Aerospace Composites Market Size to Touch USD 47.3 Billion

TOKYO, Jan. 15, 2023 (GLOBE NEWSWIRE) — Aerospace composites Market Size in 2021 was USD 22.6 Billion, Market Value set to reach USD 47.3 Billion at 8.8% CAGR from 2022 to 2030

Aerospace composites Market Overview

Aerospace composites refer to materials that are composed of two or more distinct constituents, where one of the components provides strength and the other component provides stiffness. These composites are designed to have a high strength-to-weight ratio, which means that they are very strong for their weight. They are also corrosion-resistant and have a low thermal expansion coefficient. Aerospace composites are used in many applications, such as aircraft and spacecraft structures, propulsion systems, and control surfaces. They are particularly attractive for primary structures of aircrafts such as wings, fuselage, and empennage due to their high strength-to-weight ratio and corrosion resistance.

The most common aerospace composites are fiber reinforced polymer (FRP) composites. These composites consist of a matrix material, typically a polymer such as epoxy, and reinforcing fibers, typically made of carbon, glass, or aramid. The fibers are embedded in the matrix and provide the composite with its strength and stiffness properties.

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Aerospace composites Market Report Coverage:

There are two main types of FRP composites:

Long fiber composites: the fibers are oriented along the length of the component, which provides high strength in the longitudinal direction.

Short fiber composites: the fibers are randomly oriented in the matrix, which provides isotropic properties.

Another type of aerospace composites are metal matrix composites or MMCs, consisting of a metal matrix that are reinforced using ceramic, fibers or metal particles. These composites provide high strength and stiffness, as well as high thermal conductivity and electrical conductivity.

Aerospace composites market is set to grow at a good growth rate in the coming years due to increasing demand for fuel-efficient and lightweight aircraft. The usage of these composites in the aerospace industry can help reduce the overall weight of aircraft, which can lead to fuel savings and lower emissions. These composites have high strength-to-weight ratios making them well-suited for use in aircraft structures. Factors such as increasing demand for commercial and military aircraft, advancements in composite materials, and government regulations mandating the usage of lightweight materials in aircraft are expected to drive the growth of the aerospace composites market.

Aerospace composites Market Research Report Highlights and Statistics

• The aerospace composites market size is projected to grow at a CAGR of 8.8% during the forecast period of 2022-2030., m-cap to reach USD 47,300 million.
• The market is driven by factors such as increasing demand for fuel-efficient aircraft and the usage of these composites in the manufacturing of aircraft structures.
• The market is segmented based on fiber type, resin type, manufacturing process, application, and region.
• Based on application, the market is segmented into commercial, military, and general aviation. The commercial segment is expected to hold the largest share of the market during the forecast period.
• North America is expected to dominate the aerospace composites market during the forecast period, followed by Europe and Asia Pacific. The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the increasing demand for aircraft in the region.

Trends in the Aerospace composites Market

• Advancements in manufacturing technologies: Advancements in manufacturing technologies, such as automated fiber placement and resin transfer molding, are expected to drive the market for aerospace composites.
• Development of advanced composite materials: Companies are developing advanced composite materials with improved properties, such as high-temperature resistance, to meet the specific requirements of the aerospace industry.
• Growing demand for electric aircraft: The growing demand for electric aircraft is expected to drive the market for aerospace composites, as these aircraft require lightweight materials to improve their range and efficiency.
• Other trends include increased usage of these composites in aircraft interiors, the development of biocomposites for use in aerospace applications, the rising demand for unmanned aerial vehicles (UAVs).

