According to the latest report by IMARC Group, titled “Aerospace Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global aerospace composites market size reached US$ 37.6 Billion in 2019. Aerospace composites are a combination of two or more dissimilar materials that are utilized for combining different properties or imparting a new set of characteristics, which neither of the constituent materials could have achieved on their own. Earlier, these materials were only used in secondary structures, such as seats, rotor blades and instrument enclosures of gliders, helicopters, fighter planes, passenger airlines and space shuttles. Nowadays, they also find application in the production of primary structures, such as wings and fuselages, owing to their superior malleability as compared to their metallic counterparts.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aerospace Composites Market Trends:
Over the past few years, the market has experienced steady growth on account of the burgeoning aviation and aerospace industries and the growing requirement for fuel-efficient aircraft. This can also be accredited to the increasing focus on enhancing the performance of commercial and military aircraft by the utilization of high-performance structural materials. However, the growth of the aviation and associated industries has been influenced by the sudden outbreak of the coronavirus diseases (COVID-19) due to which governments of various countries are imposing complete lockdown and implementing domestic and international travel restrictions. The market is anticipated to experience revival once the global situation returns to normal. Looking forward, the market value is projected to reach US$ 55.5 Billion by 2025, expanding at a CAGR of 6.7% during the forecast period (2020-2025).
- Based on the fiber type, the market has been segmented into carbon, ceramic, glass and other fiber composites.
- On the basis of the resin type, the market has been segregated into epoxy, phenolic, polyester, polyimides, thermoplastics, ceramic and metal matrix, and others.
- The marker has been analyzed on the basis of the aircraft type into commercial aircraft, business aviation, civil helicopters, military aircraft and helicopters, and others.
- Based on the application, the market has been bifurcated into interior and exterior parts.
- On the basis of the manufacturing process, the market has been divided into AFP/ATL, layup, RTM/VARTM, filament winding and others.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Bally Ribbon Mills, Hexcel Corporation, Mitsubishi Chemical Holding Corporation, Renegade Materials Corporation, Koninklijke Ten Cate B.V., SGL Carbon SE, Solvay S.A., Teijin Limited
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