A Detailed Analysis of the Aerospace Composites Market Based on Proliferating Aircraft Production, and a Growing Emphasis on Fuel Efficiency, Lightweighting, High Performance, and Structural Integrity
Industry: Chemicals and Materials
Published Date: December-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 234
Report ID: PMRREP33610
The global aerospace composites market is forecast to expand at a CAGR of 10.8% and thereby increase from a value of US$30.2 Bn in 2023, to US$62 Bn by the end of 2030.
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Attributes |
Key Insights |
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Market Size (2023E) |
US$30.2 Bn |
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Projected Market Value (2030F) |
US$62.0 Bn |
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Global Market Growth Rate (CAGR 2023 to 2030) |
10.8% |
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Historical Market Growth Rate (CAGR 2018 to 2022) |
8.7% |
Composites have arisen as a transformative force in the dynamic field of aerospace engineering, encompassing a category of materials that are specifically engineered to improve the structural integrity and operational efficiency of aircraft. Aerospace composites are a class of materials distinguished by their exceptional strength-to-weight ratios. These composites are formed by fusing carbon, glass, or aramid fibers with matrix materials such as epoxy or polymer. The resultant composites are not only more lightweight but also more resilient, qualities that are essential in the challenging environments of aerospace applications.
The aviation sector is consistently striving to improve fuel efficiency and decrease emissions. In this pursuit, the incorporation of aerospace composites has emerged as a crucial factor, signifying a fundamental change in the processes of aircraft design and production.
The global aerospace composites market is experiencing exponential growth due to the convergence of multiple factors. The foremost among these is the unwavering dedication to enhancing aviation's fuel efficiency and environmental sustainability. Due to their exceptional strength-to-weight ratios, aerospace composites facilitate the fabrication of aircraft that are not only lighter but also more aerodynamically efficient, thereby leading to diminished fuel consumption and carbon emissions.
Furthermore, an important contributing element is the increasing need for lightweight and high-strength materials in the aerospace industry, which is motivated by the necessity to enhance aircraft performance. The growing utilization of composites in essential aerospace elements such as wings, fuselages, and interior structures highlights their indispensable status in contemporary aircraft fabrication.
Additionally, progress in composite technologies, including the creation of sophisticated resin systems and manufacturing procedures, contributes to the expansion of the market. The industry's ongoing advancements necessitate the integration of aerospace composites into next-generation aircraft, which is no longer merely a passing fad but a strategic necessity for the sector's continued development.
Quest for Fuel Efficiency in the Aviation Sector
The exponential expansion of the worldwide aerospace composites industry can be attributed to a crucial catalyst: the ceaseless quest for fuel efficiency in the aviation sector. Given the aviation sector's current predicament of increasing fuel expenses and accumulating environmental apprehensions, the pursuit of aircraft with improved fuel efficiency has assumed critical importance. Aerospace composites, renowned for their exceptional blend of low weight and structural integrity, serve as a model of advancement in the pursuit of this pivotal goal.
The utilization of aerospace composites significantly improves fuel efficiency through the resolution of the weight dilemma that has historically perplexed conventional aircraft materials. Conventional metals, including aluminum and steel, despite their durability, contribute significantly to the aircraft's mass, thereby resulting in heightened fuel consumption.
On the other hand, aerospace composites, which consist of carbon fibers encased in a polymer matrix, effectively diminish the overall mass of aircraft components while maintaining their structural soundness. Fuel savings are directly attributable to this reduction in weight since lighter aircraft require less energy to propel. As a result, aerospace composites are progressively being adopted by the aviation sector as a strategic tactic to alleviate the economic and environmental repercussions linked to fuel usage.
Supply Chain Difficulties
Although the worldwide market for aerospace composites expands rapidly due to factors such as improved fuel economy, it is not impervious to limiting forces; supply chain difficulties have emerged as a significant bottleneck. The complex characteristics of aerospace composites, which encompass specialized materials and intricate manufacturing procedures, present obstacles to the uninterrupted operation of the supply chain.
A significant limitation pertains to the acquisition of basic materials. Aerospace composites are manufactured with considerable dependence on particular fibers such as glass, carbon, or aramid; the cost and accessibility of these materials have a substantial influence on the overall expenditures associated with production.
Amidst the aerospace composites market's optimistic expansion on a global scale, navigating complex regulatory environments presents a formidable obstacle. In regard to safety and performance, the aviation industry is subject to rigorous standards and regulations, which present a substantial obstacle for manufacturers and stakeholders in the aerospace composites market.
