Surging commercial aircraft fleets, growing demand for carbon fiber composites from aircraft makers, and expanding composites application in military aviation are the factors driving the growth of the aerospace composite market. In 2017, the market generated a revenue of $2,376.7 million, and it is predicted to attain a size of $4,234.4 million by 2023, advancing a CAGR of 10.1% during the forecast period (2018–2023). Various aircraft parts such as interiors, nacelles, brackets, and engine blades are made from composites. These materials help in reducing the aircraft weight and enhancing the lift-to-weight-ratio.
In addition, they have good strength and stiffness-to-density ratio, which make them the standard material in the aerospace sector. On the basis of type, the aerospace composite market is mainly classified into glass, carbon, and aramid fiber. Out of these, in 2017, carbon fiber was the largest classification in the market, making a contribution of more than 50.0% in terms of sales volume and 55.0% in terms of revenue.
Due to these properties, this carbon fibers witnessing an increasing demand from the aerospace industry, thereby resulting in boosting the market growth. Based on application, the aerospace composite market is bifurcated into interior and exterior. Of these, in 2017, the exterior application led the market in terms of in terms of volume, and it is expected to continue in this vein during the forecast period.
This is ascribed to the rising use of composite materials in interior parts, such as cabin components, seat frames, floor boards, and ceiling panels. Currently, the autoclave process is used for manufacturing the majority of composite materials, which involves the use of pressurized vessels at high temperatures. Although this process is widely preferred for production, it entails notable processing time, energy, and cost, thereby resulting in high cost of the material.
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According to the International Air Transport Association (IATA), the global aviation sector is predicted to reach 7.8 billion passengers flown by 2036. The major surge in passenger traffic is anticipated to come from Asia, specifically India and China, which are observing a significant increase in the domestic as well as international passenger movement.
Hence, the growing commercial aircraft fleets and the resultingly expanding aerospace industry are expected to boost the growth of the aerospace composite market during the forecast period.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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