Aerospace composites market from exterior applications is expected to cross USD 3 billion over the next eight years. High usage of composites in exterior applications of aircraft structures will support the industry growth. Use of aerospace composites lead to weight reduction by 20% coupled with high damage tolerance and low production time. Interior applications are set to grow at over 8% CAGR till 2024 owing to assurance of high passenger comfort and increased fuel efficiency.
Carbon fiber is anticipated to account for 75% revenue share and generate over 52 thousand tons of composites till 2024 owing to provision of benefits including high temperature resistance, enhanced finishing, fatigue strength, and corrosion & solvent resistance. Extensive usage of phenolics and epoxy in the internal structures in aircrafts will support the industry dominance.
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Thermoplastics are poised to grow at around 9% CAGR over the next eight years owing to enhanced shelf life in comparison with its counterparts. Easy molding into different shapes and less requirement of curing time will foster the industry growth till 2024.
Commercial aircraft is projected to dominate the industry with over 50% market share over the forecast timeline. The high revenue generation can be attributed to excessive usage of composites in these aircrafts, especially carbon fiber. Rising expenditure in defense sector will further support the dominance of commercial aircrafts. Military aircrafts are set to grow significantly owing to heavy investments in military aviation across the globe. For instance, Indian military aviation sector is anticipated to invest around USD 35 billion over next two decades.
North America aerospace composites market is expected to capture over 40% revenue share, surpassing USD 2 billion. Constant ageing of aircrafts along with high consumer spending will primarily drive the regional growth over the next eight years. Additionally, heavy investments in defense sector in established countries including U.S. will induce immense potential to the industry across the region.
Asia Pacific will showcase highest CAGR over the coming years due to rising commercial aircrafts demand, especially in the developing countries such as China.
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Innovative fiber recycling, particularly for carbon fiber is an emerging trend and is anticipated to gain prominence in the industry over the coming years. Considerable potential demand for these recycled fibers can be attributed to their recovered high strength, high modulus grade aerospace fibers that possess enhanced properties and their high value.
Complete digitization of the aerospace industry is one of the key innovations in aerospace composites market. This digitization includes high-tech enabled engines & equipment and real-time resource planning & allocation that notify the maintenance operation centers and staff during aircraft issues.
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Boeing, Airbus, Lee Aerospace, Hindustan Aeronautics, E. I. du Pont de Nemours, and BASF are among the prominent players in the aerospace composites market. Other notable participants include Gurit Holding AG, ACT Aerospace, Teijin Ltd., Cytec Industries, Axioms Materials, and Hexcel.