Noida, Uttar Pradesh -- (SBWire) -- 07/26/2018 --The aerospace market is one of the largest and arguably the most important to the composites industry. Commercial aircraft, military craft, helicopters, business jets, general aviation aircraft and space craft all make substantial use of composites, both inside and outside. The aerospace composites market has been growing at a decent rate since the past few years and it is expected to catch pace in the years to come.
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According to a research report published by P&S Intelligence, the market for aerospace composites is projected to grow at 10.1% during the forecast period. This growth in the market is majorly attributable to the expanding commercial aircraft fleet, rising demand for carbon fiber composites in aircraft manufacturing, and growing application of composites in military aviation.
Traditionally, the demand for composite materials in military aviation was limited to the replacement of the metal parts of aircraft. However, due to their high mechanical, thermal, and chemical strength, composite materials now constitute a majority of airframe structure of a military aircraft. Carbon and glass fiber composites are the majorly used composite materials in military aircraft.
In order to ensure national security and address geo-political tensions, majority of nations across the world are broadening their military spending. According to Stockholm International Peace Research Institute, the global military spending stood at 1.69 trillion in 2016.
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The rising military spending will encourage the development and acquisition of aircraft, such as fighter, attack, bomber, and multi-role aircraft. The development of new and advanced military aircraft would in turn, give an impetus to the demand for composite materials, and lead to the growth of the aerospace composites market.
Toray Industries Inc., Teijin Limited, and Hexcel Corporation are the top three players in the aerospace composites market. However, most of the other players in the aerospace composites market also have a significant presence across the globe. For instance, seven out of 11 companies have presence in more than 10 countries of various regions. Along with that, majority of the companies have more than 15 production plants for different product offerings, which enables them to meet the increasing market demand effectively and efficiently. Additionally, most number of companies have a good employee base in order to serve their customers around the globe.
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Aerospace Composites Market to Grow at a Swift Pace for the Next Few Years
The aerospace composites market is projected to reach $4,234.4 million by 2023