With increasing technological advancements, the aviation industry is anticipated to grow at a fast pace in the coming years. The rise in demand for commercial and military aircrafts has led to development of new aircrafts at a faster rate. Carbon fibers are used in the production of various parts of these aircraft models including the interior and exterior components. These are some of the major factors that are anticipated to significantly support the growth of the market in upcoming years.
Fuel efficient aircrafts are required as the airline industry runs on a low profit margin. Hence, the requirement of less expensive and cost saving aircrafts is increasing. Moreover, the new generation aircrafts are lighter in weight and with better aerodynamics, resulting in a growing demand for carbon fibers in the manufacturing of such aircrafts. Therefore, the rising demand for fuel efficient aircrafts is estimated to boost the market revenue.
The market is anticipated to witness significant growth on the back of higher demand of carbon fiber in the aviation industry. This can be attributed to its lightweight properties which also results in a reduced consumption of fuel.
The parts of an aircraft can be made by using only carbon fibers or by mixing the carbon fibers with other components, depending on the desired properties. It has been found that the usage of carbon fibers in wings can reduce the weight of an aircraft by thousands of pounds.
The global aerospace carbon fiber market is mainly driven by the growing demand for lightweight and fuel efficient aircrafts. An increase in the air traffic along with the development of new airlines also gives a boost to growth of the market. The aerospace carbon fiber market is anticipated to record a CAGR of around 12% over the forecast period, i.e., 2019-2027 and is estimated to attain market size of around USD 800 million by the end of the 2027.
The market is segmented by aircraft type into commercial, military and rotorcrafts, out of which, the commercial aircrafts segment is estimated to hold leading stance in the global aerospace carbon fiber market on account of an increase in the production of these aircrafts. The usage of commercial fixed-wing aircrafts is anticipated to grow as majority of people prefer to travel by air nowadays. Another factor leading to expansion of this market is the growing advancement in the aviation industry which leads to the development of new inventions as per the customer demand.
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Since carbon fibers cannot be repaired, they need to be replaced every time the structure gets broken or cracked, which makes the material very expensive to use. Additionally, they are expensive and their tensile strength is reduced upon recycling. These factors are estimated to restrain the growth of the market over the forecast period.
Our in-depth analysis of the global aerospace carbon fiber market includes the following segments:
On the basis of regional analysis, the global aerospace carbon fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Asia-Pacific region is expected to hold highest shares in the aerospace carbon fiber market over the forecast period owing to the growth in the aerospace industry in regions such as China, Japan and India. The increasing air traffic and easy availability of raw materials in the Asia-Pacific region is anticipated to lead to a rapid growth of this industry.
The growing demand for lightweight raw materials including carbon fibers in the aerospace industry in North America is expected to significantly boost the growth of the market in this region.
The global aerospace carbon fiber market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.