Aerospace Composites Market Size to Reach USD 29.69 Billion by 2026; Owing to Rising Traffic Commotion Worldwide

Fortune Business Insights

- Key companies covered are Owens Corning, Hexcel Corporation, LMI Aerospace, Inc., Toray Advanced Composites, Teijin Limited, Solvay S.A., Mitsubishi Chemical Corporation, VX Aerospace Corporation, SGL Carbon, Unitech Aerospace, among others

PUNE, India, April 23, 2020 /PRNewswire/ -- The global aerospace composites market size is expected to reach USD 29.69 billion by 2026 exhibiting a CAGR of 9.27% between 2019 and 2026. This is owing to the rapid development of the aerospace market into developing nations of the world. Aerospace composites are made up of two or more constituent parts of plastic supported by carbon fibers. Composites help to strengthen the overall structure of the aircraft, provide fuel efficiency, and improve the overall performance of the aircraft. A recently published report by Fortune Business Insights titled, "Aerospace Composites Market Size, Share & Industry Analysis, By Fiber Type (Carbon, glass, aramid, and Others), By Aircraft (Commercial Aircrafts, Military Fixed Wings, Business Aircrafts & General Aviation, Jet Engines, Helicopter, and others), and Regional Forecast, 2019-2026)" provides a comprehensive overview of the market and its prime growth trajectories. In 2018, the market value stood at USD 14.66 billion.

COVID-19 Impact Analysis:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Competitive Landscape:

Merger and Acquisition Strategies will Further Intensify Market Competition

Players operating in the global market for aerospace composites are emphasizing on adopting collaborative strategies such as mergers and acquisitions, agreements and contracts, joint ventures, and others. The adoption of such policies will help players compete intensely for earning the top position and earn high market revenue in the coming years.