Aerospace Composites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast | 2024
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.
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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.
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.
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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.
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“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. 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.
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