The increasing usage of carbon fiber composites in aircraft manufacturing processes is fueling the demand for aerospace composites across the world. Many aircraft manufacturing companies are heavily focusing on the utilization of high-performance and lightweight structural materials for improving the fuel economy of the aircrafts and reduce their operational costs. Due to the various beneficial traits of carbon fiber composites such as high stiffness, excellent tensile strength, and low weight, they are increasingly being used for manufacturing aircrafts.
Emerging economies such as India, Indonesia, and China hold enormous potential for the growth of the aerospace composites industry players. This is because the manufacturing sector is expanding rapidly in these countries, due to the soaring middle-class population, the surging disposable income, and the rapid urbanization. Furthermore, with the growing popularity of air travel, the sales of commercial aircrafts are rising, which is, in turn, augmenting the air traffic. This is subsequently pushing up the demand for aerospace composites.
The burgeoning usage of composites in military aviation is another major factor propelling their sales across the world. This is driving the progress of the global aerospace composites market. As a result, the market revenue is predicted to surge from $2,376.7 million in 2017 to $4,234.4 million by 2023. Furthermore, the market will advance at a CAGR of 10.1% from 2018 to 2023. Aramid fiber, glass fiber, and carbon fiber are the most commonly used composites throughout the world.
Between these, the thermoplastic category will demonstrate the fastest growth, in terms of volume, in the market in the coming years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the capability of thermoplastic composites to withstand very heavy mechanical loads. Moreover, these composites are widely preferred over the other variants for the manufacturing of large structural components and parts of aircrafts.
Hence, it can be said with full surety that the sales of aerospace composites would skyrocket across the world in the forthcoming years, mainly because of the rising requirement for lightweight materials in aircrafts and the rapid growth of the aircraft manufacturing industry all over the globe.
Read More: https://www.psmarketresearch.com/market-analysis/aerospace-composites-market
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