Aerospace Composites Market

The Major Players Operating in the Aerospace Composites Market Have Adopted Investments & Expansions Strategy to Increase their Market Shares

Aerospace composites are reinforced with high strength fibers to fortify the polymer matrix in terms of strength and stiffness. These high strength fibers offer aerospace composites with high performance properties, such as light weight, high stiffness, dimensional stability, temperature and chemical resistance, flex performance, and easy processing. The aforementioned properties of aerospace composites are very crucial in the interior and exterior structural applications of aircraft. In terms of value, the aerospace composites market is projected to reach USD 42.97 Billion by 2022, at a CAGR of 9.85% from 2017 to 2022.

Key players operating in the aerospace composites market are Royal Ten Cate (Netherland), Toray Industries (Japan), Teijin Limited (Japan), Hexcel Corporation (US), SGL Group (Germany), Renegade Materials Corporation (US), Solvay (Belgium), and others. These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, investments & expansions, agreements & partnerships, and mergers & acquisitions are the major strategies adopted by these leading players to achieve growth in the aerospace composites market.

Investments & expansions have been the principal strategies adopted by the key players to strengthen their positions in the composites market. Key players such as Royal Ten Cate, Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Group, among others, have undertaken several capacity expansions. These companies are also entering into supply agreements with leading aircraft manufacturers. These companies have a strong foothold in North America and are now focusing on the Asian region market to cater the demand for aerospace composites for aircraft. In addition, they have invested heavily in manufacturing and processing technologies such as carbon fiber composites to decrease the cost of aerospace composites. This would help them meet the rising demand for aerospace composites for next-generation aircraft such as Boeing Dreamliner 787 and Airbus A350XWB.

Toray is currently the largest producer of carbon fiber in the world, and of synthetic fiber in Japan. It operates through six business segments, namely, fibers & textiles, plastics & chemicals, IT-related products, carbon fiber composite materials, environment & engineering, and life sciences. The company maintains its leading market position through expansions and supply agreements with leading aircraft manufacturers. In February 2017, Toray established a new production facility for slit tape made of TORAYCA carbon fiber prepreg at its Ishikawa plant to increase the prepreg capacity of its existing facility. This will help the company meet the increased demand for advanced composites for Boeing 787 aircraft.

Solvay is one of the major players that have established a strong foothold in the aerospace composites market by adopting the acquisitions strategy and signing distribution agreements with various aircraft manufacturers to broaden their market presence and explore new opportunities in emerging economies. Solvay acquired Cytec in 2015, which allowed Solvay to set its footprint in the aerospace composites market. Solvay also extended its contract with Boeing to supply lightweight advanced composite materials for large passenger aircraft. These aerospace composite materials are expected to be used in advanced aircraft programs such as 737, 747, and 777 as well as current and future platforms, including B787, 737MAX, and 777X.

Related Reports:

Aerospace Composites Market by Fiber Type (Carbon, Glass, Ceramic), Resin Type (Epoxy, Phenolic, Polyester, Polyimides, Thermoplastics, Ceramic and Metal Matrix), Aircraft Type, Manufacturing Process, Application, Region - Global Forecast to 2022

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