The Aeroengine Composites Global Market Report 2023, provides comprehensive information on the aeroengine composites market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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According to The Business Research Company’s Aeroengine Composites Global Market Report for 2023, the global aeroengine composites market is poised for remarkable growth. In the year 2022, this market boasted a valuation of $1.81 billion, and by the end of 2023, it is projected to surge to a substantial $2.01 billion. This robust expansion is underpinned by an impressive compound annual growth rate (CAGR) of 11.4%.
However, it is imperative to acknowledge the perturbations that have marred the global economic landscape. The ongoing Russia-Ukraine conflict, emerging amidst the backdrop of the protracted COVID-19 pandemic, has cast a shadow over the prospects of a swift global recovery. Economic sanctions levied against various nations, alongside soaring commodity prices and disruptions in supply chains, have triggered a cascade effect—leading to inflationary pressures on both goods and services and impacting diverse markets worldwide.
Looking ahead, the aeroengine composites market is anticipated to witness substantial expansion, with an expected market size of $3.23 billion in 2027. This growth trajectory is set to continue with a CAGR of 12.6%. These statistics underscore the significant role that aeroengine composites play in advancing the aviation industry and the global economy, even in the face of challenging geopolitical events.
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Technological advancement stands as a prominent and evolving trend within the aero-engine composites market. Manufacturers in this sector are increasingly prioritizing the integration of cutting-edge technologies in the production of aero-engine composites. This approach is geared towards achieving not only enhanced engine performance but also addressing critical environmental concerns by boosting fuel efficiency and consequently reducing CO2 emissions.
A notable illustration of this commitment to technological innovation comes from GE Aviation, a well-established US-based aircraft engine manufacturer, and Safran S.A., a renowned French manufacturer of aircraft engines. In June 2021, they jointly launched a visionary technology development program known as CFM RISE (Revolutionary Innovation for Sustainable Engines). This program aspires to achieve a substantial advancement in fuel efficiency, targeting an increase of more than 20% in comparison to current engines.
Though the official documentation may not explicitly mention composites, a comprehensive analysis of the program’s technology roadmap unveils a strategic focus on composite fan blades, heat-resistant metal alloys, and ceramic matrix composites (CMC). This implicitly suggests that composites will play a pivotal role in the development of the engines envisioned under this program.
This development signifies the pivotal role that aero-engine composites are poised to play in shaping the future of aviation. They are integral to the objective of achieving enhanced fuel efficiency and sustainability in aviation, aligning with global efforts to mitigate the environmental impact of air travel. Therefore, the innovative use of composites in engine design represents a significant stride towards a more eco-friendly and technologically advanced aviation industry, particularly for engines expected to enter service by the mid-2030s.
The aeroengine composites market is segmented:
1) By Type: Polymer Matrix Composites, Ceramic Matrix Composites, Metal Matrix Composites
2) By Component: Fan Blades, Fan Case, Guide Vanes, Shrouds, Other Components
3) By Application: Commercial Aircraft, Military Aircraft, General Aviation Aircraft
North America was the largest region in the aeroengine composites market in 2022.
The table of contents in TBRC’s aeroengine composites market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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