The ongoing maintenance of adherence to stringent testing and certification procedures, as well as the ability to continuously adapt to changing regulatory frameworks, are essential for certification and compliance. Due to the complex characteristics of aerospace composites, including their distinctive compositions and production methods, they require rigorous examination to surpass safety regulations.
Frequent Innovations in Aerospace, and the Escalating Necessity for Sustainability
Amid the ever-changing global aerospace composites an intriguing opportunistic force arises from the convergence of aerospace innovation and the escalating necessity for sustainability. Aerospace composites offer a distinct opportunity for the aviation industry to improve performance while simultaneously adopting environmentally sustainable practices in response to mounting demands to reduce environmental harm.
Due to their inherent light weight and high strength-to-weight ratios, aerospace composites contribute directly to the aviation industry's pursuit of sustainability. The incorporation of composites into aircraft results in a substantial decrease in overall weight, which subsequently leads to substantial fuel conservation and reduced carbon emissions. This completely corresponds with the aviation sector's dedication to complying with rigorous environmental standards and mitigating its carbon emissions.
With the increasing global attention towards climate change mitigation, the aviation industry recognizes the revolutionary potential of aerospace composites in attaining its sustainability objectives. This situation offers a significant financial opportunity for suppliers and manufacturers in the aerospace composites sector, establishing them as crucial contributors to the eco-friendly transformation of the industry as a whole.
The aerospace composites market on a global scale will experience sustained expansion due to its leadership position in revolutionary developments. This upward trend is influenced by a multitude of factors, the most significant of which is the symbiotic relationship between manufacturers and consumers. A relentless pursuit of fuel efficiency in the aviation industry is one of the primary factors propelling market expansion. Amidst the aviation sector's ongoing challenges posed by rising fuel expenses and rigorous environmental standards, aerospace composites arise as a strategic alternative.
The structural integrity, and lightweight characteristics of composites, specifically carbon fiber composites, effectively tackle the aviation industry's primary objective of decreasing aircraft mass and improving overall fuel economy. This demand is a strategic necessity, not a fad, which contributes to the market's anticipated robust and sustained expansion.
With respect to the future, the market is supported by a convergence of various factors. The growing utilization of composite materials in essential aerospace elements, such as wings, fuselages, and interior structures, represents a fundamental change in the approach to aircraft design and production.
A proliferation of applications, including military and civil helicopters, business and general aviation, and commercial aircraft, is anticipated on the market. In addition, the implementation of automation technologies, including AFP/ATL, is significantly transforming the manufacturing sector by offering the potential for enhanced productivity and accuracy.
Supply-side Dynamics
Prominent entities in the aerospace composites market consist of Boeing, Airbus, Lockheed Martin, and Northrop Grumman. These key actors possess considerable sway, propelling innovation and establishing benchmarks within the industry. Prominent nations that have adopted aerospace composites include the US, France, and Germany, all of which are home to Airbus, and significant aerospace manufacturers.
Boeing's utilization of carbon fiber composites in the 787 Dreamliner, Airbus' integration of composites in the A350 XWB, and Lockheed Martin's implementation of advanced composites in military aircraft such as the F-35 are concrete illustrations of this adoption.
The competitive environment is currently experiencing a significant transformation as established firms utilize aerospace composites to redefine standards within the industry. Boeing's ongoing progress in carbon fiber composites is a significant factor in the success of the Dreamliner, establishing a model for environmentally sustainable and fuel-efficient air travel. By integrating composite materials into the A350 XWB, Airbus is exerting a market influence through its dedication to sustainability, which places equal emphasis on performance and environmental stewardship.
Lockheed Martin's proficiency in composite materials is significantly transforming the landscape of military aviation, as demonstrated by the innovative design of the F-35. These industry leaders are not merely reacting to market trends; rather, they are proactively influencing the field by stretching the limits of engineering and technology in the aerospace composites industry.
What is the Dominant Fiber Type Segment?
Carbon Fiber Composites to Dominate Sales with Lightweight Attribute
Within the aerospace composites , carbon fiber composites are positioned to hold the most significant portion of the market. Carbon fibers are the preferred material for critical aerospace applications due to their inherent qualities of being lightweight, strong, and exceptionally durable. Due to the combination of the need for fuel-efficient lightweight materials and the adaptability of carbon fiber composites to meet structural needs, this market segment is well-positioned to capture most of the market.
Despite the prevailing market dominance of carbon fiber composites, glass fiber composites are anticipated to witness the most rapid expansion. Glass fibers are gaining popularity in aerospace applications due to their adaptability, financial viability, and moderate rigidity. The segment's growth is anticipated to accelerate due to the increased demand for glass fiber composites, which is driven by the industry's pursuit of a balance between cost and performance. This expansion is fueled in large part by technological advances in glass fiber, which have broadened its utility in numerous aircraft manufacturing components.
