Research and Markets has announced the addition of the "Global Aerospace Composites Market 2012-2016" report to their offering.
One of the key factors contributing to this market growth is the increased adoption of composites in aircraft design. The Global Aerospace Composites market has also been witnessing strong demand in general aviation. However, complex regulatory requirements pose the biggest challenge in the market.
The key vendors dominating this market space are Cytec Industries Inc., GKN Aerospace Service Ltd., Gurit Holding AG, and Hexcel Corp.
The other vendors mentioned in the report are AGY Holding Corp., BASF Corp., Huntsman International LLC, Lola Group, PGG Industries, SGL Group, Umeco Plc, Mitsubishi Rayon Co. Ltd., and Toray Industries Inc.
Commenting on the report, an analyst from TechNavio's Automotive team said: ''The Global General Aviation market is expected to exhibit steady growth in the coming years. The vendors in the Global Aerospace Composites market will benefit from the increasing use of composites in new-generation aircraft. Also, the expanding use of composites in helicopters and other rotary-wing aircraft will increases vendors' average sales per aircraft over time. Composite applications have expanded rapidly in general aviation design, i.e., from small secondary structures to more demanding flight-control surfaces, empennage assemblies, fuselage, and wings. It is estimated that over the next several years, the General Aviation markets in Europe and North America will slowly improve. However, most of the forecast growth will come from the emerging markets in China, Brazil, and India.''
According to the report, the use of composites in the Aerospace industry has been increasing because of the various benefits it offers to aircraft manufacturers, and this is driving the Global Aerospace Composites market. The primary benefits that composites offer are reduced weight and assembly simplification as compared to the traditional materials for aircraft construction such as steel, aluminum, and titanium. Further, the performance advantages gained by reducing the weight of aircraft structural elements has given a major thrust to the development of military aviation composites. This is because composites are about one-fifth the weight of steel and are better in terms of stiffness and strength.