market, in the future.
Key Market Trends
Aerospace and Defense to Lead the Growth of the Composite Repair Market
- Composite material is witnessing rapidly increasing demand from the aerospace industry. The use of composite materials in commercial transport aircraft is massive, as the reduced airframe weight enables better fuel economy and, therefore, lowers operating costs.
- Increasing composite content in new generation commercial aircraft, such as Boeing 787 Dreamliner and Airbus A350, is likely to drive the composite repair market in the coming years. In Boeing 787, composite materials constitute almost 50%, by weight.
- The rising air traffic in the Middle East and Asia-Pacific regions is also likely to spur the demand for commercial and passenger aircrafts, with increasing focus on tourism and travel.
- The consumption of aramid fiber has increased not only in aerospace, but also in the defense vertical. Owing to the increasing investments in the defense industry, the growth in consumption of these fibers is expected to continue at a significant rate, in the next 10 years. Countries, like China, the United States, Russia, Saudi Arabia, India, Japan, and France, are gradually increasing their aerospace and defense budgets, due to the resurgence of global security threats.
- Due to aforementioned factors, aerospace and defense is expected to drive the demand for composite repair over the forecast period.
Asia-Pacific Region to Dominate the Composite Repair Market
- Asia-Pacific has been projected to lead the composite repair market, due to strong government initiatives focusing on a cleaner environment, thereby implanting wind energy turbines.
- Asia-Pacific is likely to invest up to USD 250 billion on solar and wind energy projects, by 2025.
- In India, defense manufacturing has improved, and the country has increased its export of defense equipment, including Cheetah helicopters, to countries, such as Afghanistan, Indonesia, Nepal, Vietnam, South Korea, Myanmar, Israel, Russia, etc. The ISRO is also rapidly developing space crafts.
- This is likely to drive the composite repair market in the Asia-Pacific region, during the forecast period. With multinational companies taking interest in the countries in Asia-Pacific, and the governments supporting the aerospace industry, the demand for composite repair is likely to flourish in this region.
- These factors are likely to boost the composite repair market in the Asia-Pacific region.
The composite repair market is partially fragmented. Key players in the market include Lufthansa Technik AG, Air France KLM Group, Boeing Company, and Hong Kong Aircraft Engineering Company Limited (HAECO).
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