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.
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.
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.
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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.
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.