Countries across the world are focusing on expanding their aircraft fleet, owing to the surging number of air passengers. To cater to a wide passenger base, airline companies, both public and private, are increasingly adopting fuel-efficient and cost-effective aircrafts. This is fueling the demand for carbon fiber composites in aircraft manufacturing, as they are lightweight and exhibit exceptional tensile strength and high stiffness and help aircraft manufacturers reduce the weight of the aircraft.
This subsequently increases the aircraft’s fuel efficiency, thereby, reducing the overall operational cost. Additionally, the increasing preference for the out-of-autoclave (OOA) technology over the autoclave process in the production of aircraft composite materials is expected to propel the aerospace composites market at a CAGR of 10.1% during 2018–2023. As the OOA process uses pressuring and heating techniques to manufacture composites in a closed mold, without autoclaves, it curtails the processing time. This consequently reduces the overall production cost.
According to P&S Intelligence, the market revenue stood at $2,376.7 million in 2017, and it will reach $4,234.4 million by 2023. In recent years, established companies such as Hexcel Corporation, SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Carbon Fiber and Composites Inc., Royal DSM N.V., and Solvay S.A. focused on mergers and acquisitions to expand their consumer base. For example, Hexcel Corporation completed the acquisition of the aerospace and defense (A&D) business of Oxford Performance Materials in December 2017.
Oxford Performance Materials is a manufacturer of biomedical parts, industrial parts, and biomedical polymers. The acquisition of asset included manufacturing process technology, equipment, and intellectual property related to the A&D operations of Oxford Performance Materials in Connecticut, U.S. Carbon fiber, aramid fiber, and glass fiber aerospace composites produced by the aforementioned companies are used in the manufacturing of commercial aircrafts, military aircrafts, civil helicopters, and business and general aviation aircrafts.
In the coming years, North America and Europe will dominate the aerospace composites market, due to the presence of several well-established market players and original equipment manufacturers (OEMs) and the soaring demand for reducing the overall weight of aircrafts in the regions. Furthermore, Asia-Pacific (APAC) and Latin America (LATAM) are also expected to use a considerable volume of such composites in the upcoming years, due to the burgeoning demand for commercial aircrafts in India, China, and Brazil.
Thus, the escalating number of air passengers and an increasing shift from the autoclave process to the OOA process will augment the production of aerospace composites in the immediate future.
Global Aerospace Composites Market Report Information by Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), by Applications (Commercial and Military), and by Region - Forecast to 2023.Market Scenario:Composite materials are used for various purposes in the aircraft industry.
Aerospace composites are used in various aircraft frames, such as wings, aircraft interiors, and fuselage as these can sustain extreme operating conditions, including high temperature, high stress, shocks, and impact loads.Get Report Sample : https://www.marketresearchfuture.com/sample_request/1242 Nearly 55% of the new Airbus aircraft A350XWB is manufactured using aerospace composite materials as compared to old aircraft, which used only 2–5% aerospace composites.
The use of composites in the aerospace industry is mainly to reduce the overall weight and corrosion in the aircraft body.
In addition to this, maintenance costs for aircraft manufactured using aerospace composites have reduced drastically in comparison to the maintenance costs for aircraft manufactured using traditional materials.The usage of carbon fiber composites is estimated to account for 75% of the total composites used in manufacturing aircraft.
The reason behind this is their insubstantial weight, high strength property, weather-resistant finish, and different surface textures.Composite material have many advantages, such as excellent fatigue and corrosion resistance property, strength-to-weight ratio is high and composites also withholds against high impact load.
Reduction in weight is particularly important in a market environment with high fuel prices and stringent aircraft emissions standards.
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