[FURL=https://www.industryarc.com/Report/16454/aerospace-composites-market.html]Aerospace Composites Market[/FURL] size is forecast to reach around $41 billion by 2025, after growing at a CAGR of 10.5% during 2020-2025. Composites are material made up of two or more substances with different physical and chemical properties. Surging demand of composites for making aircraft parts due to its exceptional strength and heat bearing capacity is driving the growth of aerospace composites market. Whereas, growing uses of composites in military & defense sector for manufacturing of fighter jets and missiles also boosts the growth of market. Key Takeaways
Increasing environmental concerns and government restrictions on the disposal of carbon and aramid fibers has hampered the growth of aerospace composites market.
China has shown significant growth in aerospace composites market, owing its use in manufacturing of aircrafts. Boeing forecasted that China’s carriers will need 8,090 new planes through 2038 further raising the demand for aerospace composites.
Increasing investment in the defense sector from developing country also drive the market growth.
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Aerospace Composites Market Segment Analysis - By Geography
North America is projected to grow with a significant CAGR of 11% in the aerospace composites market during the forecast period followed by Asia Pacific and Europe. Presence of skilled labor and well-established aircraft manufacturing companies such as Boeing, Lockheed Martin, and United Technologies Corp. are accelerating the demand for aerospace composites in North America. Composite offer advantages including flexibility, lightweight, durability, and resistance to corrosion. According to American Composites Manufacturers Association, composites industry annually contributes $22.2 billion to the US economy and the end-product market for composites is expected to reach $113.2 billion by 2022, subsequently aiding the growth of market.
Aerospace Composites Market Drivers
Growing demand from space and aeronautics industries
Growing use of composites in commercial aircrafts
Aerospace Composites Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the aerospace composites market report. In 2019, the market of aerospace composites has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the aerospace composites market are Toray Industries, Ltd., SGL Carbon SE, Solvay S.A, Owens Corning, Materion Corporation, Mitsubishi Rayon Co. Ltd., Renegade Materials Corporation, Hexcel Corporation, Teijin Ltd., Huntsman Corporation, and Boston Materials Inc., Payload Aerospace S.L among others.
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