The Aerospace Composites Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aerospace Composites Global Market Report 2024, The aerospace composites market size has grown rapidly in recent years. It will grow from $31.08 billion in 2023 to $36.27 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to regulatory changes, environmental concerns, globalization, aging aircraft fleet, rise in number of commercial and defense aircraft.
The aerospace composites market size is expected to see rapid growth in the next few years. It will grow to $63.75 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to economic growth, aircraft fleet modernization, recycling and sustainability initiatives, aerospace industry consolidation, growing demand for passenger and cargo aircraft production. Major trends in the forecast period include digital twin and simulation, adoption of additive manufacturing, engineered fiber architectures, sustainable and eco-friendly composites, advanced composite materials.
The increase in demand for high-strength and lightweight composite materials is expected to drive the aerospace composites market. Energy efficiency can be increased, and fuel consumption can be reduced by using lightweight materials and thereby reducing the mass of the aircraft, as a lower mass requires less lift force and thrust during flight. Lightweight design helps in reducing the carbon footprint, higher structural strength and stiffness, flight performance improvements such as better acceleration, and better safety performance. For instance, in May 2023, according to reports from Composites United e.V. Germany, a non-profit association, the volume of the global composites sector in 2022 totaled 12.7 million metric tons compared with 2021. Therefore, increasing use of lightweight materials positively impacts the aerospace composites market’s growth.
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The aerospace composites market covered in this report is segmented –
1) By Fiber Type: Carbon Fiber Composites, Ceramic Fiber Composites, Glass Fiber Composites, Others
2) By Aircraft Type: Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft, Others
3) By Manufacturing Process: AFP/ATL, Lay-Up Process, Resin Transfer Moulding Process, Filament Winding Process, Others
4) By Resin Type: Benzoxazine, Cyanate Ester, Bismalimide, Ceramic and Metal Matrix, Thermosetting Resins, Polyester, Others
5) By Application: Interior, Exterior
Companies in the aerospace composites market are focusing on technological advancement to accelerate and develop composite material and process technologies for the next generation of energy-efficient aircraft and future mobility. Airlines are trying to replace outdated aircraft with technologically advanced and modern aircraft. These new aircraft are equipped with increased payload capacities and cost-efficiency. As a result of this, there is widespread adoption of aerospace composites across the globe. For example, in March 2021, GKN Aerospace, a UK-based company involved in the automotive and aerospace components business, launched a consortium called ASCEND (aerospace and automotive supply chain enabled development). With this launch, the UK has become a technology leader in future lightweight structures. It also helps to reduce carbon emissions and energy consumption in the aerospace industry.
The aerospace composites market report table of contents includes:
1. Executive Summary
2. Aerospace Composites Market Characteristics
3. Aerospace Composites Market Trends And Strategies
4. Aerospace Composites Market – Macro Economic Scenario
5. Global Aerospace Composites Market Size and Growth
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31. Global Aerospace Composites Market Competitive Benchmarking
32. Global Aerospace Composites Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aerospace Composites Market
34. Aerospace Composites Market Future Outlook and Potential Analysis
35. Appendix
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