Aerospace Composites Market Size, Share, and Growth Forecast for 2024 - 2031

Aerospace Composites Market Size and Share Analysis

The global aerospace composites market is projected to witness a CAGR of 11.3% during the forecast period from 2024 to 2031. It is anticipated to increase from US$ 33.5 Bn recorded in 2024 to a staggering US$ 71 Bn by 2031.

Driving factors for the aerospace composites market include the strong demand for lightweight, high-strength materials and government support in various countries. Trends include the growth of mid-sized commercial aircraft in emerging economies, and advancements in composite technologies.

Other key factors driving the market growth include a shift toward sustainable materials alongside rising opportunities in the burgeoning space exploration sector. For example,

• In October 2024, CompoTech, a Czech company, participated in the Božek Vehicle Engineering National Center of Competence (BOVENAC) project. A vital aspect of the project is exploring eco-friendly fibers to replace traditional glass and carbon fibers in composite hollow shafts. Key objectives include sustainability, production technology development, and reducing the ecological footprint of composite materials.  

Key Highlights of the Market

• Based on fiber type, carbon fiber composites are expected to dominate the market with a 40.2% share in 2024.
• Polymer matrix composites are gaining popularity due to their cost-effectiveness.
• The market is shifting toward lightweight, high-strength materials for better performance.
• Advancements in composite technologies are crucial for integrating these materials into aircraft.
• The growing demand for sustainable materials presents future opportunities in the market.
• The space exploration sector is emerging as a lucrative opportunity for aerospace composites.

Market Attributes	Key Insights
Aerospace Composites Market Size (2024E)	US$ 33.5 Bn
Projected Market Value (2031F)	US$ 71 Bn
Global Market Growth Rate (CAGR 2024 to 2031)	11.3%
Historical Market Growth Rate (CAGR 2019 to 2023)	7.8%

North America Aerospace Composites Market to Grow Substantially with U.S. Government Support and Innovations

North America is expected to hold significant share in the aerospace composites market, primarily due to its well-established aerospace industry, especially in the U.S. This region benefits from a strong network of manufacturers, technological innovators, and a focus on research and development.

In 2024, the demand is projected to expand at a CAGR of 9.4% in the U.S. Leading players like Boeing, Lockheed Martin, and Northrop Grumman drive this demand. Additionally, U.S. government approval, including research and development funding and tax incentives, fosters innovation. For example,

• In January 2023, Victrex approved a new unidirectional tape (UDT) called VICTREX AE 250-AS4 by the National Center for Advanced Materials Performance (NCAMP) for use in aerospace programs. The combination of HexTow® carbon fiber and Victrex's innovative thermoplastic resin system can reduce energy use, decrease aircraft weight, and improve durability.  

Asia Pacific Aerospace Composites Market to Grow with China's Increasing Aircraft Production

Asia Pacific is set for notable growth in the aerospace industry, driven by increasing demand for mid-sized commercial aircraft in emerging economies like China and India. By 2024, China's aerospace composites market is expected to showcase a CAGR of 8.2%.

The demand for aerospace composites is estimated to rise as the number of aircraft increases, propelling the industry into a new growth phase. Additionally, rising military budgets and increased spending on fighter jets in countries like India present lucrative opportunities for market stakeholders, further boosting the aerospace composites market in the region. For example,

• In November 2024, The Harbin Institute of Technology, a subsidiary of the China National Building Materials Research Institute, developed a large-scale composite carbon fiber product for a multi-opening propulsion subsystem. The composite materials products have been used in various applications in the aerospace industry.

Carbon Fiber Composites to Take the Lead with Surging Demand in Aerospace Industry

Category	Market Share in 2024
Fiber Type- Carbon Fiber Composites	40.2%

Carbon fiber composites are expected to dominate the aerospace composites market with a 40.2% market share in 2024, primarily due to their high tensile strength, outstanding rigidity, and lightweight properties. These composites significantly reduce aircraft weight by 20% compared to aluminum, leading to improved fuel efficiency and lower operating costs. Their exceptional chemical resistance and minimal thermal expansion further improve their demand in aerospace applications.

Prominently used in manufacturing fuselages, wings, and stabilizers, carbon fiber composites are in high demand globally. For example,

• In May 2024, Xenia Materials launched a new range of carbon fiber-reinforced PVDF compounds for 3D printing pellet-fed applications. The new materials combine the properties of carbon fiber with exceptional PVDF features, offering high performance and chemical resistance for additive manufacturing production.

Polymer Matrix to Hold the Significant Share in the Market

The polymer matrix segment is expected to hold a significant share of the aerospace composites market in the forthcoming years. These composites, made from materials like polymers and epoxies, are popular because they are cost-effective, flexible, and easy to produce. They are widely used in many aircraft parts, including both interior and structural components, making them popular in the market. For example,

• In April 2024, Eaton is using additive manufacturing to produce aircraft duct sections for environmental control systems in aircraft. Eaton's team has used polymer composite with 3D printing to develop a fast, cheap, and more flexible method.

