Aerospace Composites Market Latest Trends Analytical Insight And Forecast by 2023

Aerospace Composites Market: Latest Trends, Analysis &
Insights 2023
The aerospace composites market is projected to reach $4,234.4 million by 2023,
the market growth is mainly driven by the expanding commercial aircraft fleet
worldwide, increasing demand for carbon fiber composites in aerospace
applications, and growing application of composites in military aviation.

Based on type, the aerospace composites market is categorized into carbon fiber, glass fiber,
aramid fiber, and others (ceramic fiber and metal fiber). Of these, carbon fiber has been the largest
category in the market, with an estimated volume contribution of more than 45.0% in 2017. The
largest share of the category is ascribed to its superior properties over other types, such as high
tensile strength, high stiffness, exceptionally light-weight, and improved durability.
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North America has been the largest aerospace composites market so far, with an estimated
volume sales share of more than 35.0% in 2017. This can be ascribed to the presence of large
number of composite material manufacturers such as Hexcel Corporation and Owens Corning in
the region. Also, these companies are undergoing expansions and acquisitions in order to increase
their composite product line.
For instance, in June 2017, Hexcel Corporation acquired Structil SA, a producer and supplier of
high-performance composites to the defense, aerospace, and industrial markets. With this
acquisition, the company aims to expand its footprints in the next generation aerospace and
industrial applications.
Emerging nations such as China and India, are among the fastest growing aviation markets in the
world. This is mainly due to the growing economic prosperity in these countries, which is
characterized by the rising middle-class population and growing disposable income. The increasing
income level in these countries is encouraging people to opt for air travel more frequently, resulting
in higher passenger traffic.
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Some of the major players operating in the global aerospace composites market are Toray
Industries Inc., Teijin Limited, Koninklijke Ten Cate bv, Hexcel Corporation, Royal DSM N.V., SGL
Group, Mitsubishi Chemical Corporation, Materion Aerospace Metal Composites, Renegade
Materials Corporation, Quantum Composites, and Solvay S.A.
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