The aerospace composites market is set to witness remarkable growth on account of increasing number of space exploration activities and rising defense expenditure. Lately, the defense and space sectors have observed increasing popularity, attracting numerous government funding for initiating new projects. In 2018, the overall space economy was valued at almost USD 414 billion with over 60 space programs operating across the world.
Several developing as well as developed economies are ramping up their defense budgets to own the most advanced combat aircrafts. This could significantly boost the adoption of aerospace composites over the forthcoming years.
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Growing prevalence of aramid/Kevlar based aerospace composites for components that are subjected to high stress could drive the demand for aramid composite. The segment is projected to record a healthy CAGR of nearly 9% by 2026. These fibers generally have low weight properties and are high impact resistance, as it is 40% lighter than glass fiber.
Business aircraft are likely to witness an exponential rise in demand, with the U.S. being at the forefront of this segment, accounting for almost 70% of the global business airplanes. Rising use of aerospace composites to improve the fuel efficiency while providing a remarkable aerodynamic performance could enhance the business outlook of business aircraft segment over the predicted timeframe.
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Asia Pacific is considered as a lucrative market for aerospace composite companies. The region is estimated to account for almost one-fifth of the overall industry share over the forecasted timeframe. APAC is likely to multiply its fleet in the coming two decades as it is dominated by developing countries like China, India, and Japan. These countries are mainly renowned for their proliferating commercial, space, and military aircraft industries.
As of now, companies like ACT Aerospace, Owens Corning, Argosy International, Solvay, Cytec Industries, JPS Composite Materials, Hindustan Aeronautics, and LMI Aerospace are at the forefront of the aerospace composites market owing to their groundbreaking products and innovations.
Major Key Points from Table of Content:
Chapter 5. Aerospace Composites Market, By Resin
5.1. Global aerospace composites market product insights
5.2.1. Global market estimates and forecasts, 2016 - 2026
5.2.2. Market estimates and forecast, by region, 2016 – 2026
5.3.1. Global market estimates and forecasts, 2016 - 2026
5.3.2. Market estimates and forecast, by region, 2016 – 2026
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