ROCKVILLE, Md., Feb. 16, 2022 (GLOBE NEWSWIRE) -- As per a new report published by Fact.MR - a market research and competitive intelligence provider, the global market for aerospace composites was valued at US$ 32 Bn in 2020, and is projected to top US$ 56 Bn by 2031.
Demand for carbon fiber composites is projected to reach a valuation of around US$ 22 Bn, surging at a CAGR of 9% through 2031. Sales of carbon fiber composites are projected to reach a valuation of around US$ 22 Bn, increasing at a CAGR of 9% through 2031, with that for glass composites surging at 8%.
Composite materials are used for different purposes in the aircraft industry. They can sustain their identities and do not join completely with each other. On mixing, these materials create a hybrid material that possesses better structural properties, which can be used for aerospace components.
The aerospace industry has broadly adopted carbon fiber composites for various applications, such as fuselage, floorboards, engine nacelles, fan casings, and interior parts of the aircraft.
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What are the Key Opportunities on Offer for Aerospace Composite Manufactures?
Factors such as growing air passengers, rise in tourism, emergence of low-cost carriers, and growing need for aircraft fuel efficiency are expected to propel market demand for aerospace composites.
Manufacturers are heavily investing in research & development to innovate light-weight and cost-effective composites with high strength-to-weight ratio and excellent impact strength for the aerospace sector.
Increasing space and research activities have boosted the use of aerospace composites in making fuel tanks and the structural body of space-launching vehicles.
Which Region Offers the Largest Opportunity for Aerospace Composite Suppliers?
North America holds over 40% revenue share for aerospace composites owing to the presence of a mature aerospace industry in the region. Factors such as significant R&D investments, high air travel frequency, cheaper air travel rates, and presence of major aerospace companies such as Boeing and Lockheed Martin boost market revenue in the region.
In Europe, the market for aerospace composites is expected to rise at a CAGR of 7% across forecast period. This high demand can be attributable to the presence of big aerospace and defence companies in the region. Countries such as France, Germany, and the UK are major aircraft component manufacturers.
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Key Segments Covered in the Aerospace Composites Industry Survey
On the Basis of Fibre:
- Carbon Fibre Aerospace Composites
- Ceramic Fibre Aerospace Composites
- Glass Fibre Aerospace Composites
On the Basis of Matrix:
- Polymer Matrix
- Ceramic Matrix
- Metal Matrix
On the Basis of Application:
- Aerospace Composites for Interiors
- Aerospace Composites for Exteriors
On the Basis of Manufacturing Process:
- AFP (Automated Fibre Placement)/ATL (Automated Tape Layup)
- Layup
- Resin Transfer Moulding
- Filament Winding
On the Basis of Aircraft:
- Aerospace Composites for Commercial Aircraft
- Aerospace Composites for Business & General Aviation
- Aerospace Composites for Civil Helicopters
- Aerospace Composites for Military Aircraft
Competitive Landscape
- In December 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials address the need to reduce costs and CO2 emissions, and improve the production process and fuel efficiency of next-generation commercial aircraft.
- In January 2019, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aircraft business.
- In February 2019, Teijin Limited acquired Renegade Materials Corporation, a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America. This helped the company solidify its position as a leading provider of solutions for aerospace applications.
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Key players in the Aerospace Composites Market
- Solvay
- Toray Industries, Inc.
- Mitsubishi Chemical Holdings
- Hexcel Corporation
- Teijin Limited
- SGL Group
- Spirit AeroSystems
Key Takeaways from the Market Study
- Revenue from aerospace composites topped US$ 32 Bn in 2020, and is expected to reach a valuation of over US$ 56 Bn by 2031.
- Key factors driving demand for aerospace composites are growing aviation industry, rising demand for fuel-efficient aircraft, and propelling space exploration and defence industry
- North America, with the highest market share of 40%, will significantly contribute to revenue growth of aerospace composites over the coming years.
- China’s market for aerospace composites is estimated to expand at a CAGR of 8% across forecast period.
- Demand for aerospace composites in the U.S. was around US$ 9 Bn in 2020.
- Carbon fiber composites accounted for 40% market share.
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