Aerospace Composites Market

Analysis from GMI Research finds that the Aerospace Composites Market earned revenues of USD 28.1 billion in 2021 and estimated to touch USD 54.0 billion in 2029 will grow at a CAGR of 8.5% from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

The major factor that is contributing to the growth of the global aerospace composites market include the strong demand for composite material in the aerospace sector. The aerospace industry is one of the biggest consumers for composite materials as they are light in weight and have application in the interior as well as exterior parts.  Moreover, the rising air traffic followed by the growing number of upcoming low-cost carriers in Asian and Latin American countries for smoother air travel is further driving the growth of the market in the coming years. The market is also driven by the high demand for aerospace composites in the civil aviation sector, especially in business jets, single-aisle, and twin-aisle mainline aircraft. Since 2013, Boeing has been manufacturing around five 787 Dreamliners per month which have composite horizontal stabilizer components. Thus, the increasing production of such aircraft will propel the growth of the aerospace composite market size.

The accelerating demand for aerospace composites, especially from helicopters, business jets, commercial & military aircraft, general aviation, and spacecraft manufacturing, is another factor that is boosting the market’s demand. Furthermore, the stringent regulations related to less fuel consumption is encouraging the end-users to opt for aerospace composites materials. In 2018, Airbus introduced the new fuel-efficient and widebody aircraft A350XWB, with 53% composite in the fuselage.

Restraints in the Global Aerospace Composites Market

On the other hand, the high level of safety and security related to aviation structure requires testing of aerospace composites at every step. The overall expense of testing is quite high, thus creating certain skepticism for the usage of composites materials.

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Material – Segment Analysis

Based on the material, the carbon fiber segment is projected to grow at a higher CAGR during the forecast period. This type of material is increasingly used in aerospace applications as it offers a high strength-to-weight ratio and anti-corrosive features. In the aerospace sector, carbon fiber composites are used for various applications such as wings, engine nacelles, fan casings, fuselages, and other interior parts.

Application – Segment Analysis

Based on the application, the exterior segment is anticipated to dominate the market during the forecast period. Aerospace composites provide remarkable advantages such as higher strength, flexibility, stability, lightweight, durability, and resistance to temperature, heat, and moisture. All these properties make it feasible for exterior usage. Moreover, aerospace composites such as carbon fiber composites are increasingly used for airframe structures such as leading and trailing edges, undercarriages, landing gears, and wings, which is having a positive impact on the segment growth.

Aircraft Type – Segment Analysis

Based on the aircraft type, the military segment is projected to grow at a faster CAGR during the forecast period. The composites used in the military aircraft are extremely light in weight, durable, and have resistant against temperature and chemical. For example, carbon and glass fiber-reinforced plastic laminates are used in Lockheed Martin F-35 Lighting II in elements such as tailplane, flaps, wings, and vertical stabilizer, which accounts for 40% of the weight for aircraft. All these factors are boosting the demand of the segment in the market over the coming years.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to dominate the market during the forecast period. This is mainly attributed to the strong demand for lightweight material in the aerospace sector. In addition to this, the growing consumption of aerospace composites in exterior, as well as interior parts in the military aircrafts is another factor that will drive the regional market growth. The U.S. is one of the leading country in the aerospace and defence sector and is the biggest consumer of aerospace composites, both in value and volume. The country has the presence of numerous leading companies such as the Boeing Company and General Electric Company, which is indirectly supporting the market’s growth.

Top Market Players

Various aerospace composites manufacturers include Solvay, TORAY INDUSTRIES, INC., Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, TEIJIN LIMITED, SGL Carbon, Materion Corporation, Owens Corning, Spirit AeroSystems, Inc., and Lee Aerospace, among others. 

Key Developments:

• • In 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to develop first composite materials based on large-tow intermediate modulus (IM) carbon fiber. This type of materials helped in decreasing costs and CO2 emissions to increase the production process and fuel the efficiency of next-generation commercial aircraft.
  • In 2019, TEIJIN LIMITED entered into an agreement with Boeing to supply the unidirectional pre-impregnated tape (TENAX TPUD).

Segments covered in the Report:

The global aerospace composites market has been segmented on the basis of material, application, aircraft type, and regions. Based on material, the market has been segmented into carbon fiber, ceramic fiber, fiberglass, aramid, and others. Based on the application, the market has been segmented into interior and exterior. Based on the aircraft type, the market has been segmented into military, commercial, and general aviation. 

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Key questions answered in this research report:

• • At what pace is the global aerospace composites market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global aerospace composites market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global aerospace composites market?
  • Which material generated maximum revenues in 2021 and identify the most promising material during the forecast period?
  • What are the various application areas of the global aerospace composites market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 28.1 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Material, By Application, By Aircraft Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Solvay, TORAY INDUSTRIES, INC., Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, TEIJIN LIMITED, SGL Carbon, Materion Corporation, Owens Corning, Spirit AeroSystems, Inc., and Lee Aerospace, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Aerospace Composites Market by Material

• • Carbon Fiber
  • Ceramic Fiber
  • Fiberglass
  • Aramid
  • Others

Global Aerospace Composites Market by Application

• • Interior
  • Exterior

Global Aerospace Composites Market by Aircraft Type

• • Military
  • Commercial
  • General Aviation

Global Aerospace Composites Market by Region

• • North America Aerospace Composites Market (Option 1: As a part of the free 25% customization)
    • By Material
    • By Application
    • By Aircraft Type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Aerospace Composites Market (Option 2: As a part of the free 25% customization)
    • By Material
    • By Application
    • By Aircraft Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Aerospace Composites Market (Option 3: As a part of the free 25% customization)
    • By Material
    • By Application
    • By Aircraft Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Aerospace Composites Market (Option 4: As a part of the free 25% customization)
    • By Material
    • By Application
    • By Aircraft Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Global Aerospace Composites market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Solvay
  • TORAY INDUSTRIES, INC.
  • Mitsubishi Chemical Holdings Corporation
  • Hexcel Corporation
  • TEIJIN LIMITED
  • SGL Carbon
  • Materion Corporation
  • Owens Corning
  • Spirit AeroSystems, Inc.
  • Lee Aerospace