In the aerospace domain, the use of fiber-reinforced plastics (FRP) were predominant in engineering designs. FRP also finds multi-purpose use in various verticals ranging from sports equipment to helicopters and aircrafts. Hence, the composite materials are made out of combining two or multiple materials to exhibit as a single equipment with best properties with justice to accountability under various scenarios. The aerospace industry thus gets the benefit of having the combination of different materials under one roof.
Commercially, the shift from metallic to composites has stimulated change in design techniques of aircraft components. Also, it is very common to know that metals and composites are altogether different and serve their own purpose when used.
According to the latest report on aerospace composites market published at Upmarketresearch, the market is highly driven by surge in economical products, development of chromo-free techniques and rise in innovative products for the aerospace domain. The shift in trend towards adopting cost effective substitutes and reduced technological constraints have resulted in a greater competency for aircraft designs. Additionally, extensive use of composites in the interior and exterior segment in the aircraft domain is likely to witness a strong growth in the global market. Rising use of aircrafts and aircraft liners for cargo and passengers in the developing economies is likely to propel the market growth. However, inflexible costs and use of cheaper substitutes may impede the market growth in the near future.
The resin types under the aerospace composites market comprise epoxy and polyurethanes. The technology segment in the aerospace composites market include MRO and OEM. Application category for aerospace composites market include ceramic, aramid, glass and carbon. Carbon-based applications are widely used by airlines to fix their external structures, nearly accounting for more than 70% of the market.
Commercial, military and general aviation shape up as end-user or verticals under aerospace composites market. Commercial sector registers a significant rate of segmental growth as the market witness rise in cargo carriers, increase in number of passengers and innovative approach adopted by OEM to cater to aircraft maintenance needs. Military and general aviation dominate the segmental growth based on a higher usage frequency of applications.
Application category for aerospace composites market include interior and exterior. Interior segment accounts for a greater share as the market size is increasing in terms of demand and innovative solutions.
Asia-Pacific regions dominate the aerospace composites market and is expected to witness a higher CAGR owing to presence of a sizeable market with significance of OEM and manufacturing base. Other factors such as rising standards of living and increase in per capita income is likely to fuel the APAC market growth.
North America and Europe market is expected to gain maximum traction in the near future and rise in consumer demand. Expansion of several verticals along with increase in revenue is expected to stimulate the market growth for aerospace composites.
The key players actively operating in the aerospace composites market include Akzo Nobel N.V., BASF SE, IHI Inobond AG, Zircotec Ltd, Mankiewicz, PPG Industries, Henkel AG & Company and The Sherwin-Williams Company.