The global aerospace composites market is projected to reach US$32.35 billion by 2021, at a CAGR of 8.95% from 2016 to 2021, according to market analyzers Research and Markets. The major drivers of growth are the increasing demand for lightweight, fuel efficient and high performance materials from commercial airline companies, the increased penetration of composites in advanced aircraft as well as low cost carriers and the high worldwide growth in the number of new generation aircraft deliveries. However, issues related to recyclability and the lack of standardization in manufacturing technologies, are also restraining this growth.
North America is expected to be the fastest-growing market for aerospace composites during the forecast period. Increased number of aircraft deliveries, clearance in the backlog of aircraft orders by commercial airline companies, and the replacement of old aircraft with advanced ones, is driving this growth. The penetration of aerospace composites in the US aerospace industry is expected to increase due to capacity expansion for the production of aerospace composites by major composite manufacturers, the increased budget for defense aircraft programs and growth in the aerospace industry due to a stable economy.
This story is reprinted from material from Research and Markets, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.