Aerospace composites Market Dynamics

• Increasing demand for fuel-efficient aircraft: The usage of these composites in aircraft manufacturing helps to reduce the weight of the aircraft, increasing its fuel efficiency.
• High strength-to-weight ratio: Composites have a high strength-to-weight ratio, making them suitable for use in aircraft structures.
• Growth in the commercial aerospace sector: The commercial aerospace sector is expected to drive the market for aerospace composites due to the increasing number of passenger and cargo aircraft being manufactured.
• Growing use of thermoplastic composites: Thermoplastic composites are expected to gain popularity in the aerospace industry due to their ability to be recycled and their lower production costs.
• Increasing usage of these composites in military aircraft: The usage of these composites in military aircraft is expected to increase due to their high strength and durability.
• Regional growth in the Asia Pacific: The market for aerospace composites in the Asia Pacific region is expected to grow at the highest CAGR due to the increasing demand for aircraft in the region.
• Emergence of new players in the market: The market for aerospace composites is expected to see the emergence of new players, which could lead to increased competition and innovation in the industry.

Aerospace composites Market Growth Hampering Factors

• High cost of composite materials
• Limited recycling options for composite materials
• Stringent regulations for the usage of composite materials in the aerospace industry
• Difficulty in producing large-scale composite structures
• Quality control issues with composite materials
• Limited understanding of the long-term performance of composite materials in aerospace applications
• Aircraft industry has a cutthroat competition, airplane companies have to suffer huge losses due to rising fuel costs and other factors which can lead to companies going bankrupt negatively affecting the aerospace composite market.

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Market Segmentation

Aerospace composites can be segmented in several ways, including by fiber type, resin type Manufacturing process, application, and region.

• Fiber Type: The market can be segmented into carbon fiber, glass fiber, and others. Carbon fiber is the most widely used fiber type in the aerospace composites market, due to its high strength-to-weight ratio and excellent thermal and electrical conductivity.
• Resin Type: The market can be segmented into thermosetting and thermoplastic resins. Thermosetting resins are widely used in the aerospace composites market, due to their high strength and durability.
• Manufacturing Process: The market can be segmented into layering, injection molding, and others. Layering is the most widely used manufacturing process in the aerospace composites market, due to its ability to create complex and customized structures.
• Application: The market can be segmented into commercial, military, and general aviation. The commercial segment is expected to hold the largest share of the market during the forecast period.
• Region: The market can be segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is expected to dominate the aerospace composites market during the forecast period, followed by Europe and Asia Pacific.

Aerospace Composites Market Overview by Region

• In North America, the Aerospace composites market share is the largest in terms of revenue amongst all other regions and is expected to grow at a good pace being driven by the presence of major players in the region, such as Hexcel Corporation, Solvay, and Owens Corning, as well as the increasing demand for aircraft in the region. The US is the largest market for aerospace composites in North America, due to the presence of major aircraft manufacturers such as Boeing and Lockheed Martin.
• The Asia Pacific region is projected to grow at the fastest CAGR during the forecast period, due to the increasing demand for aircrafts in the region, majorly in developing countries such as China and India. The region is also home to a growing number of aerospace composites manufacturers, such as Toray Industries, Mitsubishi Rayon, and Teijin Limited.
• Europe has a notable Aerospace composites market share, driven by the presence of major aircraft manufacturers such as Airbus and the increasing demand for fuel-efficient aircraft in the region. The market in Europe is expected to grow at a steady pace during the forecast period, with companies such as SGL Group and Gurit Holding AG being major players in the region.

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Aerospace composites Market Key Players

Toray Industries, Hexcel Corporation, Solvay, Teijin Limited,SGL Group, Mitsubishi Rayon Co., Ltd.,Owens Corning,Gurit Holding AG,Rock West Composites, Royal Ten Cate,Saint-Gobain S.A,Formax Composites,Axiom Materials, Inc.,PlastiComp, Inc.,ELG Carbon Fibre Ltd,Premix Oy,Nippon Graphite Fiber Corporation,GKD Technologies, Composites Horizons LLC,TenCate Advanced,Composites,PremierComposite,Technologies,PlastifabInc,Materion Corporation,Huntsman Corporation,Hexion Inc, GKN Aerospace, Fokker Aerostructures,DuPont Performance Materials,Cytec Industries Inc

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