Advanced Space Composites Market: Segmented: By Component (Payloads, Structures, Antenna, Solar Array Panels, Propellant Tanks, Spacecraft Module, Sunshade Door, Thrusters, Thermal Protection, Others), By Material (Fiber Types, Resin Type, Nanomaterials, Ceramic Matrix Composites [CMC] and Metal Matrix Composites [MMC], Others), By Manufacturing Process (Automated Fiber Placement [ATL/AFP], Compression Molding, Additive Manufacturing, Others), By Service (Repair and Maintenance, Manufacturing, Design and Modeling), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Advanced Space Composites Market to surpass USD 2,976.4 million by 2031 from USD 946.6 million in 2021 at a CAGR of 12.1% in the coming years, i.e., 2021-2031.
Engineered materials made up of high-performance reinforcing fibers placed in a toughened polymeric matrix to produce a ply or lamina are known as advanced composite materials. Advanced composite materials have high specific strength and stiffness, which, when combined with automated production techniques, allows for the fabrication of lightweight and cost-effective composite structures. The combination of material directional qualities with design concepts employing these features, supported by the advantages of modern composite technology, enables a significant improvement in structural performance in most exceptional instances, the number of which is steadily increasing.
Advanced Space Composites Market is expected to project a notable CAGR of 12.1% in 2031.
The expansion of the Advanced Space Composites Market is being fueled by factors such as increasing satellite launches and deep space activities, as well as the increasing use of commercial off-the-shelf components. Due to the high strength and low weight afforded by advanced composites, their application is becoming increasingly important in the aerospace and defense, marine, sporting goods, transportation, and wind energy industries, influencing the market growth.
The Structures segment is expected to grow with the highest CAGR during 2021-31
On the basis of Component, the global Advanced Space Composites Market is fragmented into Payloads, Structures, Antenna, Solar Array Panels, Propellant Tanks, Spacecraft Module, Sunshade Door, Thrusters, Thermal Protection, and Others. During the forecast period 2021-2031, the structure component segment is likely to dominate the market. The growing focus of the space industry on developing reusable launch vehicles and compact launch vehicles is one factor contributing to this trend (SLVs).
The Fiber Types segment is expected to grow with the highest CAGR during 2021-31
Global Advanced Space Composites Market is classified on the basis of Material into Fiber Types, Resin Type, Nanomaterials, Ceramic Matrix Composites (CMC) and Metal Matrix Composites (MMC), and Others. Owing to the robust demand in the aerospace industry, the Fiber Types segment is likely to lead the market. To develop an effective composite system, Fiber is reinforced in an appropriate resin system. Low thermal expansion, good chemical resistance, high stiffness, low weight, high tensile strength, and high-temperature tolerance are just a few of the advantages of fiber in the aerospace composites business.
The growing use of Advanced Composites in Various Industries
The rising usage of advanced composites in the aerospace & military, sports goods, and transportation industries, which offer a high strength-to-weight ratio and increased heat resistance, can be credited to the expansion of the advanced composite market. Due to the great strength and low weight of modern composites, they are becoming increasingly important in these industries. Furthermore, they are lightweight, which improves the fuel efficiency and structural stability of cars made with modern composites.
Rising use of Technologies for Exploring further Potential
There are a number of other variables that contribute to the advanced space composites market's growth. Reusable launch vehicle systems, on-orbit manufacturing, and forthcoming space stations and habitats all have the potential to expand the usage of advanced composites for space applications.
Fluctuations in the Raw Materials
Fluctuation in the raw materials required for the production of an advanced composite is projected to restrain the market growth.
Global Advanced Space Composites Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In terms of both value and volume, North America is the world's greatest consumer of advanced composites. The rising use of advanced composites in various applications such as aerospace and defence, wind energy, and transportation is driving the growth of the North American advanced composites market. In terms of value and volume, the United States is the world's largest consumer of advanced composites, and this position is likely to continue to strengthen during the forecast period.
The demand for advanced composites has dropped dramatically as a result of COVID-19. The shutdown of numerous industrial operations following the enforcement of lockdowns in various regions of the world has resulted in a major reduction in advanced composites output. Furthermore, due to the supply chain disruption, production was further hampered by a lack of raw materials.
Advanced Space Composites Market is further segmented by region into:
Advanced Space Composites Market Segments:
|Market size value in 2021||USD 946.6 million|
|Revenue forecast in 2031||USD 2,976.4 million|
|Growth Rate||CAGR of 12.1% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Material, Manufacturing Process, Service and Region|
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled||Airborne, Cecence Ltd., Cimarron Composite, CST Composites, HyPerComp Engineering, Infinite Composites Technologies, Matrix Composites (an ITT Company), Microcosm, Inc., Peak Technologyand Others Prominent Players.|
Advanced Space Composites Market size was estimated at USD 946.6 million in 2021 and is expected to reach USD 2,976.4 million in 2031.
Advanced composites are cost-effective, easy to produce, have a high strength-to-weight ratio, are multi-functional, and have a wide range of thermal insulation and ablation properties.
The Fiber Types segment accounted for the largest Advanced Space Composites Market share.
Key players in the Advanced Space Composites Market include Airborne, Cecence Ltd., Cimarron Composite, CST Composites, HyPerComp Engineering, Infinite Composites Technologies, Matrix Composites (an ITT Company), Microcosm, Inc., Peak Technology and Others Prominent Players.
The increasing number of satellite launches and deep space activities, as well as the increased use of commercial off-the-shelf components, are propelling the industry forward.
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