Global aerospace composites market

Global Aerospace Composites Market Size, Share, Growth Analysis, By Fiber type(Carbon Fibre Composites, Ceramic Fibre Composites), By Matrix type(Polymer Matrix, Ceramic Matrix), By Application(Interior, Exterior), By Manufacturing Process(AFP/ATL, Lay-up), By Aircraft type(Commercial Aircraft, Business & General Aviation) - Industry Forecast 2023-2030


Report ID: SQMIG20A2046 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 148 | Figures: 78

Global Aerospace Composites Market Insights

Global Aerospace Composites Market size was valued at USD 26.59 billion in 2021 and is poised to grow from USD 29.7 billion in 2022 to USD 80.4 billion by 2030, growing at a CAGR of 11.7% in the forecast period (2023-2030).

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.

US Aerospace Composites Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 26.59 billion

Largest Segment

Carbon Fiber Composites

Fastest Growth

Carbon Fiber Composites

Growth Rate

11.7% CAGR

Global Aerospace Composites Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Aerospace Composites Market Size By fiber type, 2021-2028 ($ Bn)
Global Aerospace Composites Market Size By Fiber Type, 2021-2028 (%)

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Global Aerospace Composites Market Segmental Analysis

Aerospace Composites Market is segmented based on fiber type, matrix type, application, manufacturing process, aircraft type, and region. Based on fiber, Aerospace Composites Market  is segmented into carbon fiber composites, ceramics fiber composites, glass fiber composites, others. Based on matrix type, the Aerospace Composites Market is segmented into polymer matrix, ceramic matrix, metal matrix. Based on application, the Aerospace Composites Market is segmented into interior, exterior. Based on manufacturing process, Aerospace Composites Market is segmented into AFP/ATL, Lay-up, resin transfer moulding, filament winding, others. Based on aircraft type, Aerospace Composites Market is segmented into commercial aircraft, business & general aviation, civil helicopter, military aircraft, others. Based on region, global Aerospace Composites Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.

Aerospace Composites Market 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.

Aerospace Composites Market 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.

Global Aerospace Composites Market By Fiber Type , 2021(%), 2021 (%)

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Global Aerospace Composites Market Regional Insights

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.

Global Aerospace Composites Market By Geography, 2021 - 2028, 2023-2030
  • Largest
  • Fastest

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Global Aerospace Composites Market Dynamics

Aerospace Composites Market Drivers

  • Rising Demand for Composite Materials in the Aircraft Industry
  • In the best-case scenario, after 2021, when aerospace businesses can operate at full capacity with no travel limitations or disruptions in the supply chain, demand for composite materials from the aerospace and defence industries will skyrocket. In the aerospace sector, composite materials are widely used as sandwich structures in both interior and exterior applications. Composites' light weight and high tensile strength improve fuel efficiency, save maintenance costs, and enable OEMs to meet tough environmental laws in Europe and North America. Newer advanced aircrafts, such as the Airbus A350 XWB and Boeing Dreamliner 787, have a composite airframe that is 50 percent lighter.

Aerospace Composites Market Restraint

  • Reduction in Number of Commercial Aircraft Deliveries
  • The drop in aircraft deliveries would have a direct impact on the aerospace composites business. Because commercial aircraft consume more than 80% of composites material, a fall in demand for composites due to a decrease in aircraft orders would have a negative influence on the market. For example, the recent grounding of Boeing 737MAX aircraft due to accidents sustained by Malaysian and Ethiopian Airlines resulted in the cancellation of orders. Airbus and Boeing delivered 122 and 50 commercial aircraft globally in the first quarter of 2020.

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Global Aerospace Composites Market Competitive Landscape

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.

