COMPOSITE MATERIALS TO BE FASTEST-GROWING SEGMENT OF AEROSPACE MATERIALS MARKET
Composites are materials that are made
up of more than one type of material. They have many benefits, such as being
stronger and lighter than traditional materials, and they can be used in a
variety of applications. In this article, we'll discuss the fastest-growing
segment of the aerospace materials market
- composites. We'll explore the reasons why composites are becoming so popular,
and we'll look at some of the properties that make them an ideal choice for
certain applications.
COMMERCIAL AIRCRAFT TO BE
FASTEST-GROWING SEGMENT IN AEROSPACE MATERIALS MARKET
The commercial aircraft segment is the
fastest-growing segment of the aerospace materials market. This is primarily
because of the increasing number of airlines around the world and rising demand
for air travel. Additionally, this market is being propelled by increasing
investments in new aircraft and related infrastructure. The global commercial
aircraft market is expected to grow at a CAGR of 7.7% from 2016 to 2024.
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The global aircraft market is expected
to grow at a CAGR of 7.7% from 2016 to 2024.
This growth is attributed to several
factors, including increasing demand from airlines and increased investments in
new aircraft and related infrastructure. In addition, technological
advancements are also driving the market growth. For instance, the development
of new aircraft types such as the Boeing 737 MAX and Airbus A350 has helped
increase demand for composite materials used in these planes.
The commercial aircraft market is
expected to be worth $1 trillion by 2024, which will account for a majority of
the overall aerospace materials market.
What are Composite Materials?
Composite materials are materials that
are made up of two or more different materials bonded together. Composite
materials have a number of advantages over traditional materials, including
being stronger, lighter, and more durable. They are also less expensive to
produce than traditional materials and can be customized to meet specific
needs. As the market for composite materials grows, so does the variety of
products that can be made with them.
There are a number of benefits to
using composite materials in aerospace applications. For example, composite
materials are stronger than traditional materials and can withstand higher
loads without breaking. This makes them ideal for use in aircraft components,
such as engines and wings. They are also lighter than traditional materials,
meaning they require less material to achieve the same level of performance.
This helps reduce the weight of aircrafts and make them more fuel efficient.
Finally, composite materials can be customized to meet specific needs by
adjusting the composition and thickness of the various layers. This allows
manufacturers to create products that are tailored specifically for individual
applications.
As the market for composite materials
grows, so does the variety of products that can be made with them. The market
for aerospace composites is expected to grow at a rate of around 7 percent each
year
Advantages of Composite Materials
There are numerous advantages of using
composite materials in aerospace applications. These materials tend to be
lighter, stronger, and more resistant to damage than traditional metals or
plastics. Additionally, composite materials can be designed to meet specific
requirements for performance and weight.
Some specific benefits of using
composites in aerospace applications include:
-Lighter aircraft: Composite materials
are often much lighter than traditional materials, which allows for increased
fuel efficiency and reduced emissions.
-Higher strength: Composites typically
have greater strength than traditional materials, which makes them ideal for applications
that involve high stress or loads.
-Resistance to damage: Composite
materials are often more resistant to damage than traditional metals or
plastics, making them ideal for applications that involve harsher environments
or frequent use.
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Emerging Markets for Composite
Materials
The composite materials market is
expected to grow at a compounded annual growth rate of 6.5% from 2016 to 2021,
according to a report by MarketsandMarkets. The market is poised to benefit
from increasing demand for aircraft and defense products as well as automotive
and infrastructure applications. The key drivers of the market are increasing
awareness about the benefits of composites, growing demand for high performance
materials, and increasing spending on R&D in the sector.
The composite materials market is
estimated to be worth USD XX billion by 2021, up from USD XX billion in 2016.
The market is expected to grow at a compounded annual growth rate of 6.5%
during the forecast period. Rising awareness about the benefits of composites,
growing demand for high performance materials, and increasing spending on
R&D in the sector are the key drivers of the market.
The aerospace and defense industry is
expected to account for the largest share of the composite materials market.
This is due to increasing demand for aircraft and defense products as well as
automotive and infrastructure applications. Other prominent segments include
medical devices and vehicles, which are witnessing high growth owing to their
widespread use in various industries such as healthcare, transport, and
manufacturing.
Applications of Composite Materials in
Aerospace
Composite materials are increasingly
being used in aerospace applications due to their high strength-to-weight
ratios and other desirable properties. These materials are being used in a
variety of applications, such as aircraft wings, fuselages, and other
components. Composites offer many advantages over traditional materials, such
as reduced weight and improved performance.
The aerospace industry is expected to
grow at a rate of 7% per annum through 2021, according to a report by
MarketsandMarkets. This growth is attributable to the increasing demand for
aircrafts that are more fuel efficient and environmentally friendly. The use of
composite materials is expected to play a significant role in this growth.
composites have several advantages
over traditional materials: they are lighter and stronger. Composite material
can also be designed to meet specific requirements, such as resistance to fire
or corrosion. These materials are also ideal for applications where durability
and performance are important, such as aircraft wings and fuselages.
There are several types of composite
materials that are used in aviation applications: carbon fiber reinforced
polymer (CFRP), glass/epoxy composites, polyether ether ketone (PEEK), and
thermoset composites. CFRP is the most popular type
Competitive Landscape of the Composite
Materials Market
The composite materials market is
expected to grow at a CAGR of 7.5% during the forecast period 2018-2025. The
growth is attributed to the increasing demand for efficient aircraft and
defense systems, as well as increasing investments in renewable energy sources.
The key players in the market are vying for a larger share owing to their
innovative product offerings, strong presence in key markets, and comprehensive
product portfolios.
Some of the major players in the
composite materials market are GE Aviation (US), Alenia Aermacchi (Italy), Saab
AB (Sweden), Airbus Group SE (Germany), Lockheed Martin Corporation (US),
Honeywell International Inc. (US), and United Technologies Corporation (US).
The market has been segmented on the basis of material type, application, and
region.
On the basis of material type, the market
is divided into composites made up of fibers and composites made up of panels.
The fiber-based composites include those made up of carbon fiber and graphite
while the panel-based composites include those made up of wood, metal,
plastics, and other synthetic materials. In terms of application, the market is
divided into aerospace applications and other applications
Emerging Opportunities in the
Composite Materials Market
The composite materials market is
expected to grow at a CAGR of 7.4% over the next five years, according to a
report by MarketsandMarkets. The market is expected to be worth US$28.9 billion
by 2021. This growth can be attributed to the increasing demand for composites
in aerospace and automotive applications.
Some of the key reasons for this
increased demand include the growing need for lighter and stronger aircrafts
and vehicles, as well as the advent of new transportation technologies such as
self-driving cars. Additionally, advancements in 3D printing are also aiding in
the growth of the composite materials market.
Some of the leading players in the
composite materials market are Boeing, Airbus, Honeywell International,
Mitsubishi Heavy Industries Ltd., and Raytheon Co.
Conclusion
Space exploration is on the rise
again, thanks to new discoveries and advancements in technology. The aerospace
materials market is expected to grow at a CAGR of 5.5% over the forecast period
(2018-2025). This growth is likely to be driven by increasing demand for
advanced aircraft systems and increasing investment in space research and
development. In particular, composite materials are expected to be the
fastest-growing segment of the aerospace materials market due to their
durability, lightweight features, and low emissions.
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