Which is the Prominent Matrix Type Segment in the Market?
Cost Efficiency Secures the Top Spot for Polymer Matrix
The market share of the aerospace composites industry is anticipated to be most significantly held by the polymer matrix segment. Polymer matrix composites, which consist of materials such as polymer and epoxy, provide a favorable amalgamation of cost-effectiveness, adaptability, and production simplicity. By virtue of their extensive utilization in a variety of aircraft components—including interior and structural elements—polymer matrix composites command the market.
At present, the market share is held by polymer matrix composites; however, it is expected that the ceramic matrix segment will undergo the most rapid expansion. Ceramic matrix composites, which are garnering attention for their remarkable resistance to high temperatures and exceptional performance capabilities, are finding use in crucial aerospace sectors, including thermal protection systems and engine components.
The ceramic matrix segment is anticipated to experience substantial growth due to the escalating need for materials that can endure extreme conditions. This expansion will be fueled by developments in manufacturing technologies and a growing emphasis on improving the performance and longevity of aerospace systems.
Which is the Leading Application Segment?
Interior-based Solutions Record the Highest Consumption of Aerospace Composites
The market share of the interior segment is anticipated to be the greatest in the aerospace composites industry. Composite materials are prevalent in this industry sector due to the demand for lightweight, long-lasting materials for aircraft interiors, such as seating structures and compartment components. With a focus on fuel efficiency and passenger comfort, aerospace manufacturers are progressively adopting composite materials for interior applications. This development has established this sector as a market leader.
Although the exterior segment currently maintains a substantial market share, it is anticipated that it will undergo the most rapid expansion. The adoption of composites in exterior components such as wings, fuselage, and other structural elements is driven by the need to improve fuel efficiency, enhance aerodynamics, and decrease the overall weight of aircraft.
With the ongoing pursuit of improved performance and efficiency in aerospace engineering, the exterior segment is positioned for substantial growth. This is primarily due to the crucial role that aerospace composites will continue to have in influencing the trajectory of aircraft design and production.
Which is the Most Widely Used Manufacturing Process?
AFP/ATL Adopted Most Widely for Consistency, and Efficiency
The automated fiber placement/automated tape laying (AFP/ATL) segment is anticipated to capture the most significant portion of the aerospace composites. Due to their precision and automation capabilities, AFP/ATL technologies are favored in the aerospace composites manufacturing industry, where they guarantee consistent quality and efficiency. With the growing emphasis on advanced and automated manufacturing processes within the industry, the AFP/ATL segment is establishing itself as a dominant force that significantly influences the market landscape.
Despite the current market dominance of AFP/ATL technology, filament winding is anticipated to experience the most rapid expansion. Filament winding is becoming increasingly popular due to its effectiveness in manufacturing cylindrical components such as pressure vessels and rocket casings. As aerospace applications continue to diversify and require specialized components, the adaptability and velocity of filament winding processes, in conjunction with technological and material advancements, position this market segment for explosive growth.
Which is the Leading Aircraft Type Category?
Commercial Aircrafts Register the Maximum Uptake
It is envisaged that the commercial aircraft sector will hold the largest market share in the aerospace composites industry. The constant need for lightweight and fuel-efficient materials in the commercial aviation sector, motivated by the desire to improve operational effectiveness and decrease emissions, establishes aerospace composites as a critical element in the fabrication of contemporary commercial aircraft. Constraints such as wings, fuselage, and interiors are constructed primarily from composite materials, which further strengthens the commercial aircraft sector's position as the market leader.
Although the commercial aircraft sector possesses a substantial portion of the market, the business & general aviation sector is positioned to experience the most rapid expansion. Aerospace composites' inherent adaptability and superior performance characteristics harmoniously correspond with the ever-changing demands of the business and general aviation industries.
The ongoing progress in technology and design towards producing more compact aircraft that exhibit improved efficiency and performance is anticipated to generate a substantial surge in demand for aerospace composites within the business and general aviation sectors. This will drive the segment towards sustained and rapid expansion.
North America Jumps in the Bandwagon, Expects Major Gains from a Robust Ecosystem of Aerospace and Technology Sectors
It is expected that North America will hold the largest market share in the worldwide aerospace composites industry. The supremacy above can be ascribed to the firmly established aerospace sector in the area, specifically in the US. A robust ecosystem of aerospace manufacturers, technological innovators, and a substantial emphasis on research and development all contribute to the market's success in North America.
