Jan 20, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aerospace Composites Market.
It was estimated prior to this unanticipated outbreak that the Aerospace Composites Market is likely to witness an impressive CAGR of 8.5% during the forecast period. The prime factor that is contributing to the growth of the market is mainly the increasing usage of aerospace composite fabrics in various aircraft, such as commercial, regional, and military aircraft.
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Composite materials are used in various applications in the aerospace & defense industry. They possess various properties such as lightweight, high strength, weather-resistant finish, and different surface textures.
Composite materials also offer a host of other advantages, such as excellent fatigue and corrosion resistant properties, high strength-to-weight ratio, and the ability to withhold against high impact load.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the fiber type, the market is segmented as carbon fiber, ceramic fiber, glass fiber, and others. The carbon fiber segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The increasing demand for carbon fiber in the aerospace & defense industry is driving the growth of this segment. Carbon fiber possesses various properties such as high inherent strength, lightweight, weather-resistance, and offers a variety in surface textures.
Based on the aircraft type, the aerospace composites market is segmented as commercial aircraft, business and general aviation, civil helicopters, military aircraft, and others. The commercial aircraft segment dominates the market, as the latest aircraft program, A350XWB, uses a significantly larger amount of aerospace composite material, compared to older aircraft programs, which use only 2-5% of the material. Further, various factors such as high corrosion-resistance, low-maintenance cost, and lightweight are fueling the growth of the segment during the forecast period.
In terms of regions, North America is estimated to be the largest as well as the fastest-growing aerospace composites market during the forecast period, with lucrative growth opportunities. The growth of the market is driven by the increasing usage of composite material in the commercial and military aircraft. Further, the presence of a large number of aircraft manufacturers and mass production of aerospace parts using aerospace composites are bolstering the growth of the market in the North American region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Key players operating in the global Aerospace Composites market are-
- Owen Corning
- Solvay S.A.
- Hexcel Corporation
- Royal TenCate N.V.
- Teijin Limited
- Toray Industries, Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Aerospace Composites analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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