Aerospace Composites Market is expected to witness market growth at a CAGR of above 4% over the forecast period from 2015 to 2020 on account of continuing market thrust in Asia Pacific regions and Latin America with budding low cost carriers. Strong demand is anticipated to prevail in North America and European Markets in commercial as well as defence sector. The Middle East airlines industry is growing with lifestyle shifts and business growth in the region coupled with introduction of low cost airlines has led to a boost in overall airlines market.
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The key driving factors responsible for the growth of Aerospace
Composites market :
Aerospace composites are formed
by combining two or more basic materials to obtain superior characteristics of
binding, reinforcement, temperature resistance and flexibility. Composite
matrices can be metallic, ceramic or polymeric manufactured from fibres that
can be carbon, glass and natural. These fibres are to be bound together by
resins such as epoxies, polyurethanes, phenol and unsaturated polyesters and
vinyl esters. Reinforcement decides properties of the composite while matrix
holds the structure in place.
Key factors supporting the growth
of aerospace composites are their applications in aircraft interiors such as
ceiling panels, galleys, cabin linings, cargo floor panels, ceiling panels,
overhead compartments, lavoratories, partitions, and bars. Aerospace composites
are also used in exterior equipment such as landing gear, doors, winglets
,fins, and trailing edges.
With abundant availability and
technological advancements of composites, it is now possible to manufacture
light weight air craft components on a mass scale leading to improved fuel
efficiency. Composites also provide added advantage of ease of design and
production over their metal counterparts.
Aerospace composites are highly
cost effective on account of parts integration, reduced manufacturing and
assembly time and consequent labour expenses, making significant number of drag
inducing fasteners redundant. Maintenance frequency is reduced as composites
are corrosion free, better strength retention and improved power to mass ratio
leading to reduced operating costs, improved operating efficiency and
performance.
Factors restraining the growth of
composites are regulatory rules by Environmental Protection Agencies (EPA) and
ACARE (Advisory Council for aircraft and Innovation and Research in Europe).
Specifications regarding the smoke emitted during production, toxicity of the
chemicals involved and fire resistance levels of these components are tested
for compliance. Also the pricing of the materials is high currently as the
technology is in a development phase. The recyclability is low in these
substances which may hinder the upward trend in the near future.
The market is characterized by
dominance of few companies, which raises entry barriers for Tier 1 and tier 2
companies. Component manufacturers have to continually invest in increased
productivity with challenges due to dynamic technology modifications. The
industry is highly fluctuating and future predictions are uncertain because
highly competitive landscape in the airlines industry with ongoing steep price
wars.
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