Visiongain has published a new report entitled Aerospace Composites Market Report 2024-2034: Forecasts by Carbon Fibre Type (Carbon Fibre Reinforced Polymers (CFRP), Carbon Fibre Reinforced Metals (CFRM)), by Fibre Type (Carbon Fibre Composites, Glass Fibre Composites, Aramid Fibre Composites), by Aircraft Type (Commercial Aircraft, General Aviation, Military Aircraft, Helicopters), by Application (Interior Components, Exterior Components, Engine Components, Structural Components, Other), by Resin Type (Epoxy, Phenolic, Polyester, Polyimide, Thermoplastic, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global aerospace composites market was valued at US$32.5 billion in 2023 and is projected to grow at a CAGR of 9.9% during the forecast period 2024-2034.
Resilience Against Nature’s Wear and Tear
Unlike metal alloys, composites do not corrode, ensuring the longevity of aircraft structures. This resistance to corrosion reduces maintenance costs and enhances the lifespan of aerospace components. For example, composites in the form of carbon fibre-reinforced polymers (CFRP) shield critical aircraft parts from corrosion, contributing significantly to the aircraft's durability and reliability, especially in harsh operational environments.
Unyielding Performance in Unforgiving Environments
Aerospace composites exhibit exceptional performance characteristics even in extreme conditions, including high temperatures, pressure variations, and electromagnetic interference. This reliability ensures aircraft functionality in diverse environments. For instance, composites in satellite structures endure the harsh conditions of space, including rapid temperature fluctuations and cosmic radiation, exemplifying their resilience under extreme circumstances.
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How has COVID-19 had a significant negative impact on the Aerospace Composites Market?
The COVID-19 pandemic significantly impacted the aerospace composites market, causing disruptions and challenges throughout the industry. As air travel ground to a halt and the global economy faced uncertainty, the demand for new aircraft and aerospace components saw a sharp decline. Aircraft manufacturers and suppliers faced production slowdowns and cutbacks due to reduced orders and operational restrictions. This downturn in demand had a cascading effect on the entire aerospace composite supply chain, including raw material suppliers, composite manufacturers, and component providers.
During the pandemic, the aerospace industry witnessed a shift in priorities, with a focus on cost-saving measures, supply chain resilience, and sustainable aviation solutions. Aircraft manufacturers began exploring ways to improve fuel efficiency and reduce emissions to align with environmental regulations. The crisis also highlighted the importance of diversification and risk management in the aerospace composite sector.
As the aerospace industry gradually recovers, there is renewed emphasis on research and development in composite materials, which offer weight-saving benefits, fuel efficiency, and reduced emissions. The aerospace composites market is expected to rebound, with innovations in composite technologies playing a pivotal role in shaping the future of the industry, in line with a commitment to sustainability and advanced manufacturing processes.
How will this Report Benefit you?
Visiongain’s 425-page report provides 130 tables and 205 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global aerospace composites market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Aerospace Composites. Get financial analysis of the overall market and different segments including carbon fibre type, fibre type, aircraft type, application, and resin type and capture higher market share. We believe that there are strong opportunities in this fast-growing aerospace composites market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
High Demand for Composite Materials from the Aerospace Industry
The aerospace industry has witnessed a remarkable surge in the demand for composite materials. This demand is driven by several factors, primarily the pursuit of lightweight and fuel-efficient aircraft. Composite materials offer a compelling solution due to their exceptional strength-to-weight ratio. As aerospace companies aim to reduce fuel consumption and greenhouse gas emissions, composites have become a fundamental component in the development of next-generation aircraft. Boeing and Airbus, as industry giants, continually seek ways to enhance the performance of their aircraft, thereby increasing the adoption of composites. Moreover, composites contribute to increased durability, corrosion resistance, and reduced maintenance costs, making them an attractive choice for aerospace applications. This escalating demand for composites in the aerospace sector not only fuels industry growth but also fosters innovation in material science and manufacturing processes.
The Growing Global Middle-Class Population and Increased Air Travel Demand Drive the Need for More Aircraft
The expansion of the global middle-class population has ushered in a new era of air travel. With greater financial means, more individuals can afford air travel, resulting in an unprecedented surge in passenger demand. This trend is further accelerated by the increasing affordability of airfares and the connectivity that air travel offers. Emerging markets, particularly in Asia and Latin America, have witnessed a significant rise in air travel as their middle-class populations expand. To meet this surging demand, the aerospace industry must build more aircraft, both for commercial and regional purposes. This demand not only benefits aircraft manufacturers but also propels the aerospace composite market. The need for lightweight, durable, and fuel-efficient aircraft drives the adoption of advanced composite materials, which are crucial in constructing aircraft that can cater to this growing global middle-class and their increasing air travel aspirations.
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Where are the Market Opportunities?
Advances in Manufacturing and Production Technologies Opportunities for the Market
Advancements in manufacturing and production technologies offer significant opportunities for the aerospace composite market. The integration of cutting-edge technologies like automation, artificial intelligence, and 3D printing has the potential to revolutionize the manufacturing processes for composite materials. Automation can streamline production, reduce errors, and enhance efficiency, resulting in cost savings and improved product quality. Artificial intelligence can optimize production planning and resource allocation, ensuring that aerospace composites are manufactured with precision. Furthermore, 3D printing allows for intricate and customized composite components, opening new possibilities for design and performance. Companies that invest in and harness these technologies can gain a competitive edge, meet evolving industry demands, and drive market growth.
Expanding into Emerging Markets Opportunities for the Market Growth
Expanding into emerging markets presents a compelling opportunity for the aerospace composite market. Emerging markets in regions such as Asia, Latin America, and the Middle East are experiencing significant growth in aviation and aerospace industries. As air travel demand increases and regional aircraft manufacturers thrive, there is a growing need for advanced aerospace composite materials. Aerospace composite companies can tap into these markets by establishing a local presence, forming strategic partnerships, and tailoring their products to regional requirements. This not only diversifies their customer base but also positions them to benefit from the sustained growth in these emerging markets. It's a strategic avenue for market expansion and long-term growth in a dynamic industry.
Competitive Landscape
The major players operating in the aerospace composites market are Albany Engineered Composites, General Electric Company, Hexcel Corporation, Kineco Kaman Composites, Lee Aerospace, Inc., Materion Corporation, Mitsubishi Chemical Group Corporation, Nippon Graphite Fibre Corporation, Owens Corning, PRF Composite Materials, Rolls-Royce Limited, Spirit AeroSystems Holdings, Teijin Limited, Toray Industries, Inc., Victrex. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 08 Feb 2023, Toray develops a rapid integrated moulding technology for carbon fibre reinforced plastic (CFRP) mobility components. This technology can produce CFRP components in a single step, which can significantly reduce production time and costs.
- 04 Feb 2023, Teijin Limited has entered into a partnership with Boeing to develop new aerospace composites systems for Boeing's next-generation aircraft. The partnership will combine Teijin's expertise in aerospace composites with Boeing's expertise in aircraft design and manufacturing to create new and innovative solutions.
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