NEW YORK, April 24, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, the aerospace composites market is projected to reach $4,234.4 million by 2023, the market growth is mainly driven by the expanding commercial aircraft fleet worldwide, increasing demand for carbon fiber composites in aerospace applications, and growing application of composites in military aviation.
Based on type, the aerospace composites market is categorized into carbon fiber, glass fiber, aramid fiber, and others (ceramic fiber and metal fiber). Of these, carbon fiber has been the largest category in the market, with an estimated volume contribution of more than 45.0% in 2017. The largest share of the category is ascribed to its superior properties over other types, such as high tensile strength, high stiffness, exceptionally light-weight, and improved durability.
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On the basis of aircraft type, the aerospace composites market is categorized into commercial aircraft, business and general aviation aircraft, military aircraft, civil helicopter, and others (spacecraft). The commercial aircraft category has been leading the market, with an estimated revenue contribution of more than 50.0% in 2017. The large-scale production of these aircraft and increase in air travel worldwide is the major reason for the category’s largest share.
Based on application, the aerospace composites market is categorized into interior and exterior. During the forecast period, the consumption of aerospace composites is expected to witness higher growth for interior applications, with a CAGR of 10.7%, in terms of value and 9.8%, in terms of value. This can be attributed to the increase in adoption of composite materials for developing aesthetic and mechanically strong interior parts of aircraft, such as seat frames, cabin components, lavatories, and storage bins, in the aerospace industry.
Browse report overview with 141 tables and 49 figures spread through 155 pages and detailed TOC on "Aerospace Composites Market" at: https://www.psmarketresearch.com/market-analysis/aerospace-composites-market
North America has been the largest aerospace composites market so far, with an estimated volume sales share of more than 35.0% in 2017. This can be ascribed to the presence of large number of composite material manufacturers such as Hexcel Corporation and Owens Corning in the region. Also, these companies are undergoing expansions and acquisitions in order to increase their composite product line. For instance, in June 2017, Hexcel Corporation acquired Structil SA, a producer and supplier of high-performance composites to the defense, aerospace, and industrial markets. With this acquisition, the company aims to expand its footprints in the next generation aerospace and industrial applications.
Europe is estimated to be the second largest aerospace composites market, with more than 25.0% volume sales contribution in 2017. The market in the region is powered by the presence of strong aircraft manufacturing companies such as Airbus SE, ArianeGroup, and European Satellite Navigation Industries. Further, in France, the production of aircraft is increasing owing to the increase in air travel and tourism in the country. Composites provide strong load carrying capacities to aircraft parts; thus, with the increase in production of aircraft, the demand for these also increases, leading to the growth of the market.
Emerging nations such as China and India, are among the fastest growing aviation markets in the world. This is mainly due to the growing economic prosperity in these countries, which is characterized by the rising middle-class population and growing disposable income. The increasing income level in these countries is encouraging people to opt for air travel more frequently, resulting in higher passenger traffic. The growing passenger traffic in these nations is consistently generating the demand for new commercial aircraft, which in turn is giving momentum to the sales of composites used in aircraft manufacturing, thus accelerating the aerospace composites market growth.
Some of the major players operating in the global aerospace composites market are Toray Industries Inc., Teijin Limited, Koninklijke Ten Cate bv, Hexcel Corporation, Royal DSM N.V., SGL Group, Mitsubishi Chemical Corporation, Materion Aerospace Metal Composites, Renegade Materials Corporation, Quantum Composites, and Solvay S.A.
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