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(I-TravelNewswire.Com, October 18, 2022 ) Aerospace composites are used in interior and exterior applications of commercial aircraft, business jets, helicopters, and military aircraft. The demand for these materials is increasing at a rapid pace, owing to their lightweight and increase in fuel efficiency of aircraft facilitated by their use. However, amidst the global COVID-19 pandemic, the demand from the aircraft types mentioned above is expected to show a sharp decline in 2020. The global Aerospace Composites Market is projected to grow from USD 23.8 billion in 2020 to USD 41.4 billion by 2025, at a CAGR of 11.7% during the forecast period.
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Exterior application accounted for the largest share in the global aerospace composites market in terms of value and volume.
Exterior structures of aircraft built with composite materials include landing gears, leading and trailing edges, engine nacelles, undercarriage, fuselage, and wings. Nowadays, composites materials such as carbon fiber composites are used in engine components and engine blades. The reduced demand for new commercial and business aircraft from the aviation industry due to the COVID-19 slowdown has resulted in a decline in the need for composites materials for exterior application.
Commercial aircraft to account for the largest revenue share of the global aerospace composites market during the forecast period.
Aerospace composites are extensively used materials in interior and exterior applications of aircraft. The low weight, combined with high tensile strength of composite materials, increases the fuel efficiency, reduces maintenance costs, and allows OEMs to comply with the stringent environment regulations stipulated in Europe and North America. New aviation programs of major players, such as Boeing for top commercial aircraft, such as 787, 777X, and A350XWB, are using a significant amount of carbon fiber composites (about 50% of structural weight) for their airframe structures. A large number of commercial airplane deliveries in the single-aisle, widebody, twin-aisle, and regional jet segments are expected to increase the demand for carbon fiber composites during the forecast period.
AFP/ATL is expected to account for the largest share in the aerospace composites market during the forecast period.
The ATL/ AFP processes use computer-guided robotics to lay one or more layers of carbon fiber tape onto a mold to create a part or structure. AFP/ATL machines help in increasing the production rate and precision in the manufacturing of aerospace composites and composite parts. AFP is a hybrid process between filament winding and tape laying, and hence, it combines the benefits of both the processes. This process is less time-consuming and leaves out very less scrap of raw materials, as compared with manual processes.
The market for AFP/ATL process is expected to decline in 2020 due to the COVID-19 pandemic. This decline in the market is attributed to decreased demand for composites for manufacturing structural components of aircraft as OEM’s, such as Boeing, Airbus, and Embraer are expected to reduce aircraft manufacturing in 2020
Europe is expected to account for the largest share in the aerospace composites market during the forecast period.
Europe accounted for the largest market share in the aerospace composites market due to high demand from commercial aerospace industries. Moreover, it is home to many key aerospace composite manufacturers, such as SGL Carbon, Solvay, and TenCate. Increased deliveries of Airbus aircraft primarily drives the composites material demand in Europe. Apart from this, the region develops military aircraft and helicopters. The European region is one of the worst affected by the COVID-19, resulting in decreased industrial and economic activities across all major countries such as Germany, France, the UK, Italy, and France. In the first quarter, the number of aircraft deliveries of Airbus has reduced, resulting in less demand for composite materials.
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Companies have strengthened their position in the global aerospace composites market by adopting agreement & partnership as the major strategy. From 2016 to 2020, agreement & partnership was the key strategy adopted by the market players to maintain growth in the global aerospace composites market. For instance, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aircraft business
The major manufacturers profiled in this report include Solvay (Belgium), Toray Industries, Inc. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), Teijin Limited (Japan), SGL Group (Germany), and Spirit AeroSystems (US.). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the aerospace composites market.
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Mr. Aashish Mehra
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