Aerospace Composites Market growth drivers in 2017 & Challenges by 2024

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Global Aerospace Composites Market to exceed 70
thousand tons till 2024
Aerospace Composites Market 2016
2024 Market Size USD 2.5 Bn in 2016 Forecast
Market USD 5 Bn by 2024
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Global Market Scenario of Marine Sealants Industry

• Aerospace Composites Market size is estimated to
  surpass USD 5 billion by 2024 according to a new
  research report by Global Market Insights, Inc.
• Global aerospace composites are expected to cross
  70 thousand tons till 2024. Continuously rising
  demand for commercial aircrafts along with
  growing defense sector will primarily drive the
  growth over the forecast timespan. Rising
  passenger traffic travelling by air across the
  globe will also have a positive impact on the
  aerospace composites market size.
• Huge investments by various governments in
  aerospace business will spur the aerospace
  composites market growth till 2024. The economies
  that are witnessing rapid growth in aerospace
  industry are forecasted to possess robust growth
  prospects over the coming years. These
  investments will contribute significantly towards
  the high revenue generation over the next eight
  years. However, complex manufacturing processes
  may hamper the aerospace composites market growth.

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Continue-

• Advanced fiber recycling, especially for carbon
  fiber will be witnessed as an emerging trend over
  the coming years. The significant potential
  demand of reclaimed fibers can be attributed to
  their high value, recovered high strength, and
  high modulus aerospace grade fibers that retain
  better properties. One of the key innovations is
  the complete digitization of the aerospace
  industry.
• Carbon fiber will account for highest revenue
  share in the industry crossing USD 3.5 billion
  till 2024. Rising demand from commercial airline
  operators for their external structural
  operations will support the aerospace composites
  market dominance. These external operations are
  the primary secondary aircraft structures that
  include wings, fuselage, undercarriage, and
  propulsion systems. Reduction in the raw material
  cost for production of carbon fiber will further
  escalate the aerospace composites market growth.
• Aramid fiber will grow at over 7 CAGR from 2017
  to 2024 owing to the provision of all-weather
  operation of commercial aircrafts and an enhanced
  vision system. Moreover, the features such as
  temperature stability and durability will further
  support the aerospace composites market growth
  over the coming years.

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• Analysis By Aircraft-
• Commercial aircraft is expected to dominate the
  aerospace composites market with 52 revenue
  share over the next eight years owing to rising
  usage of composites, especially carbon fiber in
  these aircrafts. Increasing expenditure in
  defense will support the high revenue generation
  till 2024. Military aircrafts will grow
  exponentially owing to the rising investments in
  military aviation across the globe. For instance,
  the military aviation sector in India is expected
  to invest approximately USD 35 billion over the
  next 20 years.
• Application Analysis-
• Exterior applications will account for over USD 3
  billion over the forecast timeline owing to the
  extensive usage of aerospace composites in
  exterior structural aircraft applications. The
  use of composites enables for 20 weight
  reduction along with low production time and
  higher damage tolerance during the production.
• Interior application will grow at over 8 CAGR
  from 2017 to 2024. Increased fuel efficiency and
  higher passenger comfort are among the key
  factors fueling the growth of aerospace
  composites market from interior application.

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• Regional Analysis
• North America aerospace composites market is
  anticipated to cross USD 2 billion, capturing
  almost 40 revenue share till 2024. Higher
  consumer spending along with the constant ageing
  of commercial aircraft are among the primary
  factors influencing the overall product
  penetration in the region.
• Additionally, huge investments in defense sector
  in developed countries such as U.S. will induce
  immense potential to the regional growth. Asia
  Pacific aerospace composites market will witness
  highest growth rate over the forecast timeframe
  owing to rising demand of commercial aircrafts
  across the region, especially in the emerging
  economies including China.
• Competitive Analysis
• Airbus, Boeing, BASF, E. I. du Pont de Nemours,
  Huntsman International, Lee Aerospace, and
  Hindustan Aeronautics are among the prominent
  players in the aerospace composites market. Other
  notable players include ACT Aerospace, Gurit
  Holding AG, Hexcel, Cytec Industries, Teijin Ltd,
  and Axioms Materials.

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