USD 24.79 billion
Report ID: SQMG20A2025 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Aerospace Composites Market was valued at USD 24.79 billion in 2021 and it is expected to reach at USD 43.33 billion by 2028, at a CAGR of 11.2% over the forecast period (2022-2028).
Composites are commonly used in the aviation industry. They are utilised in aircraft parts such as wings, ribs, spars, frames, longerons, and fuselage stiffeners. A composite is made up of two or more components that, when mixed, create a new substance with better qualities that differ greatly from those present in the individual basis materials. Metals, aluminium alloys, polymers, and other materials have traditionally been utilised in the production of aircraft. With greater knowledge and technology. The market is expanding rapidly due to the increasing usage of composites in military and commercial aircraft. Other factors driving the growth of the Aerospace Composites Market include growing aircraft deliveries, replacing aged aircraft with new coming models, and developing fuel-efficient aircraft. In the aerospace business, a wide variety of composites are used. Composites are used in commercial aircraft, defence aircraft, helicopters, launchers, and engines. Furthermore, the drop in manufacturing and assembly costs had a beneficial impact on market growth. By lowering fuel costs and providing other benefits, composite has greatly helped airlines sustain and grow their business in emerging markets.
Global Market Size
USD 24.79 billion
Carbon Fiber Composites
Carbon Fiber Composites
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Global aerospace composites market is segmented based on fiber type, matrix type, application, manufacturing process, aircraft type, and region. Based on fiber, market is segmented into carbon fiber composites, ceramics fiber composites, glass fiber composites, others. Based on matrix type, the market is segmented into polymer matrix, ceramic matrix, metal matrix. Based on application, the market is segmented into interior, exterior. Based on manufacturing process, market is segmented into AFP/ATL, Lay-up, resin transfer moulding, filament winding, others. Based on aircraft type, market is segmented into commercial aircraft, business & general aviation, civil helicopter, military aircraft, others. Based on region, global market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Analysis by Fiber Type:
Based on fiber, aerospace composites market is segmented into carbon fiber composites, ceramics fiber composites, glass fiber composites, others.
In terms of fiber, the carbon fibre category accounted for more than 35% of the aerospace composites market. Carbon fiber is approximately twice as stiff as aramid and glass fibers, hence it is preferred for aircraft and space shuttles. Furthermore, the high strength carbon fiber reduces the weight of aircrafts, increasing engine efficiency and lowering fuel consumption. According to the National Renewable Energy Laboratory (NREL), cumulative demand for carbon fiber is increasing by 10% per year between 2016 and 2024, bolstering the expansion of the carbon fiber-based segment.
Analysis by Aircraft Type:
A notable share of the global aerospace composites market is dominated by the commercial aerospace sector. Due to substantial improvements in the civilian aerospace sector and the replacement of the fleet that is about to retire, it is anticipated that the commercial aerospace segment will maintain its position. Additionally, manufacturers are anticipated to come out with variant designs, boosting the aerospace composites sector, as a result of the surge in demand for midsize commercial aircraft and the success of composite being utilized in the construction of these mid-sized aircraft. Furthermore, the market is anticipated to have considerable growth during the forecast period due to the growing use of composite materials in military aircraft.
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Based on region global aerospace composites market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. Because of the presence of prominent aircraft manufacturers, North America contributed the biggest contribution to the global market in 2021 and is expected to remain a dominant segment during the forecast period. Increasing investment in performance aerospace material research and development, as well as rising spending on space exploration operations, are expected to contribute to the growth of the North American aerospace composite market during the forecast period. Europe contributes a significant part to the global aerospace composites market, which is expected to rise steadily during the forecast period. Because of the growing number of aerospace composite producers in emerging markets, Asia Pacific is expected to be the most profitable market over the projection period.
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The global aerospace composites market is characterised by the presence of well-established players as well as several small and medium-sized players. These manufacturers are pursuing a variety of strategies, including new product launches, product portfolio expansion, and mergers and acquisitions. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge.
Top Player’s Company Profile
In March 2022, Solvay and Wichita State University’s National Institute for Aviation Research (NIAR) announced a partnership on research and materials development at NIAR’s facilities in Wichita, Kansas. The partnership is aimed at developing future solutions to bolster the aviation industry and create opportunities for companies of all sizes to revolutionize the future of flight.
In January 2020, Mitsubishi Chemical Corporation, a manufacturer of a variety of chemicals & materials headquartered in Japan, announced its plans to acquire c-m-p GmbH, a Germany based manufacturer of Carbon Fiber Prepreg. This is expected to strengthen the company’s position in the carbon fiber composites market .
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global aerospace composites market analysis, market growth in in developing economies such as India and China, growing use of aerospace composites by the defence industry, rising rate of commercial aircraft manufacturing, increased government investment in research and development activities, and surge in industrialization, particularly in developing countries, are the major factors driving the growth of the market.
|Market size value in 2021||USD 24.79 billion|
|Market size value in 2028||USD 43.33 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Aerospace Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aerospace Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMG20A2025