Aerospace Composites Market Size to Reach USD 29.69 billion by 2026; Owing to Rising Demand for High-Performance Jet planes from Defense Sector will Drive Market

The global aerospace composites market size is projected to reach USD 29,694.80 million by 2026, attributable to the rising penetration of the aerospace industry into developing nations. Modern composites were first used in the skins of the empennages of F-14 and F-15 aircraft in the United States back in the 1970s. With the advent of technologically advanced expertise in the aerospace industry, the demand for composites also increased, thereby promoting the overall aerospace composites market growth. A recently published report by Fortune Business Insights™ offers a qualitative and quantitative analysis of the market. As per the report titled, “Aerospace Composites Market Size, Share & Industry Analysis, By Fiber Type (Carbon, glass, aramid, and Others), By Aircraft (Commercial Aircrafts, Military Fixed Wings, Business Aircrafts & General Aviation, Jet Engines, Helicopter, and others), and Regional Forecast, 2019-2026),” the market value was USD 14.66 billion in 2018 and is expected to rise at a CAGR of 9.27% between 2019 and 2026.

TenCate Advanced Composites Acquired by Toray Advanced Composites

The JEC World Conferences 2019 witnessed the baptism of TenCate in March 2018. Toray is a leading supplier of composite and carbon fiber materials and was focusing on the integration of the company into the Toray Group. After this acquisition worth 930 million Euros, the main focus of the affiliated company stands at the manufacturing and distribution of carbon fiber composite materials. They also believe that with this collaborative effort, they will henceforth be able to manufacture intermediate products with the help of molding technology and increase the supply chain. This will further help in the expansion of the market and witness increasing demand from the automotive sector.

The CEO of Toray Advanced Composites, Keisuke Ishii, says, “We are delighted to undergo this transition and will continue to offer our best services to live up to our brand name. Toray has a long term history of manufacturing excellence and product innovation, and this will further help to strengthen customer relations in the growing market.” Such initiatives taken by significant producers are likely to bode well for the market in the forthcoming years.”

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/aerospace-composites-market-102680

Rising Demand for More Aircrafts for Commercial Purposes will Add Impetus to Market

To suffice to the increasing needs of the commercial flights, the aerospace industry is opting for composite materials in aircraft building. Earlier aircrafts were made of metals that had their disadvantages of their own, and these include corrosive and heavyweight nature of metals, which ultimately increased the overall weight of the aircraft. The use of composites will not only lighten the total load of the aircraft but also enhance fuel efficiency and the overall cost of production. Such factors are expected to boost the market.

However, the market may face challenges in terms of the high cost of composites and safety constraints, and they are challenging to repair. Nevertheless, the increasing demand for mid-size aircrafts for applications in the commercial industry is anticipated to create lucrative growth opportunities for the market in the forthcoming years.

Players Engaging in Joint Ventures to Gain Competitive Edge in Market

Significant market vendors for aerospace composites are engaging in collaborative efforts such as mergers and acquisitions, agreements and contracts, and joint ventures to emerge dominant in the market competition. They are also participating in the development of fire-safe composites to earn better market revenue for aerospace composites in the coming years.

Notable Industry Developments of Aerospace Composites Market are the following:

• February 2019 – A Japanese manufacturing company dealing with range fibers and other materials declared their joint venture with Renegade Materials Corporation for manufacturing composites for the aerospace industry.
• January 2020- Mitsubishi Chemical Corporation acquired c-m-p GmbH, the German-based company of Carbon Fiber Prepreg, for strengthening the portfolio of both companies.

List of Key Players Operating in the Market are as follows:

• Toray Advanced Composites
• LMI Aerospace, Inc.
• Unitech Aerospace
• Owens Corning
• Teijin Limited
• VX Aerospace Corporation
• Hexcel Corporation
• Mitsubishi Chemical Corporation
• Solvay S.A.
• SGL Carbon
• Other players

Further Report Findings

• North America held the largest aerospace composites market share with a revenue of $7,817.6 million in 2018. This is owing to the presence of major companies in the region.
• Based on segmentation by Fiber Type, the carbon segment emerged dominant with 80.89 % share in the market owing to properties such as high stiffness and high tensile strength, and low-weight and low thermal expansion, coupled with high chemical resistance.

Global Aerospace Composites Market is classified into: