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The worldwide aerospace composites market is projected to grow at an 11.8% CAGR over the forecast period (2014-2018). These composites are being increasingly used due to being heavier than conventional materials. They are widely used for manufacturing military and aircraft parts. It will find future use in the automotive industry for advanced automotive parts. Other benefits of these materials are resistance to aerodynamic forces, lightning strikes, hail, and birds.Browse Full Research Report With TOC on http://www.radiantinsights.com/research/global-aerospace-composites-market-2014-2018
The global market is segmented by type, aircraft parts, applications, and geographies. Ceramic matrix, metal matrix, aramid fiber, glass fiber, and carbon fiber are the various aerospace composite types. Glass fiber is the most used aerospace composite, garnering almost 90% shares in 2013. It is lightweight with high tensile strength, making it a viable substitute for metals.
Helicopters, military, business, and commercial encompass the market applications. Commercial aircraft was the largest application, with about 62% market shares in 2013. Need for lightweight and fuel-efficient aircraft is anticipated to drive this segment’s growth over the forecast period. Concern over security as well as the need to strengthen defense forces is expected to drive market demand.
Low-cost airlines are thriving since the 2008 recession. They have the growth potential in Asia Pacific and Latin America. IndiGo and SpiceJet are being preferred over major airlines in India. Boeing and Airbus aircrafts are expected to be supplied to high-tier airline services by 2014. They would use aerospace composites to reduce the manufacturing cost.
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Asia Pacific, Europe, and North America together accounted for over 85% demand in 2013. U.S. is the top consumer, followed by France. North America will continue to dominate due to the overwhelming demand from helicopters and aircrafts. Lax regulations and improved standard of living are opening up avenues in the Middle East.
Key companies in the aerospace composites market are Gurit Holding AG, Cytec Industries Incorporated (Solvay), Hexcel Corporation, and GKN Aerospace Services Limited (QuEST Global). Technological advances in composite manufacturing as well as creating new market types will encourage future market growth. The previous backlog of supply airplanes will lead to a steady demand of aerospace composites.
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