The market for composites gathered traction on the back of the demand for high-performance aerospace. Aerospace manufacturers have been utilizing light-weight composites to improve the weigh characteristics of aircrafts, which in turn is helping to rein in the rise in fuel costs. Those catering to the demand for commercial airlines are constantly pursuing new composites and investing in research focused on unveiling new chemistries.
Carbon Fiber Composites Attract Groundswell of Attention
Over the past few years, there have been considerable advances in manufacturing processes, mainly with the application of cutting-edge technologies. The properties of an array of composites such as carbon and nanotubes have been explored, adding fresh impetus to the aerospace composites market. Among the various product types, carbon fiber composites will account for a massive share in the aerospace composites market. Growing body of material research on harnessing the properties of carbon composites also benefit the aerospace sector. This has led to increase in the percentage of composites used in new generation of aircrafts, such as by Boeing.
In several research, carbon fiber and composites have found to hold vast promise in improving the properties of aircrafts materials. This has bolstered the lifecycle of aircraft materials. Growing commercialization of novel manufacturing techniques such as 3D and nanotechnologies open exciting avenues for manufacturers of aerospace composites. Strides being made by aerospace industry in various developing regions will further fuel the growth in the aerospace composites market. By 2024, the global worth of the market is expected to touch US$24.8 bn, according to a recent projection by Transparency Market Research.
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Commercialization of New Composites Fabrication Methods Boost Prospects
However, the market has been witnessing snags due to significant cost pressures to manufacturers. The high cost of equipment needed for processing of composites is one of them. This also sometimes leads to prolonged time-to-market of composites. Further, research and development in composites also incur huge costs.
On the other hand, in recent years, an assortment of better composite fabrication technologies have been commercialized, thus driving the cost of production of composites. This has increasingly benefitted aerospace manufacturers looking for cost-effective products.