; Aerospace Composites Market Trends, Share, Forecast, 2030

Aerospace Composites Market

Aerospace Composites Market: Segmented: By Fiber Type (Carbon/Graphite Fiber Composites, Ceramic Fiber Composites, Aramid Fiber Composites and Glass Fiber Composites); By Resin Type {Thermosetting (Epoxy, Phenolics, Polyester, Polyimides) and Thermoplastic (Polyether Ether, Ether Ketone, Polysulfones, Polyetherimide)}; By Aircraft Type [Commercial Aircraft, General Aviation {Business Jets, Piston Airplanes (Single-Engine Piston, Multi-Engine Piston), Turboprop Airplanes (Single-Engine Turboprops, Multi-Engine Turboprops), Helicopters (Piston Helicopters, Turbine Helicopters)}, Military Aircraft and Space Aircraft], By Application (Interior and Exterior); and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030.

Published on: Sep-2022
Report Code: FG A&D 00146
No. of Pages: 170 - 350
Report Format: PDF

Product Overview

Aerospace composites market is anticipated to surpass USD 34752.35 million by 2030 from USD 18301.28 million in 2020 at a CAGR of 10.99% throughout the forecast period, i.e. 2020-2030

Aerospace is one of the utmost significance and largest sectors for the composite sector. All military aircraft, commercial aircraft, helicopters, and spacecraft make use of composite substances both for interior and exterior applications. These composite substances, also called advanced polymer matrix composites, are usually controlled by high-strength fibers that have great flexibility and firmness and are constrained together with frailer matrices. Composite substances are utilized for several reasons in the aircraft sector. The benefit of composites is that they can maintain their characteristics and do not combine entirely with each other. On merging, the substances generate a hybrid substance that has better physical features, which can be utilized for aerospace constituents. Composite substances used in the aerospace sector comprise fiberglass, carbon fiber, and fiber-reinforced matrix programs or any mixture of these substances. Aerospace composites are utilized in several aircraft edges such as wings, aircraft interiors, and fuselage. Furthermore, these can maintain radical functioning circumstances, including high temperature, high stress, shocks, and effect loads. Composite materials are significant for the aerospace sector, as they offer better structural strength in comparison to metallic alloys.

Market Highlights

Aerospace composites market is expected to project a CAGR of 10.99% during the forecast period, 2020-2030

The market is anticipated to grow on the back of the growing demand for composite materials for the aerospace industry. Aspects such as increasing air travelers, growth in tourism, the evolution of cost-efficient transporters, and emerging involvement in aircraft fuel proficiency are projected to upsurge the market demand. The producers are increasingly spending on research & development to modernize lightweight and low-cost composites for the aerospace industry with great strength-to-weight proportion, and exceptional effect strength.

Global Aerospace Composites Market Opportunity Analysis

Global aerospace composites market

Global Aerospace Composites Market: Segments

The Carbon Fiber Composites segment to grow with the fastest CAGR of XX% during 2020-2030

The global aerospace composites market is segmented by Fiber Type into Carbon/Graphite Fiber Composites, Ceramic Fiber Composites, Aramid Fiber Composites, and Glass Fiber Composites. Among these, the carbon fiber composites segment is estimated to hold the largest market share of xx% in 2019. Carbon fiber composites are widely utilized in aerospace applications, based on their greater strength-to-weight ratio and anti-corrosive property. The aerospace sector has broadly implemented carbon fiber composites for several applications, such as wings, fuselage, engine nacelles, fan casings, floorboards, and interior parts.

By Fiber Type (in %), Global Aerospace Composites Market, 2019

Global aerospace composites market

The Commercial Aircraft segment to boost at the fastest CAGR of XX% during 2020-2030

The global aerospace composites market is segmented by Aircraft Type into Commercial Aircraft, General Aviation {Business Jets, Piston Airplanes (Single-Engine Piston, Multi-Engine Piston), Turboprop Airplanes (Single-Engine Turboprops, Multi-Engine Turboprops), Helicopters (Piston Helicopters, Turbine Helicopters)}, Military Aircraft and Space Aircraft. Among these, the commercial aircraft segment is witnessed to hold the largest market share of xx% in the year 2019, owing to the increasing need from commercial aircraft producers such as Airbus and Boing. Commercial aircraft utilize composites substances in huge volumes; these aircraft's airframes are designed with around 50% composites weight. The lightweight characteristics, merged with the high workable power of the aramid honeycomb core, raise fuel proficiency, decrease sustenance costs, and enable OEMs to abide by the severe environmental norms, mainly those specified in Europe and North America. This fosters the rise in the need for aerospace composites in the airways.

