Nearly 50% of the global aerospace composites market
was held by the top three players in 2015. These companies were
Hexcel Corporation, Koninklijke Ten Cate, and Cytec Solvay Group.
Despite its consolidated vendor landscape, the global aerospace
composites market is witnessing moderate threat from new substitutes.
Besides this, major players are faced with challenges in raw material
processing.
As stated by Transparency Market Research (TMR)
regardless of challenges, the market players are focused on improving
their net worth. Many of them are using export as a tool for
expanding their geographic footprint, while others are focusing on
augmenting their production capacity. The degree of competition is
thus forecast to remain high in the forthcoming years.
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TMR calculated the global aerospace composites market
to be valued at US$11.5 bn in 2015. Rising at CAGR of 9.1%, the
market is forecast to reach US$24.8 bn by the end of 2024. By
application, the demand for aerospace composites was the highest in
the commercial and business aircraft segment, which held over 57.17%
of the overall market in 2015. This segment is also expected to
continue leading the global landscape through the course of the
forecast period.
Regionally, North America was at the lead, holding
nearly 35.4% of the global aerospace composites market in 2015. While
North America will continue dominating, Europe and Asia Pacific will
soon emerge at the market’s forefront. Of these, growth witnessed
in Asia Pacific will be higher than other regional segments.
Demand for Lightweight Composite Materials for
Aircraft Manufacturing to Aid Growth
Due to their lightweight composite materials are
considered ideal for use in aircraft manufacturing. This, coupled
with the rising demand for improved fuel efficiency in aircrafts,
will accelerate the pace of gains for the global aerospace composites
market. Using ultra lightweight composite materials can help
aircrafts increase their payloads and fuel-carrying capacity. In the
military sector, the features is considered indispensable to increase
the mission duration and loiter time for aircrafts. In addition,
using lightweight composites can help the sector tackle carbon
emissions better.
“The aerospace industry accounts for barely 3% of
the global carbon emission. However, there is forecast for the same
to increase in the coming years, thus affecting the global climate,”
said a lead TMR analyst. “As composite materials are helpful in
lowering carbon emission, they are increasingly preferred by aircraft
manufacturers,” he added. Besides this, the market is gaining
impetus from the rising number of airline passengers. The increasing
demand from military and space technology sectors will boost the
market as well.
High Cost of Manufacturing to Hinder Market
On the downside, the high cost of manufacturing
composite materials is one of the leading causes restraining the
market. Expenditure incurred in the process is especially high during
designing and fabrication. In addition, the cost of carbon fiber
composites, which are widely used across the aerospace industry, will
continue remaining high due to the use of high-grade carbon fibers in
them.
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Existing challenges of transferring knowledge and
skills due to the steady decline in aerospace manufacturing
employment will negatively impact the market as well. The growing
shortage of trained individuals and aging of the existing workforce
pose critical challenge to the overall aerospace composites market.
Nevertheless, with advancements in manufacturing techniques and the
recent developments of software tools will help the market pace up in
the near future.
This review is based on a TMR report, titled
“Aerospace Composites Market - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2016 - 2024.”
The report segments the global aerospace
composites market as:
Aerospace Composites Market – Product Type
Analysis
- Carbon Fiber Composites
- Glass Fiber Composites
- Aramid Fiber Composites
- Others
Aerospace Composites Market – Application Type
Analysis
- Commercial & Business Aircraft
- Military
- Helicopters
- Space
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