The latest market report published by Credence Research, Inc. “Aerospace Composites Market, By Fiber Type (Carbon Fiber, Glass Fiber, Aramid, and Others), By Application (Interior and Exterior Application), By Resin type (Epoxy, Phenolic, Polyester, Polyamide, and Thermoplastics) and By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global aerospace composites market was valued at US$ 18.5 Bn in 2016, and is expected to reach US$ 36.20 Bn by 2025, expanding at a CAGR of 8.5% from 2017 to 2025.
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Aerospace industry has now switched to composite from plastics due to their attractive mechanical and chemical properties. Aerospace composites finds its application in commercial & business aircraft, helicopters, and space sectors. Factors such as increasing air passenger traffic, rising use of composite in emerging economies, and increase in number of low cost carriers are driving the market for aerospace composites market.
Composite materials offer several benefits such as lightweight structures which enables weight savings, lower fuel consumption and greater range which enhance the performance of the aircraft. Hence, composites are becoming increasingly popular among the market players for innovative methods of delivering additional value to its end-users. However, high cost of raw material and production and non-biodegradability aspect of reinforced polymers is expected to restrain market growth in coming years.
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Aerospace composite market is extremely fragmented and competitive in nature with large number of players operating in this market. With the rise in the use of composite in the aerospace industry players are focusing on providing customized and innovative solution to the giants such as Airbus and Boeing to gain the competitive edge. Major players such as Solvay group, Hexcel Corp, Teijin and other are focusing on enhancement of their market in several emerging economies and attract a high volume of consumers during the forecast period. Joint ventures and Merger and acquisition are the major strategies which are being used by several players for the expansion.
– Economies such as Europe and Asia-Pacific offers huge growth potential
– Decrease in Manufacturing and Assembling Cost of aircrafts
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