Global Aerospace Carbon Fiber Market - Growth, Trends and Forecast (2018 - 2023)
The global aerospace carbon fiber market is expected to register a CAGR of about 12%, during the forecast period, 2018 to 2023. The demand for fuel efficient and long haul aircrafts is the major driving factor for the carbon fiber composite industry. Use of carbon fiber composites in wings can reduce the weight of the aircraft by 50,000 pounds. It offers superior strength to weight ratio, high chemical resistance, high stiffness and low thermal expansion. Also, its mechanical properties can be tailored to the application.
The use of composite materials in commercial transport aircraft is lucrative as the reduced airframe weight enables better fuel economy and therefore lowers operating costs. Reduced maintenance and longer design life, fewer parts, and reduced tooling and assembly costs are some of the reasons driving the market for carbon fiber in the aerospace industry. Initially, composite materials were used only in secondary structures, however, with the improvement in understanding and development of the materials, their use in primary structure, such as, wings and fuselages has increased. Thus, there is an increase in the market penetration of carbon fiber in commercial aircraft (B787 and A380), wind turbine blades, and other aerospace applications. However, the strict performance requirements of carbon fiber in aerospace applications lead to certification barriers and tighter manufacturing tolerances, than those associated with other carbon fiber applications. This, in turn, leads to the higher pricing for aerospace parts. The other restraints identified in the market, include difficulty in test detection and need for specialized repair techniques.
North America Forecasted to be the Market Leader
North America is expected to remain the largest market, due to the augmentation in the end-use industries and an increasing demand for lightweight materials in the aerospace industry. The growth is mainly driven by the increasing consumption of aerospace composites in exterior and interior parts, in commercial and military aircraft. The US is the largest consumer of aerospace composites globally, in terms of value and volume, and is expected to strengthen its position further during the forecast period. The growth of the US aerospace composites market is attributed to the presence of giant players, such as Boeing and GE, along with the establishment of several new carbon fiber production plants in the country.
Key Developments in the Market
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