Sellbyville, DE -- (SBWire) -- 01/21/2019 --Aerospace Composites Market is projected to surpass 70.5 kilo tons with USD 5 billion by 2024. Carbon fiber will account for highest revenue share in the industry crossing USD 3.5 billion till 2024. Rising demand from commercial airline operators for their external structural operations will support the aerospace composites market dominance. These external operations are the primary & secondary aircraft structures that include wings, fuselage, undercarriage, and propulsion systems. Reduction in the raw material cost for production of carbon fiber will further escalate the aerospace composites market growth.
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.
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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. A couple of such instances have been demonstrated below:
The Washington-based Stratolaunch Systems Corporation has scarcely rolled out its long-awaited brainchild, the Stratolaunch aircraft, which has been rumored to be the world's largest aircraft by wingspan. Reportedly, it is almost entirely developed from composite materials to enable the aircraft to be light, stiff, and tremendously strong. Powered by six engines that would help the aircraft carry a payload of close to 550,000 lbs, the Stratolaunch is also endowed with two fuselages connected by a giant single wing. Stratolaunch's innovation is likely to impel other aerospace composites market players to brainstorm state-of-the-art products that would be rapidly deployed across major airline manufacturing sectors.
The Connecticut-based aerospace composites industry giant, Hexcel, has recently announced the launch of a new R&D project - Multi Axial Infused Materials (MAXIM), funded by the UK government, for a valuation of close to GBP 7.4 million (approximately USD 10 million). The project, spanning for four years, has also been backed by the UK Aerospace Technology Institute (ATI). With this project, Hexcel aims to expand its manufacturing facility at Leicester as well, in addition to firmly consolidating its presence across the UK aerospace composites market.
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While Asia Pacific is undoubtedly one of the most profitable growth grounds for aerospace composites industry, the globally developed continent, North America, also stands to serve remarkable avenues for the market expansion. The region, as per statistics, has been forecast to contribute to over 40% of the overall revenue share and surpass a valuation of USD 2 billion by 2024. The extensive product penetration can be credited to the high demand for lightweight and fuel-efficient aircrafts in the region. The continent is omnipotent as far as developments & technological advancements in the composites business is concerned. Moreover, the fact that the region is home for most of the prominent players in aerospace composites industry, makes it quite overt for the regional trends to have a substantial impact on the global aerospace composites industry outlook.
Thermosetting resins is anticipated to dominate the industry with over 75% revenue share and will generate over 52 thousand tons till 2024. The high revenue generation can be attributed to numerous benefits such as resistance to high temperatures, fatigue strength, enhanced finishing, excellent adhesion, and resistance to solvents & corrosives. High usage of Epoxy and Phenolics in aircraft internal structures will further support the aerospace composites market dominance. Thermoplastics will exhibit approximately 9% CAGR over the forecast timeframe owing to higher shelf life as compared to its counterpart. Less requirement of curing time and easy molding into various shapes will further escalate the growth of aerospace composites market.
Aerospace composites market share is slated to extensively proliferate in the commercial sector, given the extensive use of carbon fibers in these aircrafts. As per estimates, aerospace composites market share from commercial aircrafts generated revenue over USD 1.4 billion in 2016, and is further projected to dominate the industry landscape, holding 52% of the overall share in the coming seven years.
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Backing with an instance, the military aviation sector of India is likely to capitalize USD 35 billion in the timespan of next twenty years, to refurbish the aircrafts with technical requirements, quality control, and safety features. This is set to generate huge demand for aerospace composites for renovating or manufacturing interior & exteriors of aircrafts. With India, China, and Japan at the forefront, Asia Pacific aerospace composites industry is expected to register an annual growth rate of 8.5% over 2017-2024.
Airbus, Boeing, BASF, E. I. du Pont de Nemours, Huntsman International, Lee Aerospace, and Hindustan Aeronautics are among the prominent players in the aerospace composites market. Other notable players include ACT Aerospace, Gurit Holding AG, Hexcel, Cytec Industries, Teijin Ltd, and Axioms Materials.
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