According to research study by Fortune Business Insights™ The global aerospace composites market size is expected to reach USD 29.69 billion by 2026 exhibiting a CAGR of 9.27% between 2019 and 2026. This is owing to the rapid development of the aerospace market into developing nations of the world. Aerospace composites are made up of two or more constituent parts of plastic supported by carbon fibers. Composites help to strengthen the overall structure of the aircraft, provide fuel efficiency, and improve the overall performance of the aircraft. A recently published report by Fortune Business Insights™ titled, provides a comprehensive overview of the market and its prime growth trajectories. In 2018, the market value stood at USD 14.66 billion.
List of Vendors of the Aerospace Composites Market are the following:
- Owens Corning
- Hexcel Corporation
- LMI Aerospace, Inc.
- Toray Advanced Composites
- Teijin Limited
- Solvay S.A.
- Mitsubishi Chemical Corporation
- VX Aerospace Corporation
- SGL Carbon
- Unitech Aerospace
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In the global market, chemical industry is the second largest manufacturing industry in Japan. In recent years, the Japanese chemical industry was the fourth largest industry globally following China, the United States, and Germany. Furthermore The Japanese chemical industry is dominated by a group of major corporations and tech Giants. The chemical industry is the backbone of Japan’s economy.
Limitations of Metal in Aircrafts Will Open Doors of Opportunity for Market
The expansion of the aerospace industry in the developing nations of Asia Pacific is a major factor promoting the aerospace composites market growth. For maintaining a proper growth rate of the market in these economies, airliners have to offer attractive offers at reasonable prices, keeping in mind the regional economic status of the region to local customers. Aircrafts composites help to provide efficient operations at cost-efficient rates. This is anticipated to boost the overall market. Additionally, metal has its own drawbacks, and the use of composites will solve those issues, providing durable, sturdy, anti-corrosive, and easy availability, thereby driving the market. Besides this, the increasing demand for high performance from military aircrafts is further propelling the demand for composites in aircrafts. The rising demand from the defense sector will also help the market gain impetus in the coming years.
Asia Pacific to Witness Rapid Growth owing to Increasing Demand for Mid-Sized Commercial Aircrafts
Most of the players in the global aerospace composites market have their base in North America. This stands as a significant reason for the region holding the largest aerospace composites market share. In 2018, this region earned $7,817.6 million owing to the availability of advanced technology needed for the production of complex components used in the aerospace industry.
Asia Pacific, on the other hand, is anticipated to witness significant CAGR on account of the rapid expansion of the aviation industry and the rising demand for mid-sized commercial aircrafts from nations such as India and China. Furthermore, the increasing investments in the defense sector and fighter planes in countries such as India are expected to create lucrative growth opportunities for the market in the coming years.
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Merger and Acquisition Strategies will Further Intensify Market Competition
Players operating in the global aerospace composites market are emphasizing on adopting collaborative strategies such as mergers and acquisitions, agreements and contracts, joint ventures, and others. The adoption of such policies will help players compete intensely for earning the top position and earn high aerospace composites market revenue in the coming years.
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