Chicago, June 29, 2023 (GLOBE NEWSWIRE) -- The global Aerospace Composites Market size is projected to grow from USD 26.6 billion in 2021 to USD 51.6 billion by 2027, at a CAGR of 11.7% during the forecast period, as per the recent study by MarketsandMarkets™. Aerospace composites have high demand from commercial aircraft and business jets and are increasingly being used in interior and exterior applications. This is due to the superior performance properties of aerospace composites, such as low weight, high strength, corrosion resistance, and FST properties.
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Browse in-depth TOC on "Aerospace Composites Market”
180 - Market Data Tables
51 - Figures
210 - Pages
List of Key Players in Aerospace Composites Market:
- Solvay (Belgium)
- Toray Industries, Inc. (Japan)
- Mitsubishi Chemical Holdings (Japan)
- Hexcel Corporation (US)
- Teijin Limited (Japan)
- SGL Group (Germany)
- Spirit AeroSystems (US.)
- Others
Drivers, Restraints, Opportunities and Challenges in Aerospace Composites Market:
- Drivers: High demand for composite materials for the aerospace industry
- Restraints: The decrease in the number of commercial aircraft deliveries
- Opportunity: Reduction of cost of carbon fibers is an excellent opportunity in the aerospace composites market
- Challenge: Liquidity crunch due to slowdown in the aerospace industry is a major challenge
Key Findings of the Study:
- Carbon fiber composites comprise a major share of the aerospace composites market
- Polymer matrix type accounted for the largest share in the global aerospace composites market in terms of value and volume.
- Exterior application accounted for the largest share in the global aerospace composites market in terms of value and volume.
- Commercial aircraft to account for the largest revenue share of the global aerospace composites market during the forecast period.
- AFP/ATL is expected to account for the largest share in the aerospace composites market during the forecast period.
- Europe is expected to account for the largest share in the aerospace composites market during the forecast period.
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Carbon fiber composites dominate the aerospace composites market industry in terms of value. Carbon fiber composites are extensively used in aerospace applications, owing to their superior strength-to-weight ratio and anti-corrosive property. The aerospace industry has widely adopted carbon fiber composites for various applications, such as wings, fuselage, engine nacelles, fan casings, floorboards, and interior parts. It dominated the aerospace composites market, in terms of value. However, the aerospace composites in the ceramic fiber segment are expected to register faster growth due to its increasing applications in aircraft engines.
Polymer matrix composites account for the largest share in the aerospace composites market in terms of value. The increasing demand for polymer matrix composites from commercial as well as fighter jets is expected to drive the polymer matrix composites demand during the forecasted period. Major commercial planes, such as Airbus A350 XWB, A320 neo series, and Boeing 787 Dreamliner, use around 50% composite materials in their airframe. The reduction in weight with increased strength is the major driver for using polymer matrix composite materials in airframe structures.
Aerospace composites are used in both interior and exterior components of airplanes. However, exterior applications dominate the aerospace composites market in terms of value. For aircraft, the majority of aerospace composites are used in airframe structures, such as undercarriages, fuselages, engine nacelles, landing gears, and wings. In the marine industry, aerospace composites are used in exterior applications, such as decks, hulks, bulkheads, covers, hatches, and navy bulkhead joiner panels. AFP/ATL manufacturing process holds the largest share in the aerospace composites market, due to fast processing and reduced manual work required in the process.
Commercial aircraft is the largest aircraft type in the aerospace composites market in terms of value. The aerospace industry has witnessed several changes in its components manufacturing in the past few decades. The use of wood and metal for manufacturing aircraft components has been replaced by various composites that use aerospace composites as sandwich structures. The demand for aerospace composites is increasing with the increasing penetration of composites in the aerospace industry. Due to the growing economy and increasing air travel, the demand for commercial aircraft is expected to significantly, which will create demand for composite materials.
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The ATL/ AFP processes use computer-guided robotics to lay one or more layers of carbon fiber tape onto a mold to create a part or structure. AFP/ATL machines help in increasing the production rate and precision in the manufacturing of aerospace composites and composite parts. AFP is a hybrid process between filament winding and tape laying, and hence, it combines the benefits of both the processes. This process is less time-consuming and leaves out very less scrap of raw materials, as compared with manual processes.
Europe accounted for the largest market share in the aerospace composites market due to high demand from commercial aerospace industries. Moreover, it is home to many key aerospace composite manufacturers, such as SGL Carbon, Solvay, and TenCate. Increased deliveries of Airbus aircraft primarily drives the composites material demand in Europe. Apart from this, the region develops military aircraft and helicopters.
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