Aerospace Composites Market worth USD 64.51 Billion by 2028, registering a CAGR of 13.77% – Report by Market Research Future (MRFR)
New York, Aug. 27, 2021 (GLOBE NEWSWIRE) — Aerospace Composites Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Aerospace Composites Market Report Information by Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), by Applications (Commercial and Military), and by Region – Forecast to 2028” the market is projected to be worth USD 64.51 Billion by 2028, registering a CAGR of 13.77% during the forecast period (2021 – 2028)., The market was valued at USD 24.28 billion in 2020.
Market Competitive Landscape:
The distinguished companies in the aerospace composite market profiled are:
- Owen Corning (U.S.),
- Solvay Group (Belgium),
- Teijin Limited (Japan),
- Royal Ten Cate (Netherlands),
- Toray Industries, Ltd. (Japan),
- Hexcel Corporation (U.S.),
- SGL Group (Germany),
- Kaman(U.S.),
- Koninklijke Ten Cate BV (Netherlands),
- General Electric (U.S.), among others.
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Market Scope:
In the aircraft sector, composite materials are employed for a variety of applications. Composites have the advantage of retaining their identities and not merging fully with one another. When the materials are mixed, they form a hybrid material with improved structural qualities that can be employed in aircraft components. Fiberglass, carbon fiber, fiber-reinforced matrix systems, and any combination of these materials are utilized in aircraft composite materials. Composites are used for structural and component reasons in a wide range of aircraft and spacecraft, from hot air balloon gondolas and gliders to passenger jets, fighter planes, and the Space Shuttle. Among the uses are complete airplanes, wing assemblies, helicopter rotor blades, propellers, seats, and instrument enclosures.
Market USP Covered:
Market Drivers:
Composites are primarily used in the aerospace sector to reduce overall weight and corrosion in aircraft bodies. Furthermore, maintenance costs for aircraft made of aerospace composites have decreased when compared to maintenance expenses for aircraft made of traditional materials. Composites are primarily used in the aerospace sector to reduce overall weight and corrosion in aircraft bodies. Also, maintenance costs for aircraft made of aerospace composites have decreased dramatically when compared to maintenance expenses for aircraft made of traditional materials.
Market Restraints:
In the projected term, the lack of application potential in earlier models is expected to stifle the aerospace composites market growth. The sector’s development is estimated to be heavily reliant on the development of lighter aircraft, which is currently impeded due to the pandemic’s overall impact.
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COVID 19 Analysis
The COVID pandemic had a drastic effect on the development of the aerospace composites market, especially in viable sectors. Covid-19 has decimated worldwide travel demand because of its quick global spread, high death toll, and resulting lockdowns and border closures. In reality, COVID-19 has been a “perfect storm” for the travel industry, owing to a combination of changes in passenger behavior, government travel limitations, and the worldwide economic slowdown it appears to have sparked. The limitation in movement is anticipated to transform the development potential of the market in the course of the forecast period. The improved research and product development measures are estimated to further witness development in the upcoming period.
Market Segmentation
The type segment is estimated to be led by the carbon fiber segment in the forecast period.
The application segment is estimated to be equally directed by the commercial and military segments in the forecast period.
Regional Insights
North America is the world’s largest market for aircraft composites. Furthermore, in terms of both volume and market value, the aerospace composites market in the North American region is expected to rise at the fastest CAGR during the projected period. The presence of mass manufacturers of aircraft parts in the region is driving the growth of the North American aerospace composites industry. Recently, The Helios Ice Protection system, developed by Qarbon Aerospace Inc., is an all-composite electrothermal system meant to replace conventional ice protection technology such as pneumatic boots and bleed air. Helios is a thermoplastic/carbon fiber heating element with a layer of graphite inserted into a thermoplastic composite leading-edge structure for use on an aircraft wing, nacelle, or empennage, according to Qarbon Aerospace. In several icing tunnel tests, the system met icing protection certification standards, and it used a zoned thermal profile to reduce power consumption.
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The aerospace composites market in Europe is propelling the aviation sector and competition from high-speed trains and other modes of transportation. The presence of strong players in the region will further accelerate the development of the aerospace composite market. In recent years, a fast surge in air passenger traffic and evolving global aircraft leaders in Asia Pacific have boosted the region’s aerospace composites market growth. For instance, Markforged, the company behind The Digital Forge, an integrated metal and carbon fiber additive manufacturing platform, has announced a major strategic move to help aerospace, defense, and other highly regulated industries. Markforged will have the first continuous fiber-reinforced additive manufacturing (AM) process recognized by NCAMP, one of two bodies authorized by the Federal Aviation Administration (FAA) to qualify materials for flight once the project is completed. Due to the increased number of low-cost carriers and rising demand from Brazil.
Segmentation of Market covered in the research:
Aerospace Composites Market Report Information by Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), by Applications (Commercial and Military), and by Region – Forecast to 2028
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