DUBLIN, February 24, 2016 /PRNewswire/ --
The global aerospace materials market is projected to reach a value of USD 18.5 billion by 2019. growing at a CAGR of 6.6%, according to a recent report available from Research and Markets. The report notes that the growing commercial aircrafts applications segment accounts for around 70% market share of the overall aerospace composite market. Further growth in this segment is expected, and today European aerospace and defense manufacturer Airbus report a rise in profits for 2015.
Airbus made EUR 2.7 billion in 2015 compared to the EUR 2.3 billion made in 2014. The company attribute the increase in profits with a growing demand for A320 and A330 jets, and expect to deliver 650 aircraft this year. Airbus delivered 635 aircraft in 2015.
The global airlines industry is expected to be worth USD 866,284.2 million by 2019, as stated in an industry report. However, this value could be far higher if the global demand for commercial jets continues to grow.
An increasing demand for commercial jets will also lead to growth in related markets. The global aircraft fuel systems market is set to be valued at USD 9.15 billion by 2020, as revealed in a market report. As the report notes, the rise in aircraft deliveries will be a major driver for the growth in the aforementioned market, as newer aircraft will be equipped with more advanced lightweight fuel systems.
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SOURCE Research and Markets