Aerospace Composites Market Rising demand, Applications & Forecast 2017

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Aerospace Composites Market Size, Share, Industry
Outlook Forecast 2016-2024
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Global Market Scenario of Aerospace Composites
Industry

• Global Aerospace Composites Market size will
  witness robust growth from 2016 to 2024. High
  growth in aviation industry worldwide, increased
  spending in space exploration projects and
  defense sectors by countries will propel the
  market in the coming years.
• According to International Air Transport
  Association (IATA), the number of air passengers
  will likely double from its present value of
  around 3.8 billion in 2016 to more than 7 billion
  in 2035. Global air traffic will also grow by
  around 4 annually during the forecast period
  requiring around 30,000 new aircrafts.
• Aerospace composites market will also grow due
  to the increased spending by countries in their
  defense sectors, mostly in military aviation.

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Continue

• Aerospace composites market is also poised to
  grow due to increasing space exploration projects
  by countries. The product finds extensive use in
  space exploration due to its many properties and
  recent involvement by developing countries like
  India and China in space exploration have opened
  new growth avenues for the aerospace composites
  market in the coming years.
• High manufacturing cost of the product and
  challenge in transfer of skills may hamper the
  industry growth during these years. High risks
  involved in the applications lead to requirement
  of superior quality products, making the
  aerospace composites market highly technology
  oriented demanding highly skilled labor force.
• By product, aerospace composites market is
  segmented into carbon composites, metal
  composites and others. Carbon composites are used
  due to their strength and light weight. Metal
  composites finds its use owing to their hardness
  and strength.

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Research Methodology
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Regional Insights

• North America aerospace composites market has a
  noteworthy share because of increasing demand for
  the product from aircraft manufacturers and
  defense sectors.
• The presence of large aircraft manufacturing
  companies like Boeing and Lockheed Martin in the
  U.S. is also increasing demand.in this region
  Asia Pacific has a substantial share of the
  aerospace composites market owing to increasing
  demand for aircraft and helicopter parts, mostly
  in China, India, and Singapore.

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Competitive Insights

• Key players in aerospace composites market are
  Hexcel Corporation, BASF SE, Huntsman
  International LLC, Cytec Solvay Group,
  Finmeccanica, LMI Aerospace, Toray Industries,
  Ltd., Teijin Ltd., Toray Industries Inc., SGL-The
  Carbon Company, HITCO Carbon Composites, LEE
  Aerospace, Argosy International LLC, and
  Koninklijke TenCate.

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