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Aerospace Composites Market size was valued at USD 26.59 billion in 2019 and is poised to grow from USD 29.7 billion in 2023 to USD 80.4 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

The 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'

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 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.

Based on region 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 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 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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Global aerospace composites market

Product ID: SQMIG20A2046