Composite materials in aerospace are used primarily because they have higher strength to weight ratio than metals. Thus, they help save fuel and also aid to decrease the harmful fuel emissions. The various types of aerospace composites that have been included in this report are: glass fiber reinforced composites, carbon fiber reinforced composites, metal matrix composites (MMC), aramid fiber composites, and ceramic matrix composites (CMC).
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Among different aerospace composite types, glass fiber reinforced composites occupied the highest market share in terms of value in 2022. Carbon fiber reinforced composites is the fastest-growing type due to growing consumption in commercial, business, and military aircrafts. The rise in demand of fuel-efficient aircrafts and robust economic growth are the two main drivers of the market. Although the high cost of carbon fibers is projected to inhibit the growth to some extent, the long-terms benefits of using them are undeniable. Efforts are being made by companies for the profitable mass production of carbon fibers. This is chiefly due to the growing demand for fuel-efficient aircrafts and certain environmental norms, such as EPA regulations and ACARE emission targets.
Region-wise, North America and Europe are leading the global market. Growth in Asia-Pacific is the highest owing rising demand for fuel efficient aircrafts in the region. The growth is also aided by cheaper raw material prices. Due to the region’s favorable prospects, several companies are expanding in Asian countries to benefit from the low-cost structures and growing local demand for composites. Commercial aircrafts represent the largest application for aerospace composites. This is mainly due to the leading OEMs, Airbus and Boeing. The demand is therefore expected to grow for aerospace composites among other aircraft manufacturers as well.
The report analyzes the aerospace composite market trends and forecasts till 2031. The market size has been provided in terms of market volume (KT) and value ($million). The report also identifies prominent players and provides analysis for each player in terms of company overview, financials, products & services offered recent developments, and company strategy.
The aerospace composite market size is projected to register a CAGR of 7.1% between 2022 and 2031 to reach $4,993.1 million in terms of value. The commercial aircrafts application segment holds 62.7% market share by volume and thus constitutes a significant part of the overall aerospace composite market. However, the military application segment is projected to grow at a high CAGR of 9.7% by 2031. The high growth can be attributed to the rise in global security issues and increased defense budgets of certain countries, such as the U.S. and Russia.
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The aerospace composite industry is moving towards investment in the implementation of technologies to produce new and high-quality products. The companies involved in this market are extensively into research and new product developments.
All these factors are projected to continue to drive the demand for aerospace composites.
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