Aerospace Composites Market
REPORT DESCRIPTION
Aerospace Composites Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016- 2024.
Nearly 50 % of the global aerospace composites market was held by the top three players in 2015. These companies were Hexcel Corporation, Koninklijke Ten Cate, and Cytec Solvay Group. Despite its consolidated vendor landscape, the global aerospace composites market is witnessing moderate threat from new substitutes. Besides this, major players are faced with challenges in raw material processing.
As stated by Transparency Market Research( TMR) regardless of challenges, the market players are focused on improving their net worth. Many of them are using export as a tool for expanding their geographic footprint, while others are focusing on augmenting their production capacity. The degree of competition is thus forecast to remain high in the forthcoming years.
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TMR calculated the global aerospace composites market to be valued at US $ 11.5 bn in 2015. Rising at CAGR of 9.1 %, the market is forecast to reach US $ 24.8 bn by the end of 2024. By application, the demand for aerospace composites was the highest in the commercial and business aircraft segment, which held over 57.17 % of the overall market in 2015. This segment is also expected to continue leading the global landscape through the course of the forecast period.
Regionally, North America was at the lead, holding nearly 35.4 % of the global aerospace composites market in 2015. While North America will continue dominating, Europe and Asia Pacific will soon emerge at the market’ s forefront. Of these, growth witnessed in Asia Pacific will be higher than other regional segments.
Demand for Lightweight Composite Materials for Aircraft Manufacturing to Aid Growth
Due to their lightweight composite materials are considered ideal for use in aircraft manufacturing. This, coupled with the rising demand for improved fuel efficiency in aircrafts, will
Transparency Market Research
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