Agreement & partnership is the key development strategy adopted by the leading players for the growth of the Aerospace Composites Market
Aerospace composites are used in interior and exterior applications of commercial aircraft, business jets, helicopters, and military aircraft. The demand for these materials is increasing at a rapid pace, owing to their lightweight and increase in fuel efficiency of aircraft facilitated by their use. However, amidst the global COVID-19 pandemic, the demand from the aircraft types mentioned above is expected to show a sharp decline in 2020. The global aerospace composites market size is projected to grow from USD 23.8 billion in 2020 to USD 41.4 billion by 2025, at a CAGR of 11.7% during the forecast period.
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Companies have strengthened their position in the global aerospace composites market by adopting agreement & partnership as the major strategy. From 2016 to 2020, agreement & partnership was the key strategy adopted by the market players to maintain growth in the global aerospace composites market. For instance, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aircraft business s. However, due to the outbreak of the COVID-19 pandemic, the demand for aerospace composites materials from two of the major commercial aircraft manufacturers has decreased. The factors such as lockdown situation across national and international borders, closure of manufacturing facilities, disruption in the supply chain, and reduced orders for new aircraft for Boeing and Airbus in January and February, respectively, have resulted in a decline in the demand for aerospace composites.
The major manufacturers profiled in this report include, Solvay (Belgium), Toray Industries, Inc. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), Teijin Limited (Japan), SGL Group (Germany), and Spirit AeroSystems (US.) The aerospace composites business of these companies is severely affected due to the outbreak of COVID-19 pandemic. Reduced demand from several OEMs and disruption in the supply chain have compelled the manufacturing companies to operate at partial capacities.
Related Reports:
Aerospace Composites Market by Fiber Type (Carbon Fiber Composites, Ceramic Fiber Composites, Glass Fiber Composites), Matrix Type, Manufacturing Process (AFP/ATL, Resin Transfer Molding), Application, Aircraft Type, and Region - Global Forecast To 2025
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