Aerospace market to exceed US$5 billion by 2024

The aerospace composites market size could surpass US€5 billion by 2024, according to a new research report by Global Market Insights (GMI). Global aerospace composites are expected to grow to more than 70 thousand tons to 2024.

According to the researchers, carbon fiber will account for highest revenue share in the industry overtaking US€3.5 billion to 2024, supported by rising demand from commercial airline operators for their external structural operations, such as wings, fuselage, undercarriage, and propulsion systems.

Aramid fiber will reportedly grow at over 7% CAGR from 2017 to 2024 owing to the all-weather operation of commercial aircrafts and an impoved vision system. Thermosetting resins could dominate the industry with over 75% revenue share and will generate over 52 thousand tons till 2024, GMI says, while thermoplastics could show around 9% CAGR over the timeframe.

Rising investments

Commercial aircraft are 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, according to the researchers. Military aircrafts could grow owing to the rising investments in military aviation across the globe. For instance, the military aviation sector in India reportedly plans to invest approximately US$35 billion over the next 20 years, GMI reports.

Exterior applications will account for over US$3 billion due to the usage of aerospace composites in exterior structural aircraft applications, while interior application will grow at over 8% CAGR from 2017 to 2024, the researchers say. North America aerospace composites market is anticipated to exceed US$2 billion, capturing almost 40% revenue share till 2024. 

This story is reprinted from material from GMIwith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.