The Aerospace Composites Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aerospace Composites Global Market Report 2024, The aerospace composites market size has grown rapidly in recent years. It will grow from $31.08 billion in 2023 to $36.27 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to regulatory changes, environmental concerns, globalization, aging aircraft fleet, rise in number of commercial and defense aircraft.
The aerospace composites market size is expected to see rapid growth in the next few years. It will grow to $63.75 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to economic growth, aircraft fleet modernization, recycling and sustainability initiatives, aerospace industry consolidation, growing demand for passenger and cargo aircraft production. Major trends in the forecast period include digital twin and simulation, adoption of additive manufacturing, engineered fiber architectures, sustainable and eco-friendly composites, advanced composite materials.
The increase in demand for high-strength and lightweight composite materials is expected to drive the aerospace composites market. Energy efficiency can be increased, and fuel consumption can be reduced by using lightweight materials and thereby reducing the mass of the aircraft, as a lower mass requires less lift force and thrust during flight. Lightweight design helps in reducing the carbon footprint, higher structural strength and stiffness, flight performance improvements such as better acceleration, and better safety performance. For instance, in May 2023, according to reports from Composites United e.V. Germany, a non-profit association, the volume of the global composites sector in 2022 totaled 12.7 million metric tons compared with 2021. Therefore, increasing use of lightweight materials positively impacts the aerospace composites market's growth.
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The aerospace composites market covered in this report is segmented –
1) By Fiber Type: Carbon Fiber Composites, Ceramic Fiber Composites, Glass Fiber Composites, Others
2) By Aircraft Type: Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft, Others
3) By Manufacturing Process: AFP/ATL, Lay-Up Process, Resin Transfer Moulding Process, Filament Winding Process, Others
4) By Resin Type: Benzoxazine, Cyanate Ester, Bismalimide, Ceramic and Metal Matrix, Thermosetting Resins, Polyester, Others
5) By Application: Interior, Exterior
Companies in the aerospace composites market are focusing on technological advancement to accelerate and develop composite material and process technologies for the next generation of energy-efficient aircraft and future mobility. Airlines are trying to replace outdated aircraft with technologically advanced and modern aircraft. These new aircraft are equipped with increased payload capacities and cost-efficiency. As a result of this, there is widespread adoption of aerospace composites across the globe. For example, in March 2021, GKN Aerospace, a UK-based company involved in the automotive and aerospace components business, launched a consortium called ASCEND (aerospace and automotive supply chain enabled development). With this launch, the UK has become a technology leader in future lightweight structures. It also helps to reduce carbon emissions and energy consumption in the aerospace industry.
The aerospace composites market report table of contents includes:
1. Executive Summary
2. Aerospace Composites Market Characteristics
3. Aerospace Composites Market Trends And Strategies
4. Aerospace Composites Market - Macro Economic Scenario
5. Global Aerospace Composites Market Size and Growth
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31. Global Aerospace Composites Market Competitive Benchmarking
32. Global Aerospace Composites Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aerospace Composites Market
34. Aerospace Composites Market Future Outlook and Potential Analysis
35. Appendix
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Global Aerospace Composites Market Report Information by Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), by Applications (Commercial and Military), and by Region - Forecast to 2023.Market Scenario:Composite materials are used for various purposes in the aircraft industry.
Aerospace composites are used in various aircraft frames, such as wings, aircraft interiors, and fuselage as these can sustain extreme operating conditions, including high temperature, high stress, shocks, and impact loads.Get Report Sample : https://www.marketresearchfuture.com/sample_request/1242 Nearly 55% of the new Airbus aircraft A350XWB is manufactured using aerospace composite materials as compared to old aircraft, which used only 2–5% aerospace composites.
The use of composites in the aerospace industry is mainly to reduce the overall weight and corrosion in the aircraft body.
In addition to this, maintenance costs for aircraft manufactured using aerospace composites have reduced drastically in comparison to the maintenance costs for aircraft manufactured using traditional materials.The usage of carbon fiber composites is estimated to account for 75% of the total composites used in manufacturing aircraft.
The reason behind this is their insubstantial weight, high strength property, weather-resistant finish, and different surface textures.Composite material have many advantages, such as excellent fatigue and corrosion resistance property, strength-to-weight ratio is high and composites also withholds against high impact load.
Reduction in weight is particularly important in a market environment with high fuel prices and stringent aircraft emissions standards.
Rockman Advanced Composites is an AS9100D certified Indo-British enterprise that deals in carbon fiber composites such as high-end electric vehicle composites, motorbike composites, aerospace composites, Defence composites, railway & marine composites, and more commercial application composites since 4 decades such as Carbon fiber parts, Advanced Composites & Carbon fiber sheets, Carbon fiber tube...
Countries across the world are focusing on expanding their aircraft fleet, owing to the surging number of air passengers.
To cater to a wide passenger base, airline companies, both public and private, are increasingly adopting fuel-efficient and cost-effective aircrafts.
This is fueling the demand for carbon fiber composites in aircraft manufacturing, as they are lightweight and exhibit exceptional tensile strength and high stiffness and help aircraft manufacturers reduce the weight of the aircraft.This subsequently increases the aircraft’s fuel efficiency, thereby, reducing the overall operational cost.
Additionally, the increasing preference for the out-of-autoclave (OOA) technology over the autoclave process in the production of aircraft composite materials is expected to propel the aerospace composites market at a CAGR of 10.1% during 2018–2023.
This consequently reduces the overall production cost.According to P Intelligence, the market revenue stood at $2,376.7 million in 2017, and it will reach $4,234.4 million by 2023.
In recent years, established companies such as Hexcel Corporation, SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Carbon Fiber and Composites Inc., Royal DSM N.V., and Solvay S.A. focused on mergers and acquisitions to expand their consumer base.
