Global Aerospace Composites Market Size To Grow USD 54 Billion By 2030 | CAGR of 7.5 %Category: Aerospace & Defense
Global Aerospace Composites Market size is expected to surpass USD 54 billion by 2030.
As per the latest research report by Spherical Insights & Consulting, The Global Aerospace Composites Market size was valued at USD 31 billion in 2021 and grew at a CAGR of 4.9% during the forecast period. The Aerospace Composites Market size is expected to surpass USD 54 billion by 2030.
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Browse key industry insights spread across 185 pages with 130 market data tables and figures & charts from the report “Global Aerospace Composites Market Size, Share, and COVID-19 Impact Analysis, By Fiber (Carbon Fiber Aerospace Composites, Ceramic Fiber Aerospace Composites, Glass Fiber Aerospace Composites), By Matrix (Polymer Matrix, Ceramic Matrix, Metal Matrix), By Application (Aerospace Composites for Interiors, Aerospace Composites for Exteriors), By Manufacturing Process ( AFP (Automated Fiber Placement)/ATL (Automated Tape Layup), Layup, Resin Transfer Molding, Filament Winding), By Aircraft ( Aerospace Composites for Commercial Aircraft, Aerospace Composites for Business & General Aviation, Aerospace Composites for Civil Helicopters, Aerospace Composites for Military Aircraft), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents. https://www.sphericalinsights.com/reports/aerospace-composites-market
Composites made with reinforced carbon, ceramic, and glass-based fibers are known as aerospace composites. Composite materials used in aerospace have a low density and strong mechanical properties. Aerospace composites are used in a variety of products, including propellers, seats, wings, rotor blades, and instrument enclosures.
Growing public awareness of the advantages of aerospace composites as well as the expansion of the aviation industry, particularly in developing nations, will have a direct and positive impact on the market's growth rate. Continuous technological advancements in the areas of components and structural applications for aircraft, rising research and development spending by major corporations, acceleration of industrialization, and growing emphasis on technological advancements as well as modernization of production methods will all pave the way for further advancement.
Aerospace Composites Market - Growth Factors
One of the main factors propelling the market's growth is the industry's rapid expansion in the aviation and aerospace sectors. Additionally, the expanding requirement to create fuel-efficient aircraft is accelerating market expansion. Composite materials are being used to construct commercial aircraft because of their low weight, great mechanical strength, and weather resistance qualities. A further aspect promoting growth is the expansion of air travel and tourism, particularly in developing nations. Airlines are replacing aging aircraft with more contemporary, technologically advanced aircraft that are cost-effective and equipped with improved payload capacity.
As a result, aerospace composites are now widely used all over the world. In addition, an increase in space exploration using aircraft, spacecraft, and drones is helping the market expand. Composites protect the equipment and the aircraft from harm brought on by crashes, climatic changes, and accidents. In the next years, the market is expected to be driven by a number of other factors, such as favorable government policies to upgrade the air transportation infrastructure, rising trade activities, and substantial research and development (R&D).
However, a major obstacle to the market's expansion will be the deficiency in raw material demand and supply due to the tightness and volatility in their pricing. The high cost of R&D, the escalating geopolitical difficulties, and the unfavourable market conditions brought on by the coronavirus outbreak will all slow the market's growth. The market will also face challenges from issues with recycling and a lack of standardization in manufacturing techniques.
Aerospace Composites Market – Market Trends
- The market for aircraft composites has struggled to expand due to rising environmental concerns and government limits on the disposal of carbon and aramifiberses.
- Due to the market's use in the production of aircraft, China has experienced tremendous expansion in the aerospace composites sector. Boeing predicted that by 2037, China's airlines will need 8,050 new aircraft, which would increase the demand for aerospace composites.
- Rising investments from developing nations in the defence industry also fuel market expansion.
- The aircraft composites sector requires a lot of cash. The main end users of aerospace composite materials, including producers of commercial and business aircraft, rotary aircraft, and helicopters, have been making modest progress as a result of the present pandemic. Some OEMs have limited operating cash flows and low liquidity.
Aerospace Composites Market – Segmentation
- Carbon Fibre Aerospace Composites
- Ceramic Fibre Aerospace Composites
- Glass Fibre Aerospace Composites
- Polymer Matrix
- Ceramic Matrix
- Metal Matrix
- Aerospace Composites for Interiors
- Aerospace Composites for Exteriors
By Manufacturing Process:
- AFP (Automated Fibre Placement)/ATL (Automated Tape Layup)
- Resin Transfer Moulding
- Filament Winding
On the Basis of Aircraft:
- Aerospace Composites for Commercial Aircraft
- Aerospace Composites for Business & General Aviation
- Aerospace Composites for Civil Helicopters
- Aerospace Composites for Military Aircraft
Aerospace Composites Market –Regional Analysis
Due to the region's developed aerospace industry, North America accounts for about 45% of global revenue for aerospace composites. The presence of large aerospace corporations like Boeing and Lockheed Martin as well as high air travel frequency, lower air travel costs, and significant R&D investments all contribute to the region's increased market income. Over the course of the forecast period, the market for aerospace composites in Europe is anticipated to grow at a CAGR of 7.5%. Large aerospace and defence businesses are present in the area, which may account for the strong demand. France, Germany, and the UK are among the top producers of aeroplane components.
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Aerospace Composites Market – Key Market players
- Materion Corporation
- Royal Ten Cate
- Hexcel Corporation
- Owen Corning, Solvay
- Teijin, SGL Group
- Mitsubishi Rayon Co.
- Renegade Materials Corporation
- Toray Industries
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