Rockville, May 03, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global aerospace composites market is estimated to be valued at US$ 41.4 billion in 2023. The market is expected to expand at a growth rate of 9.0% over the years 2023–2033.
Composite materials are considered to play a significant role in aerospace components manufacturing. Rising concerns over the use of fuel in conventional aircraft have created an opportunity for composite manufacturers to develop low-weight, high-performance materials that is used to manufacture aircraft components.
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Carbon fiber composite materials are mostly used in aircraft component manufacturing owing to properties such as high modulus, high tensile strength, along with low thermal expansion.
The need for aerospace composites is anticipated to increase as a result of factors like rising tourism, an increase in air travel, the introduction of low-cost airlines, and an increase in the demand for fuel-efficient aircraft. Composites are employed in satellites, payloads, and spacecraft that are launched into space as well as in spaceflight vehicles. Due to their higher strength and capacity to endure intense temperatures, composites are often used to reinforce solid rocket motors and pressure tanks for fuel and gas storage.
Key Takeaways from Market Study
- The global aerospace composites market is expected to grow at 9.0% CAGR and to hold a valuation of US$ 98.1 billion in 2033
- The market has experienced a growth rate of 6.5% for the period of 2018–2022
- Under the fiber type segment, carbon fiber is widely used for the production of aerospace composites and held a valuation of US$ 15.2 billion in 2022
- North America dominated the aerospace composites market with 27.1% market share in 2022
- Based on region, demand for aerospace composites is estimated to increase at CAGRs of 9.3% and 8.9%, respectively in Europe and East Asia
Soaring Aviation Industry is Likely to Aid the Expansion of the Aerospace Composites Market Globally says a Fact.MR analyst.
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Key Companies Profiled in Aerospace Composites Market Report
- Albany Engineering Composites
- BASF SE
- Hexcel Corporation
- Mitsubishi Chemical Holdings
- SGL Group Spirit
- Solvay
Market Development
Leading manufacturers of aerospace composites are AeroSystem, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Group Spirit, Solvay, Teijin Limited, Toray Industries, Inc. and others are strategically integrating forward to enhance their market coverage area and to strengthen their market position.
Manufacturers are investing in research & development and collaborating with the raw material manufacturers to meet the specific requirement of the aircraft. Also, interest from the government has supported the use of aerospace composites in aircraft component manufacturing.
- In August 2022, Solvay joined hands with Wichita State University’s National Institute for Aviation Research (NIAR) and opened a manufacturing innovation center. This innovation center will be a testing station to explore the advantages of new composite materials forms and manufacturing technologies that will lead to the development of lighter, safer, and sustainable aircraft.
Segmentation of Aerospace Composites Industry Research
- By Fiber :
- Carbon Fiber
- Ceramic Fiber
- Glass Fiber
- By Matrix :
- Polymer Matrix
- Ceramic Matrix
- Metal Matrix
- By Application :
- Interiors
- Exteriors
- By Manufacturing Process :
- AFP (Automated Fiber Placement)/ ATL (Automated Tape Layup)
- Layup
- Resin Transfer Molding
- Filament Winding
- By Aircraft Type :
- Commercial Aircraft
- Business & General Aviation
- Civil Helicopters
- Military Aircrafts
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global aerospace composites market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of fiber (carbon fiber, ceramic fiber, glass fiber), matrix (polymer matrix, ceramic matrix, metal matrix), application (interiors, exteriors), manufacturing process (AFP (automated fiber placement)/ ATL (automated tape layup), layup, resin transfer molding, filament winding), application (commercial aircraft, business & general aviation, civil helicopters, military aircraft) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more studies published by Fact.MR Research:
Aerospace Coatings Market: The Aerospace Coatings Market is predicted to increase at a CAGR of 6% from 2021 to 2031, reaching USD 2.0 billion from USD 1.4 billion.
Aerospace Plastics Market: Expanding at a steady CAGR of 6%, the global aerospace plastics market is estimated to increase from a valuation of US$ 15 billion in 2023 to US$ 27 billion by the end of 2033.
Carbon Fiber Market: The global carbon fiber market was valued at US$ 4.49 billion in 2021 and is projected to reach US$ 11.44 billion by 2032, registering a CAGR of 9.1% from 2022 to 2032.
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