Global Aerospace Composites Market Size, Share, Development, Growth and Demand forecast to 2023 By P&S Market Research

The global market for aerospace composites is estimated to grow during the forecast period (2017-2023) owing to the rising demand of fuel efficient aircrafts. The increasing air traffic and fluctuating oil prices has boosted the demand of aerospace composites in the manufacture of commercial aircrafts, defense aircrafts, helicopters, launchers and engines. The aerospace sector has witnessed an increasing shift towards composites on account of their light weight, high strength and increased operational efficiency as compared to metal alloys, that has in turn, increased the payload capacity of the airplanes. This is expected to boost the growth of aerospace composites market at a significant level during the forecast period.

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The global market for aerospace composites are categorized on the basis of fiber type, resin type, aircraft type, application and region. Based on fiber type, the market for aerospace composites is segmented into glass fiber composites, carbon fiber composites, and aramid fiber composites. Carbon fiber composites are expected to grow at a robust pace in the global aerospace composites market, in terms of value and volume, during the forecast period due to their light weight, tensile strength, fire resistance and durability, and growing applications in primary and secondary structures of aircrafts. Commercial airlines such as Boeing and Airbus has further propelled the demand of carbon fiber composite with increasing use in wide-bodied passenger aircraft.

On the basis of resin type, the aerospace composites market can be segmented into epoxy, phenolic, polyester, polyamide and thermoplastic. The thermoplastic resin composites are estimated to rise at a faster pace during the forecast period due to their increased demand in structural aerospace applications.

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On the basis of aircraft type, the aerospace composites market is segmented into commercial aircrafts, business and GA aircrafts, military aircrafts and civil helicopter. Based on application, the global aerospace composites market is categorized as interior and exterior. Interior applications comprise of floorboards, luggage bins, trolleys, ceilings, panels, seats, partitions, winglets, fins, trailing, brackets and other components; while exterior applications are projected to drive the market for aerospace composites on account of the increasing demand for lightweight and fuel efficient carbon fiber composites. Owing to their high strength and light weight, these composites are used to make exterior airframe assemblies including undercarriage, fuselage, and wings. Technological advancements in next-generation aircrafts play a crucial role in the airframe structures which is expected to spur the demand of aerospace exterior applications during the forecast period.

The regulatory bodies or government agencies have imposed certain norms regarding smoke, toxicity and fire level which has led to the rise in aerospace composites market.

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