Aerospace composites market projected to grow at a CAGR of 8.95%
The global aerospace composites market is projected to reach USD 32.35 billion by 2021, at a CAGR of 8.95% from 2016 to 2021. The major drivers stimulating the growth of the global aerospace composites market are, the increasing demand for light weight, fuel efficient and high performance materials from commercial airline companies, increased penetration of composites in advanced aircraft as well as low cost carriers and the high worldwide growth in the number of new generation aircraft deliveries. However, issues related to recyclability and the lack of standardization in manufacturing technologies, are restraining the growth of the aerospace composites market.
Exterior structural applications accounted for the largest market share in the aerospace composites market, by value
Aerospace composites are extensively used in exterior aircraft components such as fuselage, wings, undercarriage, propulsion system and others. The key drivers for aerospace composites are, the global growth in the number of airplane deliveries in the near future, high performance properties such as being light weight, excellent safety & acoustic features and complying eco-friendly regulations. In order to comply with the eco-friendly regulations, aerospace manufacturers such as Boeing (U.S.), Airbus (France), GE Aviation (U.S.), and others have started using aerospace composites to manufacture exterior as well as interior components of aircraft. Thus, investing in aerospace composites production for exterior structural aerospace components would be the most profitable revenue pocket for stakeholders.