Latest Research Report on Aerospace
Composites Market begins with a deep
introduction and then delves broad into specific segments such as raw material,
application, end user, and region, policy study, value chain structure, and
upcoming trends in particular segments or regions. The report on Aerospace
Composites prepare a case for investments in different regions based on a
practical view of their regulatory outline, manufacturing dynamics, and
availability of skills and resources in that region.
Aerospace Composites Market
Report by Material, Application, and Geography – Global Forecast to 2024 is a
professional and in-depth research report on the world’s major regional Aerospace
Composites Market conditions, focusing on the main regions (North America,
Europe and Asia-Pacific) and the main countries (United States, Germany, united
Kingdom, Japan, South Korea and China).
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The aerospace composites
market is expected to witness market growth at a CAGR of above 4% over the
forecast period from 2015 to 2020 on account of continuing market thrust in
Asia Pacific regions and Latin America with budding low cost carriers. Strong
demand is anticipated to prevail in North America and European Markets in
commercial as well as defence sector. The Middle East airlines industry is
growing with lifestyle shifts and business growth in the region coupled with
introduction of low cost airlines has led to a boost in overall airlines
market.
Aerospace composites are
formed by combining two or more basic materials to obtain superior
characteristics of binding, reinforcement, temperature resistance and
flexibility. Composite matrices can be metallic, ceramic or polymeric
manufactured from fibres that can be carbon, glass and natural. These fibres
are to be bound together by resins such as epoxies, polyurethanes, phenol and
unsaturated polyesters and vinyl esters. Reinforcement decides properties of
the composite while matrix holds the structure in place.
Key factors supporting the
growth of aerospace composites are their applications in aircraft interiors
such as ceiling panels, galleys, cabin linings, cargo floor panels, ceiling panels,
overhead compartments, lavoratories, partitions, and bars. Aerospace composites
are also used in exterior equipment such as landing gear, doors, winglets
,fins, and trailing edges.
With abundant availability
and technological advancements of composites, it is now possible to manufacture
light weight air craft components on a mass scale leading to improved fuel
efficiency. Composites also provide added advantage of ease of design and
production over their metal counterparts.
Aerospace composites are highly
cost effective on account of parts integration, reduced manufacturing and
assembly time and consequent labour expenses, making significant number of drag
inducing fasteners redundant. Maintenance frequency is reduced as composites
are corrosion free, better strength retention and improved power to mass ratio
leading to reduced operating costs, improved operating efficiency and
performance.
Factors restraining the
growth of composites are regulatory rules by Environmental Protection Agencies
(EPA) and ACARE (Advisory Council for aircraft and Innovation and Research in
Europe). Specifications regarding the smoke emitted during production, toxicity
of the chemicals involved and fire resistance levels of these components are
tested for compliance. Also the pricing of the materials is high currently as
the technology is in a development phase. The recyclability is low in these
substances which may hinder the upward trend in the near future.
The market is characterized
by dominance of few companies, which raises entry barriers for Tier 1 and tier
2 companies. Component manufacturers have to continually invest in increased
productivity with challenges due to dynamic technology modifications. The
industry is highly fluctuating and future predictions are uncertain because
highly competitive landscape in the airlines industry with ongoing steep price
wars.
Aerospace composites
industry presents opportunities owing to continuous technological advancements
in component and structural application in materials as well as mainframe.
Businesses are increasingly outsourced to Tier 1 and 2 manufacturing partners
that possess specialised skills in cost effective manufacturing, these
companies have in place advanced manufacturing processes such as tape laying,
infusion moulding and fibre placement. Secondary structures and flight control
surfaces production is also being outsourced throughout the industry and
provide numerous opportunities.
The market can be segmented
according to product into fiber reinforced composites, carbon fiber reinforced
composites, aramid composites ,ceramic matrix and metal matrix composites
.Glass fiber enforced composites are expected to generate high demand owing to
characters such as light weight, increased fuel efficiency, high corrosion resistance
and short maintenance cycles.
Carbon fiber reinforced
polymer (CFRP) structures are tougher than aluminium counterparts of the same
length ensuring more passive safety and greater resistance to impact damage.
Ceramic Matrix composites are used in manufacturing of engines as they can
sustain high temperatures and are thus fire resistant and durable.
Application-wise, the
market can be segmented into commercial aircrafts, business and general
aviation, defence aircrafts, helicopters, and spacecrafts. Commercial aircrafts
are expected to emerge as one of the key application domains. Growth in
commercial aircrafts is presumed to be fuelled by military applications given
the rising concern over security issues, which translates into increased
spending on capacity building. Business and general aviation are expected to
witness increased use of composites because of the increased demand for
business jets, single aisle and twin aisle aircraft.
Key regional markets
include developed nations such as the U.S., Canada and European countries such
as France, Germany and UK. Asia Pacific countries such as are China, India and
Singapore are witnessing considerable demand, which can be attributed to the
combination of the swift growth in composite processing and need for aircraft
production at higher profitability.
Key players that operate in
the industry are Cytec Industries Inc., Hexcel Corporation, E.I. Du Pont De
Nemours, Toray industries, SGL Group, Owens Corning .The players are focusing
on expansion as a key objective in order to boost the market share and
penetration in emerging economies. Other strategies in the sector include new
product development, partnerships, joint ventures, technology agreements and
collaborations for research purposes.
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