Aerospace Industry to consume composites valued at USD 57 Billions in next 2 Decades
As per a market survey conducted by Lucintel, a leading market research & business consulting company having more than 600 clients worldwide, the aerospace industry consumes approx 320 million Kgs. of raw materials including aluminum, composites, steel, titanium and other materials.
At present, aluminum is the most commonly used material in the aerospace industry. However, now the aerospace companies are showing increased interest in composite materials to develop a more fuel-efficient and corrosive-resistant aircraft.
The use of composites over the last 30 years has evolved from less than 5% in the Boeing 737 and 747 to over 17% in the Airbus A320. The Airbus A320 which was launched in 1990, uses approximately 17% composite materials and 66% aluminum. The New Boeing 787 aircraft, which is Likely to be put in service in 2008, will use about 50% composites by structural weight, and will be 20% more fuel efficient than similar-sized airplanes, as a result of improvements in composite materials technology. The Airbus A380 is expected to use 23% composites per aircraft,an improvement of 6%.
According to Dr Sanjay Mazumdar, CEO, Lucintel, there will be strong growth in application of composite materials in the aerospace industry & Airbus & Boeing Industries will be the key drivers of this growth which is likely to consume material composites to the tune of US $ 57 Billions over the next 2 decades as per the detailed report titled, "Opportunities for Composites in the Global Aerospace industry 2007-2026".
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