The global aerospacecomposites market features a highly consolidated vendorlandscape, as reported by Transparency Market Research (TMR). The top threevendors in the global market accounted for 50% of the overall market share in201y inve5. The dominance of these vendors could be on account of heavyinvestments made by these companies for research and development activities.Vendors in the global aerospace composites market are diversified in nature.They range from aerospace composites manufacturers, raw material suppliers, anddownstream stakeholders.
Vendors inthe global aerospace composites market are increasingly adopting backward andforward integration, in order to gain traction in the market. Additionally,vendors are leveraging o the leading trend of customization by offeringapplication specific products. This is expected to give vendors a competitiveedge over their rivals. Mergers and acquisitions are a key strategy that willbe leveraged by vendors in this market in the coming years.
Prominentvendors in the global aerospace composites market are Hexcel Corporation,Huntsman International LLC, SGL-The Carbon Company, Cytec Solvay Group, andToray Industries Inc.
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TMRpredicts that the global aerospace composites market, estimated to be worthUS$11.5 bn in 2015 is anticipated to reach US$24.8 bn by the end of 2024. Theglobal market is likely to exhibit a 9.1% CAGR over the forecast period of 2016to 2024.
Thecolossal demand from commercial, residential, and corporate sectors contributesto the healthy and growing demand in the floor walls and coverings segment ofthe market. Geographically, the global plasticizers market is anticipated to beled by Asia Pacific, with a 6.10% CAGR.
Amongthe product types, the segment of carbon fiber composites is forecasted toremain lucrative, thanks to a 53% volume share in 2015. North America isexpected to be a dominant region in the global aerospace composites market.This could be accounted to the established presence of leading vendors in theregion.
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Demand for Cost Efficiency DrivesMarket
Theaerospace industry is competitive in high price levels on a worldwide scale andencourages aircraft manufacturers to develop cost-effective aircraft. Theweight of aircraft is a critical indicator of operating efficiency. This meansthe use of light weight and high-performance structural materials, such ascomposites, for the manufacturing of aircraft components, as the focus ofleading aircraft producers such as Boeing and Airbus Group SE.
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Carbonfibers are a lightweight material among the different types of composites andoffer a relatively higher strength. These features are ideal for themanufacture of aircraft because they improve commercial aircraft fuel economyand reduce operating costs. The world's rapidly-growing aviation market islikely to promote the growth of new aircraft, which will in turn increasedemand for carbon fiber composites to be produced in aircraft in the comingyears, leading to growth on the aerospace composites market.
High Uptake of Autoclave Process toEmerge as Key Trend
Mostcomposites are currently produced through the autoclave process, which usespressurized vessels at high temperatures to manufacture composite materials.Out of Autoclave (OOA) is an alternative and more efficient process for themanufacturing of composites without the use of autoclaves in a closed mold, bypressurizing and heating. The OOA technology offers several advantages overautoclave technologies, such as lower production costs and increased materialresistance. Thus, in the aerospace composites market, the shift to moreeffective production process is the major trend.
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