Market Growth
15:00
Aerospace Composites Growing in Demand for Manufacturing New Aircrafts
The growing aviation market and traffic are
leading to the expansion of the commercial aircraft fleet. The International
Air Transport Association (IATA) stated that the global air traffic is
projected to reach 7.8 billion passengers by 2036. The expanding travel and
tourism industry, rising living standards in emerging economies, and lower
airfares are driving the civil aviation sector. Asia is predicted to be
responsible for the majority of the growth in passenger traffic. Countries such
as India and China are witnessing a rapid surge in the movement of domestic as
well as international passengers. This is not to say that the developed nations
are lagging behind. Europe and North America will continue to contribute to the
aviation market due to the expected rising influx of international passengers
for business and tourism purposes. This rapidly growing passenger traffic is
predicted to lead to the expansion of the commercial aircraft fleet. The
manufacturing of new aircraft then is projected to drive the aerospace composites
market.
Now, what exactly are aerospace composites? In most basic terms, these are a combination of several materials. Composites can be created with two or more materials that have different physical or chemical properties. The important part about composites is that the materials they are made of don’t fully combine with each other and retain their original properties, thereby resulting in a material that has excellent strength, good stiffness-to-density ratio, and superior physical properties. These properties of composites make them ideal for the aerospace industry. In 2017, the global aerospace composites market attained a value of $2,376.7 million, and it is expected to grow at a CAGR of 10.1% in the coming years. One of the reasons for this growth is the rising demand for carbon fiber composites in aircraft manufacturing.
Leading aircraft manufacturers such as
Airbus and The Boeing Company are focusing on using lightweight structural
materials for the manufacturing of aircraft components, as aircraft weight is a
critical indicator of its operational performance. This is where carbon fiber composites
come in. Carbon fiber or graphite fiber is a polymer material made up of carbon
filaments that are bonded together in microscopic crystals. These composites
are lightweight and offer relatively higher strength than other composites.
These properties also help in improving the fuel economy of commercial aircraft
and lowering their overall operational cost. Due to these advantages, carbon
fiber composites, among all types of aerospace composites, accounted for more
than 50.0% sales and 55.0% revenue in 2017. The demand for carbon fiber
composites is predicted to increase in the coming years as well because of the
growing aviation sector, which will likely encourage the development of new
aircraft.
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According to the data provided by McKinsey
& Company, India and China would purchase more than 3,500 planes over the
next two decades. This surging requirement for aircraft in developing
countries, such as Indonesia, apart from India and China is proving to be
highly beneficial for the players in the market. The middle-class population,
along with disposable income, is increasing rapidly in these nations, thereby
leading to economic prosperity, which is further driving the demand for
commercial aircraft. The passenger traffic in emerging economies is growing due
to the increasing income level; this is responsible for the rapidly increasing
sales of the composites used in aircraft manufacturing.
