Composites are used in various aerospace applications including engine blades, interiors, brackets, and nacelles. Composite materials play a major role in reducing the weight of aircraft and improving their lift-to-weight ratio. They have excellent strength, good stiffness-to-density ratios, and superior physical properties, which make them ideal materials for the aerospace industry. According to a research carried out by P&S Intelligence.
The global aerospace composite market has been growing at a steady pace since the past few years and it is expected to maintain this momentum for the next few years. The market growth is mainly driven by the expanding commercial aircraft fleet worldwide, increasing demand for carbon fiber composites in aerospace applications, and growing application of composites in military aviation.
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Global aviation traffic is growing at a significant pace, driven by lower air fares, growing travel and tourism industry, and rising living standards in emerging countries. According to The International Air Transport Association (IATA), global aviation traffic is expected to reach 7.8 billion passengers by 2036. Majority of the growth in passenger traffic is expected to come from Asia, particularly, countries such as China and India, which are witnessing rapid rise in the movement of international as well as domestic passengers.
Also, mature aviation markets such as Europe and North America will continue to witness rising influx of international passengers for tourism and business purposes. In order to address the rapid growth in passenger traffic, the major airlines across the world are investing in the expansion of their fleet size by ordering new aircraft. The development of new commercial aircraft will encourage the demand for composite materials, which is key raw material used in their manufacturing and thereby driving the aerospace composites market growth.
Globally, APAC has been holding third largest share in the aerospace composites market, with estimated volume and value contributions of 19.8% and 16.6% in 2017. The region has been witnessing an increasing demand for aircraft; for example, as per the data by McKinsey & Company, it is expected that China and India would purchase more than 3,500 planes over the next two decades.
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Furthermore, in China, the demand for civil aircraft is also increasing simultaneously, and it is expected that the country will increase the size of its general aviation fleet by 30% annually, in the next five years. Hence, the growing demand for aircraft in the region is expected to drive the demand for aerospace composites, thereby resulting in the APAC market growth.
Governments of APAC countries are encouraging private investments in the defense and civil aerospace sector to stimulate the industry growth. For instance, in India, the military aviation sector is expected to invest approximately $35 billion over the next 20 years, in developing technologically advanced and lightweight aircraft. Also, Japanese manufacturers such as Kawasaki Heavy Industries Ltd., Mitsubishi Chemical Corporation, and Subaru Corporation, supply about 35% of component materials for the Boeing 787.Besides, as Japan continues to be a lucrative market for imported aircraft, its parts, and engines, U.S. based companies are focusing on investing in the country’s aerospace market. Thus, the above-mentioned factors are powering the aerospace composites market growth in APAC.
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