Press Release

COVID-19 Impact on Aerospace Composites Market in 2020 – Know the Forecast Demand till 2026

Aerospace Composites Market Size, Share & Industry Analysis, By Fiber Type (Carbon, Glass, Aramid, and Others), By Aircraft (Commercial Aircrafts, Military Fixed Wings, Business Aircrafts & General Aviation, Jet Engines, Helicopter and others), and Regional Forecast, 2019-2026

The global Aerospace Composites Market size is projected to reach USD 29.69 billion by 2026, exhibiting a CAGR of 9.27% during the forecast period. Heavy reliance on carbon fiber composites for manufacturing aircraft components will be the key growth driver for this market, states Fortune Business Insights™ in its report, titled “Aerospace Composites Market Size, Share & Industry Analysis, By Fiber Type (Carbon, Glass, Aramid, and Others), By Aircraft (Commercial Aircrafts, Military Fixed Wings, Business Aircrafts & General Aviation, Jet Engines, Helicopter and others), and Regional Forecast, 2019-2026”. Carbon fiber composites replaced aluminium as the primary material for making airplanes a few decades ago as aluminium was proving economically infeasible for aircraft manufacturers. The switch to carbon fiber was based on the material’s lightweight properties as well as high durability and tensile strength.

Moreover, carbon fiber, unlike other metals, is resistant to corrosion and fatigue and therefore, reduces maintenance costs of aircrafts. For example, Boeing utilizes carbon fiber composites in making all parts of its iconic 787 Dreamliner to keep it lightweight and sturdy. Thus, emergence of carbon fiber has augured well for the market for aerospace composites.

COVID-19 Impact on the Market:

The outbreak of the COVID-19 pandemic has brought all economic activities to an abrupt halt. Many industries are undergoing a period of extreme financial distress, the aerospace industry being one of the top ones. Therefore, based on experience and expertise in market research, we offer you a comprehensive impact analysis of the coronavirus pandemic on this market.

To Get The Short-Term and Long-Term Impact of COVID-19 on this Market,

Please Visithttps://www.fortunebusinessinsights.com/enquiry/covid19-impact/aerospace-composites-market-102680

List of the Key Companies Profiled in the Aerospace Composites Market Report are:

  • Unitech Aerospace
  • Mitsubishi Chemical Corporation
  • Teijin Limited
  • Solvay S.A.
  • Owens Corning
  • VX Aerospace Corporation
  • SGL Carbon
  • Toray Advanced Composites
  • Hexcel Corporation
  • LMI Aerospace, Inc.

As per the report findings, the market value stood at USD 14.66 billion in 2018. The other highlights of the report include:

  • Exhaustive analysis of the market trends and drivers;
  • Careful study of market restraints;
  • Microscopic examination of all possible market segments; and
  • Detailed assessment of the impact of regional dynamics and competitive developments on the market.

Market Restraint

Issues Surrounding Flammability of Composites to Inhibit Market Growth

The aerospace composites market growth is likely to be impeded owing to the grave risks associated with the flammability of certain composite materials used in aircraft manufacturing such as resin. For instance, in 2013, the stationary Ethiopian Airlines 787 at London’s Heathrow airport caught fire when a short circuit was triggered in one of the lithium batteries that were powering an emergency beacon on the plane. Investigation revealed that the composite material resin, which is part of airline fuselage, fed the circuit. As a result, the US Federal Aviation Agency (FAA) tightened its norms for certifying flammability of composite materials used in aircraft to ensure safety of passengers. Tough regulations, therefore, may slow down the growth of this market.

Quick Buy – Aerospace Composites Market Research Report:  https://www.fortunebusinessinsights.com/checkout-page/102680

Regional Analysis

Major Advancements in Aerospace Manufacturing to Boost the Market in North America

North America is poised to dominate the aerospace composites market share during the forecast period on account of rapid advancements by the aerospace industry in the region. In 2019, the region led the market with a market size of USD 7.81 billion, with the main reason being the strong presence of some of the largest airline companies in the world such as Boeing and Airbus. In Europe, a well-established domestic aviation industry and robust military aircraft manufacturing are expected to propel the market. Asia-Pacific is anticipated to offer promising prospects for market players due to rising demand for commercial low-cost carriers in the region and steadily climbing military expenditures of India and China, with growing focus on fighter jets.

Competitive Landscape

Deployment of Position Strengthening Mechanisms by Players to Intensify Competition

Key market players are adopting and implementing different strategies to entrench their position in this market. While some companies are acquiring smaller players to expand their global presence, other companies are collaborating with each other to diversify their offerings and widen their market reach.

Get your Customized Research Report:   https://www.fortunebusinessinsights.com/enquiry/customization/aerospace-composites-market-102680

Industry Developments:

  • January 2020: Mitsubishi Chemical Corporation declared its intention of acquiring a carbon fiber Prepreg manufacturer named ‘c-m-p GmbH’ based in Germany. The acquisition will allow Mitsubishi to broaden its global footprint and gain entry into the European market.
  • March 2019: SGL Carbon and Solvay signed a Joint Development Agreement to develop and introduce novel, first-of-their-kind composites made from large-tow intermediate modulus (IM) carbon fiber. The materials are engineered to bring down operational costs and curb carbon emissions in modern commercial aircrafts.

Have a Look at Related Research Insights:

Polymer Foam Market – Global 2020 Size, Share, Industry Revenue, Growth Impact, Business Opportunities, Growing Demand Overview and Forecast to 2026

Adhesives & Sealants Market 2020 Size Overview, Trends, Share Valuation, Future Demand, Business Insights and Global Forecast to 2026

Blow Molded Plastics Market Recent Trends, Size, Growth Rate, Industry Share, and Global Forecast to 2026

Polyurethane (PU) Market Global Size 2020, Industry Growth, Industry Future Prospects, Business Opportunities and Forecast to 2026

Steel Wire Market Pre & Post COVID-19 Estimates 2019 to 2026 | Fortune Business Insights

 

Tags
Show More

Ann Potts

Ann is the leading the team writing for power and energy column. Her extraordinary leadership values have affected the progress of her team. She is very much loved and respected her team members. She has a very nice problem-solving approach to every challenge that she and her team faces. Apart from all these skills, she has one more skill, and that is cooking delicious food which again we enjoy a lot.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close