The global aerospace composites market is expected to witness significant growth on account of increased aircraft production as a result of the booming aviation industry. The aerospace sector contributes to a major chunk of the composites market due to the increased use of lightweight materials for interior and exterior parts. Increased air traffic coupled with the number of upcoming low-cost carriers in emerging economies of Asia Pacific and Latin America to facilitate air travel is expected to be key drivers for the aviation industry which in turn will result in aerospace composites market growth. Furthermore, improving the standard of living coupled with the laissez-faire aerospace industry in the Middle East has resulted in increased demand for low-cost air travel which is expected to positively impact the market over the forecast period.
Airlines are opting for new airplanes to replace the current lot owing to lightweight materials used in construction coupled with technological advancement in terms of fuel efficiency. Composites also provide ease of design as compared to metals, which is expected to further drive market demand. Aerospace composites demand is expected to be high within the civil aviation sector namely in a business jet, single-aisle, and twin-aisle mainline aircraft. As of 2013, Boeing produced five 787 Dreamliners per month comprising composite horizontal stabilizer components. Airbus A380 and Boeing 787 comprise over 40 tons of composites along with the latter consisting of over 50% of composites. The aerospace composites market is expected to have a positive outlook with the introduction of next-generation aircraft comprising a higher amount of composites.
The aerospace composites market is expected to grow on account of high demand from commercial & military aircraft, helicopters, business jets, general aviation, and spacecraft manufacturing. Increasing demand for lightweight and efficient airplanes is expected to provide immense opportunities for composite parts, material, and frame manufacturers over the forecast period. Continuous technological advancement in terms of components and structural applications in airplanes is expected to result in high aerospace composites demand. With the growing demand for aircraft coupled with existing high order backlogs has resulted in an increased need for improved production rates which is expected to be a key reason for aerospace composites penetrating the market. The establishment of the Nation Composites Center is in line with the U.K. government's long-term strategy, NCC has expertise in the design and manufacture of composites.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.