The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aerospace Composites Market.
It was estimated prior to this unanticipated outbreak that the Aerospace Composites Market was likely to witness an impressive CAGR of 8.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
By Fiber Type:
The carbon fiber segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The increasing demand for carbon fiber in the aerospace & defense industry is driving the growth of this segment. Carbon fiber possesses various properties such as high inherent strength, lightweight, weather-resistance, and offers a variety in surface textures.
By Aircraft Type:
The commercial aircraft segment dominates the market, as the latest aircraft program, A350XWB, uses a significantly larger amount of aerospace composite material, compared to older aircraft programs, which use only 2-5% of the material. Further, various factors such as high corrosion-resistance, low-maintenance cost, and lightweight are fueling the growth of the segment during the forecast period.
By Region:
In terms of regions, North America is estimated to be the largest as well as the fastest-growing aerospace composites market during the forecast period, with lucrative growth opportunities. The growth of the market is driven by the increasing usage of composite material in the commercial and military aircraft. Further, the presence of a large number of aircraft manufacturers and mass production of aerospace parts using aerospace composites are bolstering the growth of the market in the North American region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.