The global aerospace composites market size was estimated at 22.5 (USD Billion) in 2019, will register a CAGR of nearly 9.0% during the forecast period from 2020 to 2030.
The report titled “Aerospace Composites Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030” offers market estimates for a period 2018 to 2030, wherein 2018 is the historic period, 2019 is the base year, and 2020 to 2030 is the forecast period.
Aerospace composite has emerged as an important component in the aerospace and aviation industry. The demand for high strength and lightweight materials is continuously increasing with rising air movement. Aerospace composites are high performance materials developed for manufacturing of aerospace components. Increasing disposable income has triggered the adoption of airways as preferred means of passenger transportation across the globe. Additionally, the growth of commercial fleets for cargo movement has increased significantly during past couple of decades. This has fueled the number of commercial aircraft orders, with increasing backlog for leading aircraft manufacturers.
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The aerospace composites help in improving the performance of aircrafts by reducing airframe weight and increasing structural strength. This is anticipated to fuel the growth of aerospace composites market during the forecast period. However, due to government mandate to ensure social distancing in an attempt to prevent spread of COVID-19 has disrupted the production and supply of aircrafts and associated components market. This is anticipated to