Aerospace Composites Market Top Player’s Company Profile

  • Solvay Group
  • Hexcel Corporation
  • Toray Industries, Inc.
  • Teijin Limited
  • Mitsubishi Chemical Corporation
  • SGL Carbon SE
  • Gurit Holding AG
  • Renegade Materials Corporation
  • TenCate Advanced Composites BV
  • Owens Corning
  • Safran SA
  • Spirit AeroSystems Holdings, Inc.
  • Park Aerospace Corp.
  • Mitsubishi Rayon Co., Ltd.
  • Huntsman Corporation
  • Evonik Industries AG
  • Kineco Kaman Composites India Pvt. Ltd.
  • Cytec Industries Inc. (a subsidiary of Solvay S.A.)
  • AIM Aerospace, Inc.
  • Aerospace Composites Malaysia Sdn Bhd

Aerospace Composites Market Recent Developments

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 .

Global Aerospace Composites Key Market Trends

  • Investigating the Application of Composites in Various Aerospace Components
  • Aerospace Composites are quickly increasing their market share in the aerospace industry. Given the benefits of design freedom, higher strength, and low weight, aircraft manufacturers are utilising aerospace composites in atypical components such as engine blades. The blades of the LEAP (Leading Edge Aviation Propulsion) engine in the Airbus A320neo are one such example. Composites have also been employed by some manufacturers in the seating material to make it lighter and more durable. For example, Explicit, a French aerospace seat maker, has created an aircraft seat weighing only 4 Kg by combining titanium and composite material. It is the lightest) seat to pass the crash test and is reported to save fuel of around US$ 400,000 per year in each 8737 and A320.

Global Aerospace Composites Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 26.59 billion
Market size value in 2030 USD 29.7 billion
Growth Rate 11.7%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Fiber type
    • Carbon Fibre Composites, Ceramic Fibre Composites, Glass Fibre Composites, Others
  • Matrix type
    • Polymer Matrix, Ceramic Matrix, Metal Matrix
  • Application
    • Interior, Exterior
  • Manufacturing Process
    • AFP/ATL, Lay-up, Resin transfer moulding, Filament winding, Others
  • Aircraft type
    • Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft, Others
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)
Companies covered
  • Solvay Group
  • Hexcel Corporation
  • Toray Industries, Inc.
  • Teijin Limited
  • Mitsubishi Chemical Corporation
  • SGL Carbon SE
  • Gurit Holding AG
  • Renegade Materials Corporation
  • TenCate Advanced Composites BV
  • Owens Corning
  • Safran SA
  • Spirit AeroSystems Holdings, Inc.
  • Park Aerospace Corp.
  • Mitsubishi Rayon Co., Ltd.
  • Huntsman Corporation
  • Evonik Industries AG
  • Kineco Kaman Composites India Pvt. Ltd.
  • Cytec Industries Inc. (a subsidiary of Solvay S.A.)
  • AIM Aerospace, Inc.
  • Aerospace Composites Malaysia Sdn Bhd
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  • Segments by type, application, etc
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Aerospace Composites Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Aerospace Composites Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aerospace Composites Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Aerospace Composites Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Aerospace Composites Market size was valued at USD 26.59 billion in 2021 and is poised to grow from USD 29.7 billion in 2022 to USD 80.4 billion by 2030, growing at a CAGR of 11.7% in the forecast period (2023-2030).

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. 'Solvay Group', 'Hexcel Corporation', 'Toray Industries, Inc.', 'Teijin Limited', 'Mitsubishi Chemical Corporation', 'SGL Carbon SE', 'Gurit Holding AG', 'Renegade Materials Corporation', 'TenCate Advanced Composites BV', 'Owens Corning', 'Safran SA', 'Spirit AeroSystems Holdings, Inc.', 'Park Aerospace Corp.', 'Mitsubishi Rayon Co., Ltd.', 'Huntsman Corporation', 'Evonik Industries AG', 'Kineco Kaman Composites India Pvt. Ltd.', 'Cytec Industries Inc. (a subsidiary of Solvay S.A.)', 'AIM Aerospace, Inc.', 'Aerospace Composites Malaysia Sdn Bhd'

Rising Demand for Composite Materials in the Aircraft Industry

Investigating the Application of Composites in Various Aerospace Components

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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