The aviation carbon fiber market is anticipated to register a CAGR of over 11% during the forecast period.
- The growing aviation industry and the development of new aircraft models are likely to remain as the key growth drivers for the market.
- Also, the need for manufacturing low-weight, fuel-efficient aircraft that reduce emissions is also driving the growth of the market.
- Advancements in additive manufacturing techniques are expected to be of great help to the market, by increasing the carbon fiber usage in different components of an aircraft.
Key Market Trends
Commercial Fixed-wing Aircraft Segment Expected to Dominate the Market During the Forecast Period
Weight is the most important parameter considered at every phase in the design and development of an aircraft. The low overall weight of an aircraft can result in less fuel consumption. Most of the commercial airlines operate at low-profit margins, and hence, prefer aircraft that are fuel efficient. Newer generation aircraft are more fuel efficient, owing to the use of advanced materials to develop the components, parts, and overall airframe, without compromising the strength and aerodynamics of an aircraft. Thus, the commercial fixed-wing aircraft segment is expected to dominate the market in the years to come.
The Market in Asia-Pacific to Grow With the Highest CAGR During the Forecast Period
As of 2018, the Asia-Pacific region has the highest market share, globally, followed by North America. The region is also anticipated to register the highest growth rate during the forecast period. The increasing number of aircraft orders and deliveries in the region, due to the increasing demand for newer generation aircraft, is currently driving the growth of the market in the region. Also, several of the material suppliers are based in the Asian region and supply raw materials for part manufacturers and aircraft OEMs. Air passenger traffic in the Asia-Pacific region is growing at a rapid pace, which has forced the airlines operating across Asia to increase their fleet size. This will result in airlines procuring new aircraft in the coming years, which is likely to generate demand for carbon fiber, since the majority of the newer generation aircraft structures are made using carbon fiber composites.
The aviation carbon fiber market is highly consolidated. The top four players account for the majority of the market share. The market demand is higher and is expected to increase further in the future. SGL Group, Toray Group, and Hexcel Corporation are few of the market leaders, both in terms of production capacity and revenue. Companies are investing significantly to develop advanced carbon fiber materials, which can overcome the challenges associated with the materials available today. Companies are also collaborating with research institutions to work on advanced materials that can shape the future of materials used by the aviation industry.
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