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New Product Launches and Investments & Expansions are the Key Development Strategies Adopted by the Leading Market Players to Drive the Global Aerospace Composites Market
Aerospace composites are becoming crucial in the interior and exterior structural applications of aircraft. Aerospace composites are light in weight, have increased fuel efficiency, high tensile strength, reduced number of part counts and ease in maintenance, which is increasing the penetration of these composites in structural applications of various aircraft. The aerospace composites market is projected to reach USD 32.35 Billion by 2021, at a CAGR of 8.95%, from 2016 to 2021.
The key companies offering aerospace composites are mainly involved in new product launches and investments & expansions to strengthen their positions in the global aerospace composites market. Through novel product launches, the key players are trying to offer advanced composites that comply with stringent aviation standards. In addition, the players are expanding their composites production capacities to meet the high demands from various aircraft manufacturers, especially commercial aircraft manufacturers.
From 2012 to 2016, agreements & partnerships, new product launches, investments & expansions and acquisitions were the key strategies of the market players. New product launches accounted for a share of 37.5% among others in the global aerospace composites market. Investments & expansions was the second most-preferred growth strategy, and accounted for 28% of the total development strategies of the global aerospace composites market.
The major manufacturers profiled in this report are Royal Ten Cate (Netherlands), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Hexcel Corporation (U.S.), SGL Group (Germany), Renegade Materials Corporation (U.S.), Solvay SA Group (Belgium) and others. These companies have adopted various organic and inorganic growth strategies such as agreements and partnerships, expansions and investments, acquisitions, and new product launches to expand their global presence and increase their penetration into the global aerospace composites market.
Solvay Group and Hexcel Corporation were the major players with the maximum number of growth strategies between 2012 and 2016 in the global aerospace composites market. The strategies adopted by them, accounted for around 41.94% of the global aerospace composites market between 2012 and 2016.
Hexcel Corporation is one of the leading companies and the largest contributor in the growth of the global aerospace composites market. The company accounted for the largest share of all the development activities undertaken in the aerospace composites market between 2012 and 2016. The company expanded its presence in the U.K., Germany, Spain, and France with investments & expansions as the major growth strategy between 2012 and 2016 to enhance its geographical presence and customer base. The company manages its sales and distribution services through its various representatives based in Austria, Belgium, Finland, France, Germany, Israel, Italy, Japan, South Africa, Spain, Turkey, the U.K., the U.S. and across various parts of the globe.
Solvay Group has become another major player in the global aerospace composites market with the acquisition of Cytec Industries, Inc. in 2015. This acquisition boosted Solvay’s growth and made it one of the leading manufacturers of aerospace composites. The company is trying to expand its supply of aerospace composites by signing agreements and with new product launches.
Aerospace Composites Market by Fiber Type (Glass, Carbon, Aramid), Resin Type (Epoxy, Phenolic, Polyester, Polyamide, Thermoplastic), Aircraft Type (Commercial, Business & Ga, Military, Civil), Application and Region - Global Forecast to 2021
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