The extensive usage of carbon fiber composites in aircraft manufacturing is pushing up the demand for aerospace composites across the world. Aircraft manufacturing companies are focusing heavily on high-performance and lightweight structural materials for reducing their operational costs and improving the fuel economy of their aircrafts. Due to the various beneficial traits of carbon fiber composites such as high stiffness and tensile strength and low weight, they are increasingly being used in the aerospace industry.
Apart from the above-mentioned factor, the expansion of the manufacturing sector in the developing countries such as India, Indonesia, and China, due to the rising urbanization rate, surging disposable income of people, and mushrooming middle-class population, is also creating lucrative growth opportunities for the aerospace composite manufacturers. Furthermore, with the growing popularity of air travel, the sales of commercial aircrafts are rising and the air traffic volume is soaring. This is further boosting the requirement for aerospace composites.
Another major factor driving the worldwide demand for aerospace composites is the ballooning usage of composites in the military aviation sector. These factors are subsequently propelling the growth of the global aerospace composites market. Aramid fiber, carbon fiber, and glass fiber are the most widely used types of aerospace composites across the world. Out of these, the demand for carbon fiber was found to be the highest during the last few years.
Moreover, the sales of these materials are also expected to rise rapidly in the coming years. This is credited to their extensive usage in the aerospace industry, on account of their various properties such as low thermal expansion and high chemical resistance. Aerospace composites are used in civil helicopters, commercial aircrafts, business and general aircrafts, and military aircrafts. Out of these, the usage of aerospace composites was the highest in commercial aircrafts in the past years.
This was because of the large-scale manufacturing of commercial aircrafts across the world, on account of the surging air passenger traffic volume. Interior and exterior are the two major application areas of aerospace composites. Between these, the usage of these composites will rise rapidly in interior applications in the forthcoming years. This will be because of the soaring usage of composite materials for manufacturing aircraft parts such as seat frames, lavatories, galleys, cabin components, ceiling panels, and floor boards.
Geographically, the sales of aerospace composites will boom in Europe and North America in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is ascribed to the existence of several well-established industry players and original equipment manufacturers (OEMs) in the regions and their growing focus on reducing the overall aircraft weight. Besides, the demand for these products will also shoot up in Latin America and Asia-Pacific in the coming years.
Hence, it can be safely said that the demand for aerospace composites will surge in the upcoming years, primarily because of their growing requirement in aircraft manufacturing and military aviation applications across the world.