Market Introduction and Trend Analysis

The aerospace composites market has flourished in past years and is expected to grow further with continuous innovations. These composites are made by combining carbon, glass, or aramid fibers with epoxy or polymer and are essential for the aviation industry due to their exceptional strength-to-weight ratios.

The market is gaining popularity due to several benefits of these materials. Advanced design and optimization of composites for aerospace applications benefits in several ways. They enhance fuel efficiency and reduce emissions, driving a significant shift in aircraft design and production.

The global aerospace composites market is rapidly growing, fueled by the demand for lightweight, high-strength materials that improve aircraft performance. Their use in critical components like wings and fuselages underscores their importance in modern aircraft.

Advancements in composite technologies, including innovative resin systems and manufacturing techniques, are vital for integrating these materials into next-generation aircraft, making them a strategic necessity for the industry's sustainable future.

Historical Growth and Course Aheads

The aerospace composites market has demonstrated significant growth, with a CAGR of 7.8% from 2019 to 2023. This growth reflects the increasing demand for lightweight, high-strength materials that enhance fuel efficiency and reduce emissions in aircraft manufacturing.

The market is projected to accelerate further as the industry evolves with an anticipated CAGR of 11.3% from 2024 to 2031. This upward trajectory is driven by several factors, including advancements in composite technologies and a growing emphasis on environmental sustainability. For example,

• In August 2024, Skyservice Business Aviation launched an aircraft teardown business model to address the current aircraft parts shortage crisis. The flexible approach offers tailored teardown options, including direct selling or consignment services, ensuring a guaranteed monetary return and minimizing environmental impact.

The rising need for innovative materials in aircraft components, such as wings and fuselages, underscores the strategic importance of aerospace composites. As manufacturers continue to prioritize performance and efficiency, the market is poised for robust expansion, reaching new heights in the coming years.

Market Growth Drivers

Advancements in Composite Technologies Fuel the Sales

Advancements in composite technologies represent a significant growth driver for the aerospace composites market. Innovations in resin systems, manufacturing processes, and recycling methods have enhanced the performance and usability of these materials.

New composite materials in aerospace industry offer improved mechanical properties, thermal resistance, and durability, making them increasingly attractive for aerospace applications. Additionally, the development of automated manufacturing techniques, such as automated fiber placement and 3D printing, streamlines production and reduces costs. For example,

• In November 2024, Jamco America, the supplier of aircraft interiors, partnered with Airtech Advanced Materials Group to revolutionize aerospace manufacturing through 3D printing tool recycling. The collaboration uses Airtech's Dahltram I350CF thermoplastic resin, which can be blended or 100% recycled, for high-performance applications.

Such collaborations enhance product quality, reduce lead times, lower production costs, and minimize environmental impact, boosting industry growth.

Increasing Commercial Aviation Demand Call for Industry Expansion

The surge in global commercial aviation demand acts as a key driver for the aerospace composites market. As air travel continues to rise, driven by economic growth and increased disposable incomes, airlines are expanding their fleets and modernizing existing aircraft. This expansion necessitates the use of advanced materials that enhance performance and reduce operating costs.

Aerospace composites are integral to this transformation, enabling the production of lighter, more efficient aircraft that meet the demands of modern aviation. This growing commercial aviation landscape significantly contributes to the aerospace composites market's expansion. For example,

• In November 2024, President Prabowo Subianto signed a memorandum of understanding (MoU) between Brazil's Embraer and Indonesia's state-owned PT Dirgantara Indonesia (PTDI) to enhance collaboration in commercial aviation. The deal is expected to boost Indonesia's commercial aviation sector and contribute to the country's growing aviation industry.

Market Restraining Factors

High Production Costs Remain a Key Barrier

One of the significant factors impeding the aerospace composites market is the high production costs associated with these advanced materials. The manufacturing processes for aerospace composites, such as layup and curing, often require specialized equipment and skilled labor, which can lead to increased expenses.

The sourcing of high-quality raw materials, such as carbon fibers and advanced resins, contributes to the overall cost. These financial barriers can deter small manufacturers from entering the market and limit the widespread adoption of composites in aerospace applications.

Complex Certification Processes Pose Challenges

Another challenge facing the aerospace composites market is the complex certification processes required for new materials and technologies. The aviation industry is heavily regulated, necessitating rigorous testing and validation to ensure safety and performance standards are met. This lengthy and costly certification process can delay the introduction of new composite materials, hindering innovation and market growth.

Manufacturers must navigate various regulatory frameworks, which can vary by region and application, creating additional obstacles. As a result, the complexity of certification may slow down the adoption of aerospace composites in the industry.

