Aerospace Composite Market worth $4,993.1 Million by 2019 - New Report by MarketsandMarkets
(PRWEB) December 24, 2014 -- The research report, “Aerospace Composites Market by Type, Aircraft Parts, & Application - Global Trends & Forecasts to 2019”, defines and segments the market with an analysis and forecast for types & applications by volume as well as value.
Browse 85 Market Data Tables and 73 Figures spread through 180 Pages and in-depth TOC on “Aerospace Composites Market”.
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“Asia-Pacific is the key market for aerospace composites”
Europe, North America, and Asia-Pacific dominated the aerospace composite market in 2013 and accounted for over 85% of the market, by volume and value. Country-wise, the U.S. is the top consumer of aerospace composite products globally. France is the second-largest aerospace composite consumer in the world. The need for lightweight and fuel-efficient air-crafts has shifted the focus of manufacturers towards aerospace composites. Future growth in the international market hinges heavily onto developing economies, especially in Asia-Pacific. China and India, especially, stand out as noteworthy emerging markets. The future scenario in Asia-Pacific looks promising given the number of facility expansions, merger & acquisitions, and strategic partnerships that took place in these countries. The ensuing increase in foreign investments and rise in the number of new manufacturing establishments will witness Asia-Pacific emerge into a prime driver of growth for the aerospace composite market.
“Commercial air-crafts is the topmost application segment and glass fiber composite dominates as the key type in the aerospace composite market”
Commercial air-crafts took the topmost position in the aerospace composite market with around 61.7% market share by value in 2013. The drive towards fuel-efficient and lightweight aircraft's is anticipated to drive the market for aerospace composites. The fastest growth rate till 2019 in the aerospace composite market is projected to come from applications, such as military aircraft and business and general aviation. The growing concern over security issues and the consequent defense spending is anticipated to propel the market. Glass fiber composites comprise approximately 89.6% of the total aerospace composite market in terms of volume. High corrosion resistance, lighter weight, and high tensile strength are some of the reasons for which manufacturers consider glass fiber reinforced composite as an able substitute for metals in aircraft's.
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“Increasing number of low-cost carriers in emerging nations projected to be a major driver for aerospace composites market”
The low-cost carriers have proved to be strong competitors to the luxury airliners, particularly in the developing economies of Asia and Latin America during the 2008-2009 economic downturns. The highest traffic growth in particular was in the short-haul (short route) around Southeast Asia, India and Australia. In India, low-cost carriers Spice Jet and Indigo continue to grow as they replace the likes of Air India, Jet Airways and Kingfisher Airlines. Even major airlines like Jet and Kingfisher converted 70% of their domestic operations to the low-cost model in the past couple of years. Boeing and Airbus also predicted that the companies would require approximately 5,200 new airliners in the 100 to 210 seat category, such as the best-selling A320 family. In 2012 low-cost carriers like Indigo, Spice Jet and Jet Lite ordered 46 new aircraft, which are to be delivered by the end of 2014. This increasing market for airlines is good indicator that the market for aerospace composites would thrive in the future.
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“Majority of the aerospace composite companies focused on expansion in the emerging markets to meet growing demand”
Aerospace composite manufacturers are focused on expansion with key objective of catering growing demand with better penetration in the emerging economies. For instance, Toray Industries Inc. (Japan) invested around $450 million to increase global carbon fiber production capacity by 6,000 KT annually at Japan, the U.S., France, and South Korean sites during 2014 and 2015.
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The growing demand for light-weight aerospace has encouraged companies to adopt the strategy of expansion like Toray Industries along with other strategies such as partnerships, new product development, agreements, joint ventures, and collaborations. Market players are focusing on expansions of production facilities in the developed as well as in developing markets. Hexcel Corporation (U.S.), Owens Corning (U.S.), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Industries Inc. (U.S.), are some of the leading market players that adopted this strategy in order to develop their business.
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