Prominent aircraft manufacturers headquartered in North America, in conjunction with significant investments in defense and commercial aviation, propel the widespread application of aerospace composites in the design and production of aircraft. Furthermore, the demand for lightweight and high-performance materials has significantly increased due to rigorous environmental regulations and a strong emphasis on fuel efficiency. This establishes North America as a leading region in the worldwide aerospace composites .
Exponential Growth of Aviation Sector, and Rising Utilization of Composites Shape Market’s Fate Across Asian Markets
Although North America currently holds the largest market share, the aerospace composites market in South Asia, and Oceania is anticipated to experience the most rapid growth. Several elements contribute to this forecast. To begin with, the exponential growth of the aviation sector in nations such as Australia, India, and Southeast Asia generates an immense need for contemporary aircraft that are also fuel-efficient.
Furthermore, the expansion of air travel accessibility and rising disposable income in the region serve to propel the demand for cutting-edge aircraft, thereby facilitating the implementation of aerospace composites. The increasing utilization of composites in military aircraft can also be attributed to the strategic emphasis on defense modernization and the advancement of domestic aerospace capacities in South Asia.
By capitalizing on its expanding aerospace sector, expanding middle class, and strategic efforts to strengthen the aviation and defense industries, South Asia, and Oceania establishes itself as a pivotal growth region and a dynamic participant in the worldwide aerospace composites.
Prominent entities operating within the aerospace composites industry, such as Boeing, Airbus, Lockheed Martin, and Northrop Grumman, implement comprehensive approaches in order to maintain and augment their portions of the market. Prominent entities allocate substantial resources towards research and development in order to maintain a leading position in the realm of aerospace composites' technological progress. This entails the advancement and optimization of manufacturing procedures, investigation into novel composite materials, and improvement of composites' overall performance and durability. As an example, Boeing has been a trailblazer in the development of carbon fiber composites by implementing advanced fabrication technologies such as Automated Fiber Placement (AFP).
International markets are strategically navigated by dominant actors in order to expand their global footprint. Boeing and Airbus, specifically, undertake worldwide sales and marketing initiatives with a focus on emerging markets and in conjunction with international partners. By adopting this strategy, the company not only guarantees a wide-ranging clientele but also enables it to accommodate regional inclinations and regulatory obligations.
Fundamentally, these dominant actors engage in a dynamic process to maximize their market share; it requires a combination of technological prowess, diversification, strategic partnerships, sustainability initiatives, and a global outlook. Through consistent adaptation of their strategies to correspond with industry developments and requirements, these participants establish themselves as frontrunners in influencing the trajectory of the aerospace composites sector.
Government Grant
NASA awarded AnalySwift LLC, a US-based company, a US$800,000 Phase II Small Business Technology Transfer (STTR) contract in July 2023. The purpose of the contract is to develop and deploy a Design tool for Advanced Tailorable Composites (DATC) by 2025.
Market Impact: The global aerospace composites market is anticipated to be profoundly influenced by the market development, which was exemplified by NASA's allocation of a $800,000 Phase II Small Business Technology Transfer (STTR) contract to AnalySwift LLC for the creation of a Design tool for Advanced Tailorable Composites (DATC) by 2025. This endeavor exemplifies a calculated effort to foster innovation and implement sophisticated design tools, indicating a more extensive tendency within the industry to advance state-of-the-art composite materials. The effective implementation of DATC is anticipated to make a significant contribution to the development of aerospace composites, facilitating improved design functionalities and potentially establishing novel standards for the technological terrain of the industry.
(Source: Composites World)
Entry of New Players
Leading supplier of aerospace composite material packages, Velocity Composites, entered the US aerospace market in December 2022 with the signing of a revenue-generating agreement with GKN Aerospace, of US$100 million over five years.
Market Impact: The foray of Velocity Composites into the aerospace industry in the US, facilitated by a revenue-generating agreement with GKN Aerospace that surpasses $100 million over five years, represents a noteworthy advancement that will undoubtedly influence the global market. The expansion above highlights the increasing global presence of major actors and indicates heightened cross-border cooperation within the aerospace composites industry. The substantial agreement signifies increased confidence and demand for aerospace composite materials, which may have an impact on market trends and serve as a model for other businesses to investigate and invest in international market prospects.
(Source: Investegate)
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Attribute |
Details |
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Forecast Period |
2023 to 2030 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Fiber Type:
By Matrix Type:
By Application:
By Manufacturing Process:
By Aircraft Type:
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The global market for aerospace composites market is anticipated to grow at a CAGR of 10.8% during the projected period.
As of 2023, the aerospace composites market size is approximately US$30.2 Bn.
The United States held the largest market share in 2023.
Some of the prominent names include Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, and Hexcel Corporation.
The business & general aviation segment leads by aircraft type, in the global aerospace composites market.
