North America is estimated to grow at
a CAGR of 3.9% in the long-term forecast till 2025. USA is the largest consumer
of aerospace composites in the worlds and the country is expected to witness
significant growth during the forecast period. The already pre-booked orders by
countries including China for Boeing, Airbus, GE and other players to meet the
global demand will push the demand growth upwards in the region. At the same
time there are several new players in the carbon fiber production plants and
the players are expected to increase their production to keep in pace the
growing demand from the aircraft and aircraft part manufactures.
Western Europe is the second biggest market and is estimated to grow at a high CAGR of 4.4% on account of increase in Aerospace activities in the region. The major countries within Western Europe are France, Germany and Spain. The major aircraft players in the region include Airbus, Pilatus and others.
The use of carbon fiber for various
parts of aircraft as it is lightweight and strong will drive the growth of
carbon fiber composites. In terms of fiber consumption, Carbon fiber composites
are expected to witness high growth and will continue to be the biggest type both
in terms of volume and value. In terms of reinforcement type, carbon fiber at a
global level account for 76.8% followed by glass fiber composites at 18%. In
terms of aerospace composites by resin type, thermosetting account for 94%
while thermoplastic accounts for 7%.
The global aerospace composites
market in terms of value was estimated to be around USD 1593.2 million of which
North America region was the biggest accounting for around USD 721.5 million
mainly due to a large and strong Aerospace manufacturing base especially higher
value Aircraft like Boeing and Airbus and other aerospace companies. The North
America region is expected to be the largest market in the long-term forecast
owing to strong Aerospace market and investments in USA. The Western European
aerospace composites market was valued at USD 501 million in 2018 and this is
expected to grow at a CAGR of 4.9% to reach USD 700.3 million by 2025. The asia-Pacific market was estimated to account for around USD 150.5 million and
it will witness the highest CAGR of 6.4%. The major Asian countries like Japan,
China, India and South Korea in the Asia-Pacific region are the major
countries in terms of aerospace composites consumption.
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