Companies In The Aerospace Composites Market Invest In Developing Technologically Advanced Next Generation Aircrafts As Per The Business Research Company's Aerospace Composites Global Market Report 2022
TBRC’s market research report covers aerospace composites market size, aerospace composites market forecasts, major aerospace composites companies and their market share, key strategies to undertake, and more.
LONDON, April 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the aerospace composites market, companies in the aerospace market are focusing on technological advancement to accelerate and develop composite material and process technologies for the next generation of energy-efficient aircraft and future mobility. Airlines are trying to replace outdated aircraft with technologically advanced and modern airplanes. These new aircrafts are equipped with increased payload capacities and cost-efficiency. As a result of this, there is widespread adoption of aerospace composites across the globe.
For example, in March 2021, GKN Aerospace, a UK-based company involved in the automotive and aerospace components business, launched a consortium called ASCEND (aerospace and automotive supply chain enabled development). With this launch, the UK has become a technology leader in future lightweight structures. It also helps to reduce carbon emissions and energy consumption in the aerospace industry.
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The global aerospace composites market size is expected to grow from $23.03 billion in 2021 to $25.79 billion in 2022 at a compound annual growth rate (CAGR) of 11.98%. The global aerospace composite market size is expected to grow to $43.33 billion in 2026 at a CAGR of 13.84%.
The increasing demand for high-strength and lightweight composite materials is expected to drive the aerospace composites market. Energy efficiency can be increased and fuel consumption can be reduced by using lightweight materials and thereby reducing the mass of the aircraft, as a lower mass requires less lift force and thrust during flight. Lightweight design helps in reducing the carbon footprint, higher structural strength and stiffness, and flight performance improvements such as better acceleration and better safety performance. For instance, according to Tech Briefs, in 2019, when Boeing 787 used 20% weight savings, it was able to achieve a considerable 10 to 12% improvement in fuel efficiency. The extensive use of lightweight materials is helpful and can be used to increase energy efficiency.
Major players in the aerospace composites market are Solvay, Toray Industries Inc., Mitsubishi Chemical Holdings, Hexcel Corporation, Teijin Limited, SGL Group, Spirit AeroSystems, Materion Corporation, Owens Corning, Spirit AeroSystems Inc., LEE Aerospace Inc., Gurit Holding AG, General Electric Corporation, Rolls-Royce Motor Cars Ltd., Kineco-Kaman Composites, and Nippon Graphite Fiber Corporation.
The global aerospace composites market is segmented by fiber type into carbon fiber composites, ceramic fiber composites, glass fiber composites, others; by aircraft type into commercial aircraft, business and general aviation, civil helicopter, military aircraft, others; by manufacturing process into AFP/ATL, lay-up process, resin transfer molding process, filament winding process, others; by resin type into benzoxazine, cyanate ester, bismaleimide, ceramic and metal matrix, thermosetting resins, polyester, others; by application into interior, exterior.
As per the aerospace composites industry growth analysis, North America was the largest region in the market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global aerospace composites market during the forecast period. The regions covered in the global aerospace composite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Aerospace Composites Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide aerospace composites overviews, aerospace composites analyze and forecast market size and growth for the whole market, aerospace composites segments and geographies, aerospace composites trends, aerospace composites drivers, aerospace composites restraints, aerospace composites leading competitors’ revenues, aerospace composites profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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