Luton, Bedfordshire, United Kingdom, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Advanced Space Composites Market.
The global advanced space composites market is expected to grow at 11.80% CAGR from 2023 to 2029. It is expected to reach above 2,263.86 USD million by 2029 from 851.5 USD million in 2022.
Advanced composites offer cost-effectiveness, ease of processability, high strength-to-weight ratio, multi-functionality, and various properties in thermal insulation and ablation. High-modulus carbon fiber reinforced laminates are majorly used for many composite spacecraft applications. In human crew capsules, composite panels provide the thermal protection system (TPS) required for vehicle re-entry. The temperature capability and low thermal expansion offer additional benefits by reducing the amount of TPS material required and reducing the vehicle's weight.
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Recent Developments
- In May 2021, Toray Advanced Composites announced the expansion of their thermoplastic composite material capabilities for high-performance applications.
- In February 2019, Orbex, a U.K.-based startup, introduced the world's largest 3D-printed SLV produced on the SLM800 system. Furthermore, Relativity Space, a U.S.-based startup, manufactured a launch vehicle with 3D printing in 2020.
- In August 2020, Airborne received a contract from Airbus to develop cost-effective substrate panels Sparkwing smallsat solar array.
North America is expected to dominate the worldwide advanced space composites market.
The presence of important enterprises actively engaged in researching and producing innovative materials for space applications is a factor contributing to the region’s growth. Furthermore, continual technological innovation by key players in the satellite sector is another factor driving market growth. Aside from that, the region’s enterprises have long-term partnerships with space organisations and are involved in programmes that will advance the region’s space sector.
Market Growth Drivers
• Growing Satellite Launches and Deep Space Activities
• Rising Usage of Commercial Off-The-Shelf (COTS) Component
Market Challenges
• High Cost Associated with Development and Designing of Space Components
Market Opportunities
• Advancement in 3D Printing Technology for Space Industry
• Adoption of New Material to Manufacture Space Electronics
Rising aircraft performance requirements are driving the expansion of composites.
The aircraft business has long been recognised for its poor combined net income margins, which generally range between 2-3%. Boeing transformed the aircraft sector in 2011 with the debut of the 787 Dreamliner, which is built of more than 50% composite materials and sold the fantasy of a lucrative airline business. This aeroplane saves around 20% more fuel than its predecessor, the 767. Later, Airbus developed the A350 XWB, which included comparable composite content and fuel-saving promises. Furthermore, the aerospace sector is quickly growing its impact in Asia-Pacific developing nations.
Advanced Space Composites Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | 851.5 USD million in 2022 |
| Revenue forecast in 2029 | 2,263.86 USD million by 2029 |
| Growth rate | CAGR of 11.80% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Applied Composites, Infinite Composites Technologies, Microcosm, Inc., Stelia Aerospace North America Inc., Applied Composites, Toray Advanced Composites, Cimarron Composite, Airbus S.A.S, Thales Group, Blue Origin, Firefly Aerospace Inc. and others. |
Key Market Players in the Advanced Space Composites Market
The global advanced space composites market is highly competitive, with key industry players adopting new material development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market industries focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
The global advanced space composites market key players include Applied Composites, Infinite Composites Technologies, Microcosm, Inc., Stelia Aerospace North America Inc., Applied Composites, Toray Advanced Composites, Cimarron Composite, Airbus S.A.S, Thales Group, Blue Origin, Firefly Aerospace Inc. and others.
Browse Detailed Summary of Research Report with TOC:
https://exactitudeconsultancy.com/reports/12286/advanced-space-composites-market/
Key Market Segments: Advanced Space Composites Market
Advanced Space Composites Market by Platform, 2023-2029, (USD Million) (Kilotons)
- Satellites
- Launch Vehicles
- Deep Space Probes
- Rovers
Advanced Space Composites Market by Components, 2023-2029, (USD Million) (Kilotons)
- Payloads
- Structures
- Antenna
- Solar Array Panels
- Propellant Tanks
- Spacecraft Module
- Sunshade Door
- Thrusters
- Thermal Protection
Advanced Space Composites Market by Product, 2023-2029, (USD Million) (Kilotons)
- Material
- Manufacturing Process
- Service
Key Market Insights
- As per the application outlook, the automotive & aerospace are expected to be the largest segment in the global advanced materials market from 2023 to 2029
- As per the type outlook, the ceramics segment is expected to be the largest segment in the global advanced materials market from 2023 to 2029
- The Asia Pacific region is analyzed to be the fastest-growing region in the market
- North America will have the largest share in the market during the forecast period of 2023-2029
- 3M Advanced Materials, Morgan Advanced Materials plc, Huntsman Corporation, Hexcel Corporation, Hanwa Group, Materion Corporation, Smartglass International Ltd, Hitachi Chemical Co., Ltd., Altairnano Blue Spark Technologies, and TATA Advanced Materials among others, are some of the key players in the global advanced materials market
Advanced Space Composites Market Dynamics
Drivers: Deep Space Operations and Satellite Launches are Increasing
In order to provide worldwide internet access, real-time Earth observation, navigation, tracking, and surveillance, several nations have launched small satellite constellations and deep space missions. Due to the growing need for quicker, more dependable, and effective real-time tracking and monitoring systems for goods, ships, etc. as well as Earth observation, there is a significant market for satellite constellations (EO).
2022 will see the launch of more than 1,100 satellites, according to the Union of Concerned Scientists (UCS). These tiny satellites were launched for use in civil, military, and governmental functions. It is anticipated that tiny satellite constellations in a single orbit would eventually replace huge satellites. Small satellite constellation systems can perform better, have cheaper launch costs, and function similarly to traditional satellite systems if the technology is available. Throughout the projected period, this is anticipated to grow the market for advanced space composites worldwide.
Opportunities: 3D printing technology advancement for the space industry
By cutting the materialisation time and cost of the vehicle, 3D printing, also known as additive manufacturing, is transforming the SLV market. Lighter materials including thermoplastic, composites, and metal alloys are used in 3D printing. Because to its great corrosion and wear resistance, it may be used to good effect in the space launch sector. Rocket parts made using 3D printing are more durable and efficient than those made with conventional manufacturing techniques. On the basis of 3D printing technology, businesses are creating and implementing rocket engines.
Key Question Answered
- What is the current size of the advanced space composites market?
- What are the key factors influencing the growth of advanced space composites?
- What is the major end-use industry for advanced space composites?
- Who are the major key players in the advanced space composites market?
- Which region will provide more business opportunities for advanced space composites in future?
- Which segment holds the maximum share of the advanced space composites market?
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