By Aircraft Type (in %), Global Aerospace Composites Market, 2019

Global aerospace composites market

The Exterior segment to boost at the fastest CAGR of XX% during 2020-2030

The global aerospace composites market is segmented by Application into Interior and Exterior. Among these, the exterior segment is witnessed to hold the largest market share of xx% in the year 2019. Based on its greater characteristics, such as power, elasticity, longevity, constancy, lightweight, and endurance to heat, temperature, and moisture, aerospace composites are majorly utilized in exterior applications. Aerospace composites such as carbon fiber composites are used to create airframe structures, such as landing gears, leading and trailing edges, engine nacelles, undercarriages, fuselages, and wings. Apart from this, aerospace composites are also used in engine constituents and impulsion programs of aircraft.

Market Dynamics

Drivers

Increasing Demand for Composite Substances for the Aerospace Sector

In the expectant situation, post-2021, when aerospace industries begin functioning at full volumes with no travel limitations and intervention in the supply chain, the need for composite materials from the aerospace & defense sector would grow. Composite substances are utilized widely as sandwich structures in interior and exterior applications in the aerospace sector. The lightweight and high workable energy of composites raise fuel proficiency, decrease sustenance costs, and enable OEMs to conform to the severe environmental norms in Europe and North America. The latest designed aircrafts such as Airbus A350 XWB, and Boing Dreamliner 787 comprise 50% weight of airframes made with composite materials.

Reduction of Cost of Carbon Fibers

The primary raw materials used for the manufacturing of carbon fiber composites are polymeric resins and carbon fibers. The cost of carbon fibers is positively related to the cost of pioneer raw materials from which they are generated. Carbon fibers are presently derived from polyacrylonitrile (PAN). The building of cost-efficient and high-yield heralds for making aerospace-class carbon fibers would substantially lower the cost of carbon fibers. These cost-efficient heralds for carbon fibers would push down the cost of aerospace-grade carbon fibers. The decline in the cost of carbon fibers would decrease the cost of carbon fiber aerospace composites, thereby boosting the market.

Restraint

Reduction in the Number of Commercial Aircraft Supplies

The reduction in the number of aircraft supplies would openly affect the aerospace composites market. Since more than 80% of the utilization of composites substance is in commercial aircraft, the fall in the need for composites owing to the declined number of aircraft directives would adversely affect the market. Supposedly, the foundation of Boeing 737MAX arising from accidents underwent by the Malaysian and Ethiopian Airlines, lately, caused the termination of its directives. In the first quarter of 2020, Airbus and Boeing supplied 122 and 50 commercial aircraft around the globe, which is 22% and 66% less in comparison to the first quarter of 2019.

Liquidity Crunch owing to Slowdown in the Aerospace Sector

The aerospace composites sector is capital-intensive. Due to the recent epidemic, the key end-users of aerospace composite substances, such as commercial & business aircraft producers, rotary aircraft designers, and helicopter designers, are at a halt. Some OEMs have low liquid assets with reduced functioning cash flows. Moreover, the immense decline in market capitalization has resulted in sector alliances. Without income, OEMs and their suppliers are estimated to face a liquidity crisis soon and fall short of business. The biggest challenge for the aerospace sector would be to guarantee an undisrupted financial flow to prevent a liquidity crisis.

Global Aerospace Composites Market: Regions

Region-wise, the market for aerospace composites across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, Europe is witnessed to constitute xx% of the total market share in the year 2019, owing to increased demand from commercial aerospace sectors. In addition, it is internal to many primary aerospace composite producers, such as SGL Carbon, Solvay, and Ten Cate. Raised supplies of Airbus aircraft mainly pushes the compounds material needed in Europe. Other than this, the region builds military aircraft and helicopters.

By Region (in %), Global Aerospace Composites Windows Market, 2019

Global aerospace composites market

The global aerospace composites market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
  • APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

Global Aerospace Composites Market: Key Players

  • Cytec Industries

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

  • SGL Group
  • Koninklijke Ten Cate Kaneka Corporation
  • Hindustan Aeronautics
  • Argosy International
  • LMI Aerospace
  • Axioms Materials
  • ACT Aerospace
  • BASF
  • Toray Industries

The market report on global aerospace composites also contains the following in-depth analysis:

Aerospace Composites Market Segments

  • By Fiber Type
    • Carbon/Graphite Fiber Composites
    • Ceramic Fiber Composites
    • Aramid Fiber Composites
  • Glass Fiber Composites 
  • By Resin Type
    • Thermosetting 
    • Epoxy, Phenolics
    • Polyester
    • Polyimides
  • Thermoplastic 
    • Polyether Ether
    • Ether Ketone
    • Polysulfones
    • Polyetherimide
  • By Aircraft Type 
    • Commercial Aircraft
    • General Aviation
    • Business Jets
  • Piston Airplanes
    • Single-Engine Piston
    • Multi-Engine Piston 
    • Turboprop Airplane
    • Single-Engine Turboprops
    • Multi-Engine Turboprops
  • Helicopters
    • Piston Helicopters
    • Turbine Helicopters
    • Military Aircraft
    • Space Aircraft
  • By Application 
    • Interior
    • Exterior
  • By Region 
    • North America
    • Latin America
    • Europe
    • Middle East & Africa
    • Asia Pacific
  • Aerospace Composites Market Dynamics
  • Aerospace Composites Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

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