Aviation: Africa has 700 aircraft and commands 2.9% of global Retrofit and MRO business
The global aerospace composites market is expected to grow at a CAGR of close to 7% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global aerospace composites market for 2016-2020. Based on composite type, the market is segmented into the following: glass fiber, carbon fiber, and aramid fiber.
Technavio’s research study segments the global aerospace composites market into the following regions: APAC , EMEA , Americas
APAC: largest market for aerospace composites
In 2013, 5,470 aircraft were in service in the APAC region. The aviation market in APAC is among the fastest growing worldwide and is expected to generate demand for 13,460 new aircraft over the next two decades. The aircraft retrofit and MRO market in the region is also growing rapidly, accounting for 26.69% in 2014.
Though the market is fragmented, the growth rate of the aerospace composites market is particularly high in APAC and is expanding at a substantial rate. The major vendors in the region that provide aerospace composites are Toray Industries and Teijin. Toray is also one of the major suppliers of carbon fiber prepreg for Boeing 787 Dreamliner and Boeing 777x aircraft. However, the established vendors are facing competition from Tier 2 companies such as the Harbin Aircraft Industry Group in China.
According to Abhay Singh, a lead analyst at Technavio for research on aerospace components, “Automation is a major factor for technological progress in the composites industry. The market penetration of automated manufacturing solutions has grown tremendously in APAC. It has also enabled the Asian vendors to differentiate themselves through adopting more sophisticated production methods.”
Aerospace composites market in EMEA
In 2013, 7,410 aircraft were in service in the region of which 5,530 were operational in Europe, 1,180 in the Middle East, and 700 in Africa. Technavio research analysts expect that demand for 12,810 new aircraft in the region will be generated over the next two decades.
EMEA led the global aircraft retrofit and MRO market in 2014, accounting for a share of 38.13%. In the same year, Europe accounted for 28.25%, the Middle East for 6.93%, and Africa for 2.95%.
Europe, in particular, has been a leading high-end manufacturer of aircraft and the composites market. Vendors in Europe collaborate in the field of aerospace and composites. LOCOMACHS is one such collaborative research and development project coordinated by Saab. It has 31 partners, including major key players in the aircraft industry in Europe such as Airbus, Bombardier, Dassault Aviation, and Cobham. The project aims at faster and more cost-efficient assembly of composite structural parts, leading to a higher production rate. It also seeks to develop the advanced technologies and integrate them with existing ones to create cost-efficient part manufacturing and assembly of composites, metals, and hybrid airframe structures.
Aerospace composites market in the Americas
The aerospace composites market in the Americas is expected to grow rapidly due to the increase in the number of aircraft in service. In 2013, 8,030 aircraft were in service in the region of which 6,650 aircraft were operational in North America and 1,380 aircraft in Central America. The region is expected to witness a demand for 10,500 new aircraft over the next two decades.
The Americas is also one of the leading regions in the global aircraft retrofit and MRO market and accounted for 35.18% as of 2015 (North America 30.68% and South America 4.51%).
The top vendors in the global aerospace composites market highlighted in the report are:
Cytec Industries , Hexcel Koninklijke Ten Cate (TenCate) , Mitsubishi Rayon , Owens Corning