SELBYVILLE, Del., May 6, 2020 /PRNewswire/ -- According to the latest report "Aerospace Composites Market by Fiber (Glass, Carbon/Graphite, Ceramic, Aramid), Resin (Thermosetting [Epoxy, Phenolics, Polyester, Polyimides], Thermoplastic [Polyether Ether Ether Ketone, Polysulfones, Polyetherimide]), Aircraft (Commercial Aircraft, General Aviation, Business Jets, Piston Airplanes, Turboprop Airplanes, Helicopters, Military Aircraft, Space), Application (Interior, Exterior), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of aerospace composites will cross $16 billion by 2026. Expanding space exploration and military & defense industries augments the market demand.
The worldwide aerospace composites market is expected to witness substantial growth on account of rising focus on space and defense sectors. Growing popularity in these industries combined with significant funds for space programs and increasing defense expenditure are key factors driving the market growth.
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The aramid fiber segment is estimated to register a healthy CAGR of approx. 9% from 2020 to 2026 led by growing penetration of aramid/Kevlar-based aerospace composites in components that are subjected to high stress. These fibers exhibit high impact resistance and low weight properties, as they are 40% lighter than glass fiber.
The thermosetting resin segment in the aerospace composites market is likely to witness a robust growth of above 9% through 2026. This is largely attributed to its low viscosity and the ability to manufacture complex shapes. Epoxy-carbon based composites are most commonly used in manufacturing aircraft structural parts.
The general aviation segment will grow at a healthy CAGR during the forecast period. The U.S. is the leading country in business aircrafts, accounting for nearly 70% of the total business aircrafts. Increasing adoption of aerospace composites to enhance the fuel efficiency of business flights as well as providing an improved aerodynamic performance propels the market growth.
Asia Pacific is likely to account for one-fifth of the aerospace composites market share by 2026. The region is expected to double its fleet in the coming two decades. It is dominated by Japan, China, and India due to proliferating military, commercial, and space aircraft industries. Moreover, the rising trend towards improvement in the overall fuel efficiency of the aircrafts further drives the market revenue.
The exterior applications will observe significant gains of over 9.5% until 2026. Increasing concern for fuel-efficient aircrafts is likely to spur the product demand. Aerospace composites exhibit superior heat resistance and operate effectively in harsh environments, thus, find usage in fuselages, stabilizers, and wings.
Prominent aerospace composites market players include Owens Corning, ACT Aerospace, Solvay, Argosy International, JPS Composite Materials, Cytec Industries, LMI Aerospace, and Hindustan Aeronautics.
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Table of Contents (ToC) of the report:
Chapter 3. Aerospace Composites Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.2.1. COVID-19 impact on industry landscape
3.3. Number of fighter/interceptor aircraft strength, by region
3.4. Number of business jets, by region
3.5. Industry ecosystem analysis
3.5.1. Raw material suppliers
3.5.3. Distribution channel analysis
3.5.4. Vendor matrix
3.6. Technology landscape
3.6.1. Nano-modified aerospace composites
3.6.2. Composite wing spars
3.6.3. Automated composite manufacturing pilot plant
3.6.4. Thermoplastics at the forefront of composite technology
3.6.5. Composite engine components driving efficiency in aviation
3.7. Raw material analysis
3.7.5. COVID-19 impact on raw material supply, by region
220.127.116.11. North America
18.104.22.168. Asia Pacific
3.8. Benefits of aerospace composites
3.8.1. Provides strength to weight ratio
3.8.2. Increases durability
3.8.3. Ability to create complex designs
3.9. Future of composites in aerospace
3.9.1. Materials development
3.9.2. Carbon fiber availability
3.10. Regulatory landscape
3.11. Industry best practices & key buying criteria
3.12. Pricing analysis
3.12.1. Regional pricing
3.12.2. Cost structure analysis
3.12.3. COVID-19 impact on pricing
3.13. Industry impact forces
3.13.1. Growth drivers
3.13.2. Industry pitfalls & challenges
3.14. Innovation & sustainability
3.14.1. Innovation in fibers
3.14.2. Innovation in resins
3.14.3. Innovation in cores
3.14.4. Innovation in composites technology
3.14.5. Future trends including COVID-19 impact
22.214.171.124. Production trends
126.96.36.199. Demand trends
3.15. Growth potential analysis
3.16. Porter's analysis
3.16.1. Supplier power
3.16.2. Buyer power
3.16.3. Threat of new entrants
3.16.4. Threat of substitutes
3.16.5. Industry rivalry
3.17. Competitive landscape
3.17.1. Company market share analysis, 2019
3.17.2. Strategy landscape
3.18. PESTEL analysis
3.19. COVID-19 impact on melt blown nonwovens industry
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Aerospace Composites Market growth predicted at 9% till 2026: GMI
Asia Pacific is likely to account for one-fifth of the aerospace composites market share by 2026 due to proliferating military, commercial, and space aircraft industries across the region.
SOURCE Global Market Insights, Inc.