CNC West Feb March 2019

40 www.CNC-West.com CNC WEST February/March 2019 Exhibiting at WESTEC?? Promote it in the Western Region’s Favorite Magazine. Plan your promotion now with ads in upcoming issues of CNC WEST. Also the August/September issue will be our WESTEC preview issue. We will print extra copies of this issue and pass them out from our booth at the show. Contact Shawn Arnold at sarnold@cnc-west.com to find out more information. The competition in the global aerospace com- posites market is expected to increases with the en- try of new players. Though in 2015, top three play- ers held half of the share. New players are expected to introduce new products with advanced technology that might change the current market structure. Key players are also focusing on different strategies such as merger and acquisitions, collaboration, and inno- vation that will help them in getting a stronger hold in the market and expand their business in different geographies. Currently, Huntsman International LLC, Toray Industries Inc., Cytec Solvay Group, Hexcel Corporation, and SGL-The Carbon Company these players are analyzed in the report. According to the report published by Transparen- cy Market Research, the global aerospace composites market is likely to witness high growth in the com- ing years. The market valuation is expected to reach US$24.8 billion by 2024. In 2015, the market valued at US$ 11.5 billion. During the forecast period be- tween 2016 and 2024, the market is projected to rise at steady CAGR of 9.1%. On the basis of product type, the carbon fiber com- posites segment held 53% share in 2015. This seg- ment is likely to hold a dominant position over the forecast period. Due to its high fuel efficiency and low Study by Transparency Market Research Reports that the Aerospace Composites Market to Reach US$24.8 Billion by 2024 carbon emission, the demand for carbon fiber compos- ites is high in the market. Geographically, North Amer- ica held a leading position in 2015 and is expected to dominate the market in the forthcoming years. Rising competition among the players and fleet expansion ac- tivities in the region has led the growth of this market in North America. The crucial factor driving the growth in this mar- ket includes the rapid growth of innovative technology that has boosted the demand in the aerospace compos- ite market. The growing need for lightweight compos- ites has also provided a substantial push in this market. Moreover, increasing demand for lightweight aircraft that are beneficial in times of war and provides im- proved payloads are other factors driving the demand in this market. Adding to the growth factors, rapid growth in air traffic due to the growing number of low-cost carri- ers mainly in the developing regions has significantly boosted the demand in the aviation industry. This will simultaneously boost the demand in the aerospace composites market. Increasing living standards and reducing government intervention in the aerospace in- dustry in the Middle East countries will further drive the demand in this market.