Aerospace composite: Key market research findings
- Demand for reduced weight and fuel efficiency is driving the market
- The carbon fiber segment is expected to dominate the market by 2020
- Key vendors—Cytec Industries, Hexcel, Koninklijke Ten Cate(TenCate), Mitsubishi Rayon, and Owens Corning
Technavio’s market research analysts estimate the global aerospace composite market to grow at a CAGR of almost 7% between 2016 and 2020. The demand for reduction in aircraft weight and fuel efficiency is the primary driver for the market. Composites provide the desired strength in aerospace applications irrespective of being lightweight due to their very high strength-to-weight ratio. The use of composites results in lower fuel consumption and allows airlines to maintain operational efficiency. In 2015, the market was dominated by the APAC region by accounting for around 36% of the market share. The adoption of sophisticated production methods by Asian vendors is the driving force behind the growth of the market in this region.
The new market research report from Technavio presents a breakdown and analysis of the aerospace composite segments by application.
“The implementation of composites in jet engines is the latest trend in the market. The jet engines used in the commercial aircrafts accounts for a huge value as the commercial aircraft industry is showcasing rapid growth. Emphasis is given on fuel efficiency, weight reduction, and increased performance efficiency of these engines. For instance, in 2005, about 1 million pounds of composites were used for the production of engine nacelles, fan blades, and other components. This number increased to approximately 2.5 million pounds by 2013,” says Abhay Singh, Lead Analyst, Aerospace & Defense, Technavio Research.
In 2015, the glass fiber segment dominated the global aerospace composite market by accounting for a market share of around 50%. However, the carbon fiber segment is projected to grow rapidly and dominate the market by the end of the forecast period. The growth of the carbon fiber segment in the coming years can be attributed to its increased use owing to its lightweight and high strength properties.
The key vendors in the global aerospace composite market include Cytec Industries, Hexcel, Koninklijke Ten Cate(TenCate), Mitsubishi Rayon, and Owens Corning. The global aerospace composite market has quite a few well-diversified international, medium-sized, and small vendors. The market is also very competitive and is expected to register a rise in product extension as well as technological innovations. The competitive environment may result in international players taking over smaller companies through M&As as it will help them to grow organically. End users in this market are shifting their focus from quantity to quality. Trying to maintain a balance between quality and costs while providing retrofit solutions and upgrades to meet military needs, can present significant challenges to vendors.
A more detailed analysis is available on the Technavio report, Global Aerospace Composite Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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