Selbyville, Delaware, Sept. 13, 2021 (GLOBE NEWSWIRE) --
The aerospace composites market size is anticipated to record a valuation of USD 16 billion by 2027, according to the most recent study by Global Market Insights Inc. There has been a significant rise in space exploration activities as well as expansion of the aviation sector in recent years, worldwide. These factors have accelerated manufacturing across the aerospace sector, which has created a significant demand for aerospace composite materials that can effectively reduce aircraft weight and enhance fuel-efficiency. The elevating demand for these products is strengthening the business space of market.
Amid the increasing application of composites in aerospace, leading manufacturers are coming up with innovative offerings to effectively meet the wider consumer demands. For instance, in 2021, Markforged introduced Onyx™ FR and Carbon Fiber FR materials, especially for the aerospace sector. According to the company, these two new materials are undergoing the qualification program of the National Center for Advanced Materials Performance (NCAMP). Through these offerings, Markforged seeks to support the aerospace firms with its fiber reinforcement technology, which will benefit them with lightweight high strength composites at lower costs and shorter lead times.
Strategic initiatives by major market players
Various leading industry players operating in aerospace composites market are focusing on forming strategic alliances aimed at developing new products and technologies to strengthen their market presence. To illustrate, in 2021, GKN Aerospace announced that it is leading an industry consortium in the UK known as ASCEND (Aerospace and Automotive Supply Chain Enabled Development). This consortium is geared towards developing, as well as expediting the composite material and processing technologies for the next generation of energy efficient aircraft.
Growing popularity of aramid fibers
The growing consumer proclivity towards aramid fibers can be credited to their high strength, impact resistance and low weight which makes them an ideal choice for aerospace applications. They are known to be over 40% lighter than the glass fibers which enhances the overall application. Besides, their resistance to chemicals and ability to work over a wide range of temperatures is also significantly fueling their adoption. On account of the increasing product adoption, aramid fibers segment in the aerospace composites market is anticipated to record a lucrative CAGR of around 6.5% through 2027.
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Heightened adoption of polyimides
Polyimides are known to be the most preferred composite material in the aerospace industry. Thanks to their ability to operate at higher temperatures and high strength to weight properties. They are widely used for manufacturing aircraft nozzles, missile fins and helicopter gears with operating temperatures of between 240 degrees C and 340 degrees C.
Burgeoning demand for helicopters
Helicopters have been witnessing a significant demand which is subsequently impelling the need for various aerospace composites such as fiber glass, carbon, and aramid. The increased product penetration can be ascribed to higher load carrying capacity and increasing lightweight applications. In addition, the advancements in engine technology providing a higher product performance are further supporting the overall aerospace composites market growth.
Increasing air travel in the Asia Pacific
The growing population in the Asia Pacific is leading to heightened demand for private and commercial aircraft. The regional aircraft fleet is expected to triple in the next two decades. Besides, the region is largely dominated by India, China, and Japan due to the increasing demand for aerospace composites from the defense & aerospace sector. In addition, the ongoing product development activities to introduce more efficient and advanced composites are positively influencing the regional market. Reportedly, Asia Pacific aerospace composites market is expected to capture a sizeable share of over 20% by 2027.
The expansion of the aviation sector coupled with the increasing space exploration and defense activities across the globe has created lucrative opportunities for aerospace composites industry in recent years. Continuous product innovations and rising investments in the research activities by the major companies are further expected to transform the aerospace composites market outlook in the upcoming years.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