Key Market Opportunities

Integration of Sustainable Materials

A significant future opportunity for the aerospace composites market lies in the integration of sustainable materials. As environmental concerns continue to rise, manufacturers are increasingly seeking eco-friendly alternatives in composite production. The development of bio-based resins and recyclable fibers presents a promising avenue for reducing the carbon footprint of aerospace manufacturing. Additionally, the growing emphasis on sustainability aligns with global regulatory trends pushing for greener aviation solutions. For example,

• In July 2024, Key projects like NASA's Artemis program and China/Russia-led International Lunar Research Station (ILRS) spearheaded lunar exploration to establish a sustainable presence on the Moon and lay the groundwork for human Mars exploration.

This shift supports the industry's sustainability goals and provides a competitive edge, promoting innovation and environmental stewardship.

Rise in Space Exploration

The burgeoning space exploration sector presents a lucrative opportunity for the aerospace composites market. As space agencies and private companies invest significantly in missions to the Moon, Mars, and beyond, the demand for lightweight, high-performance materials is expected to surge.

Aerospace composites are crucial in developing spacecraft and satellite structures, offering strength and durability while minimizing weight. The increasing commercialization of space travel and satellite deployment further amplifies this opportunity as companies seek advanced materials to enhance their vehicle performance. For example,

• In November 2024, Thailand set to become the first country to participate in Chinese and US-led space exploration initiatives. The Thai government has approved a move to join the US-led Artemis Accords, providing access to advanced technologies and enhancing its ability to compete globally in the space economy.

This initiative allows manufacturers to tap into a growing market, driving innovation and contributing to the market growth space exploration.

Competitive Landscape for the Aerospace Composites Market

The competitive landscape of the aerospace composites market is characterized by key players and their contribution in the market. For example, SAE International, an association, published a guide, PT-200 Damage and Repair of Aerospace Composite Materials. It is a collection of ten SAE technical papers that provide an overview of composite utilization on large-scale commercial aircraft. The book also discusses the design of bonded repair techniques, bolted repair performance, hole repair methods, and 3D-printing technology.

Companies like Toray Industries Inc. are also contributing to the industry's growth by offering several advanced products. Its carbon fiber reinforced polymer (CFRP) materials offer enhanced strength and reduced weight, addressing the industry's demand for fuel efficiency and sustainability. Various companies are focusing on technological advancements and strategic partnerships to maintain a competitive edge and meet evolving customer needs.

Recent Industry Developments

• In November 2024, Toray Advanced Composites set to expand its portfolio of continuous fiber-reinforced thermoplastic composite materials by acquiring Gordon Plastics. The acquisition will increase production capacity for unidirectional tapes and continuous fiber-reinforced thermoplastic composite.
• In November 2024, SK Capital acquired the North America Composites & Fuel Containment Division of Parker Hannifin Corporation, renaming it Axillon Aerospace. They are a leading provider of engineered carbon fiber composite components and fuel containment solutions for defense and commercial aerospace markets.
• In October 2024, Safran Aerospace Composites celebrated its decade of manufacturing 3D woven composite parts for aircraft jet engines. These 3D-woven RTM composite blades offer weight savings and contribute to engine efficiency.

Aerospace Composites Market Report Scope

Attributes	Details
Forecast Period	2024 to 2031
Historical Data Available for	2019 to 2023
Market Analysis	US$ Billion for Value
Key Regions Covered	North America Latin America Europe South Asia & Pacific East Asia The Middle East & Africa
Key Market Segments Covered	Fiber Type Matrix Type Application Manufacturing Type Aircraft Type Region
Key Companies Profiled in the Report	Owens Corning Toray Industries, Inc. Teijin Limited Mitsubishi Chemical Holdings Corporation Hexcel Corporation SGL Group Spirit AeroSystems Solvay  Royal Ten Cate N.V. Materion Corp.
Report Coverage	Market Forecast and Trends Company Share Analysis Competitive Intelligence DROT Analysis Market Dynamics and Challenges Strategic Growth Initiatives
Customization & Pricing	Available upon request

Aerospace Composites Market Segmentation

By Fiber Type

• Carbon Fiber Composites
• Ceramic Fiber Composites
• Glass Fiber Composites
• Others 

By Matrix Type

• Polymer Matrix
• Ceramic Matrix
• Metal Matrix 

By Application

• Interior
• Exterior

By Manufacturing Process

• AFP/ATL
• Lay-up
• Resin Transfer Molding
• Filament Winding
• Others

By Aircraft Type

• Commercial Aircraft
• Business & General Aviation
• Civil Helicopter
• Military Aircraft
• Others 

By Region

• North America
• Europe
• East Asia
• South Asia & Oceania
• Latin America
• The Middle East & Africa

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