Sellbyville, DE -- (SBWIRE) -- 12/05/2018 -- The qualitative research study conducted by Global Market Insights, Inc. titled "Aerospace Composites Market" provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Aerospace Composites Market.

Global aerospace composites are expected to cross 70 thousand tons till 2024. Continuously rising demand for commercial aircrafts along with growing defense sector will primarily drive the growth over the forecast timespan. Rising passenger traffic travelling by air across the globe will also have a positive impact on the aerospace composites market size.

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Huge investments by various governments in aerospace business will spur the aerospace composites market growth till 2024. The economies that are witnessing rapid growth in aerospace industry are forecasted to possess robust growth prospects over the coming years. These investments will contribute significantly towards the high revenue generation over the next eight years. However, complex manufacturing processes may hamper the aerospace composites market growth.

Advanced fiber recycling, especially for carbon fiber will be witnessed as an emerging trend over the coming years. The significant potential demand of reclaimed fibers can be attributed to their high value, recovered high strength, and high modulus aerospace grade fibers that retain better properties. One of the key innovations is the complete digitization of the aerospace industry. This includes real-time resource planning & allocation and high-tech enabled equipment and engines that notify the maintenance staff & operations centers during issues in the aircrafts.

- Aerospace Composites Market by Application

- Interior
- Exterior

- Aerospace Composites Market by Aircraft

- Commercial aircraft
- Single engine piston
- Business aircraft
- Military aircraft
- Helicopters
- Space
- Others

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An outline of North America aerospace composites market trends

North America has been touted to emerge as one of the most lucrative growth grounds for aerospace composites industry, perhaps on the grounds of the ever-expanding commercial and military airline sectors. The region in fact, accounted for the manufacture of close to 9,300 aircraft in 2016 alone. The extensive product penetration in the continent can be credited to the massive requirement of commercial aircraft and the marginally high consumer spending of late. Pertaining to the high demand for fuel efficiency and lightweight aircraft, North America aerospace composites market size was worth more than USD 1.17 billion in 2016.

The United States is one of principal regions fulfilling the product demand in North America. The country is renowned for its extensive defense expenditure, which would be a major driving force for U.S. aerospace composites industry. Another significant reason for the development of the U.S. business space is the fact that most of the prominent players in aerospace composites market have their headquarters in the country. Having been housed in the nation, it goes without saying that the contributions of these firms toward the revenue of the aerospace composites market would have a considerable impact on the regional aerospace composites market outlook.

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The U.S. certainly holds an upper hand in the development of North America aerospace composites industry, though other regional economies boast of substantial contributions too. In consequence, it has been forecast that North America aerospace composites market size would be pegged at USD 2 billion by 2024, with a CAGR estimation of almost 7% over 2016-2024.

While North America is likely to remain one of the key contributors toward aerospace composites industry share, the geographies of APAC and Europe are not that far behind either. In fact, with major aerospace composites market players earnestly striving to expand their presence across multiple regions, this business space is likely to establish itself across major geographies. Pertaining to the ever-expanding aerospace and defense sectors and the robust requirement for lightweight, cost-effective, sturdy components, aerospace composites market has been projected to scale an appreciable growth rate, with a target valuation of more than 70.5 kilo tons in terms of volume, by 2024.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.