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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