Stratview Research announces the launch of a new research report on Opportunities in the Indian Aerospace Composites Market by Opportunity Type (Export Opportunities and Indigenous Opportunities), by Aircraft Type (Civil Aviation, Military Aviation, and Space), by Resin Type (Epoxy Composites, Phenolic Composites, and Others), by Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Aramid Fiber Composites), by Application Type (Exterior and Interior), and by Process Type (Hand Layup and Others), Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
This market report, from Stratview Research, studies the Indian aerospace composites market over the trend and forecast period of 2012 to 2017 and 2018 to 2023, respectively. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Opportunities in the Indian Aerospace Composites Market: Research Highlights
The next five years for the Indian aerospace composites market are going to be extremely vigorous with significant growth opportunities in both indigenous as well as export market. It is estimated that the market for aerospace composites in India including export potential is likely to reach a value of US$ 302.5 million in 2023. Currently, the market is relatively very small with the presence of a few local players, which possess good composite capabilities. However, it is expected that the Indian market is likely to evolve rapidly in terms of both demand as well as technology in order to cater to the huge indigenous demand for commercial as well as military aircraft.
Increasing defense budgets coupled with offset policy, increasing penetration of composites in the next-generation aircraft programs, increasing production rate of Light Combat Aircraft (LCA), increasing export opportunities for aerospace composites, make in India campaign, and availability of low-cost skilled manpower in India are some of the major factors proliferating the demand for composites in the Indian aerospace industry.
The demand is stimulating the global players to either open their branches or form JVs or partnerships with local companies to fulfill the offset obligation imposed by the Indian government. Major Indian conglomerates are eyeing the market and are forming strategic alliances with global companies in order to develop defense capabilities targeting the growing Indian market as well as export potential. Various leading global players are targeting India as their new revenue pocket and are eagerly eyeing various defense projects in India. For instance, Airbus Group, which is sourcing composites from more than 45 Indian suppliers, has sourced about US$ 550 million of parts in the year 2017 and is actively looking for tie-ups with Indian companies to set-up base for composite parts manufacturing in India. Adani Group is one of the leading companies that has announced to set-up carbon composites aerostructure facility in India to cater to the OEMs, like Airbus Group.
However, the road of the growth is not that lucrative as it seems. The industry stakeholders have to efficiently eliminate the existing bottlenecks in order to reap the benefits in a profitable manner. For instance, the Indian aerospace industry currently lacks the presence of a large number of composite part molders that have good capabilities to fabricate composite parts using advanced manufacturing processes. There is an immense requirement of such players that bring good composite technological capability in India and augment it for the Indian aerospace industry.
As per the research findings, civil aviation and military aviation are likely to remain the growth engines of the market in the foreseeable future. Majority of demand for composite parts for the commercial aviation segment is mainly coming from the global market, whereas there is an impressive indigenous demand for composite parts in the military aviation segment.
Based on the application type, the exterior segment is likely to remain dominant in the market during the forecast period. Composites are increasingly used in aircraft exterior with a purpose to leverage the potential of composites including lightweight, corrosion resistance, and abrasion resistance.
Some of the key players in the aerospace composites market in India are Tata Group, Hindustan Aeronautics Ltd. (HAL), Kineco Kaman Composites - India Private Ltd., Valeth High Tech Composites Pvt Ltd, Taneja Aerospace and Aviation Limited, and Adani Defense and Aerospace Group. Execution of joint ventures and partnership and development of new composite applications are the key strategies adopted by the major players in the Indian aerospace composites market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. Following are the key features of the report:
This report studies the Indian aerospace composites market and has segmented the market in six ways, keeping in mind the interest of all the stakeholders across the value chain. The following are the six ways in which the market is segmented:
Indian Aerospace Composites Market Opportunities by Opportunity Type:
Indian Aerospace Composites Market Opportunities by Aircraft Type:
Indian Aerospace Composites Market Opportunities by Application Type:
Indian Aerospace Composites Market Opportunities by Resin Type:
Indian Aerospace Composites Market Opportunities by Fiber Type:
Indian Aerospace Composites Market Opportunities by Process Type:
Stratview Research has several high value market reports in the aerospace & defense industry. Please refer to the following link to browse through our reports:
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