MARKET OVERVIEW
The aerospace industry is focusing on the use of innovative materials that helps in designing and developing durable, fuel-efficient, and lightweight components used in aircraft. These components are known as aerospace composites. Fiberglass, carbon fiber, and aramid are the three most used fiber types in manufacturing aerospace composites. These components display varied chemical compositions at both molecular and microscopic fiber levels. The various applications of these composite materials in the aerospace industry include interiors, rotors, engine blades, wide-body wings, brackets, nacelles, and single-aisle wings.
MARKET DYNAMICS
The aerospace composite market is expected to grow substantially during the forecast period. The growth can be attributed to its increasing applications in both commercial and military aircraft. Commercial and military aircrafts require durable and lightweight components. Composites are lightweight and exhibit great strength, which makes is suitable for a wide range of applications in aircraft production. In addition, the aerospace composite market is fueled by factors including high-impact resistance and weight reduction. Also, the enormous use of aerospace composites in exterior and interior applications is predicted to bolster the market growth. Although, the aerospace composite market growth may be obstructed by factors such as high cost of composites together with safety limitations. The aerospace composite’s raw material costs, manufacturing, and processing are high as compared to the traditional materials, which may slightly restrain the aerospace composite market growth.
MARKET SCOPE AND REPORT FEATURES
The “Global Aerospace Composite Market Analysis to 2030” is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by product type, application, and geography. The global aerospace composite market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of aerospace composite worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the aerospace composite market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in aerospace composite market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global aerospace composite market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global aerospace composite market is segmented on the basis of product type and application. Based on product type, the aerospace composite market is segmented into carbon fiber composites, glass fiber composites, and others. The market is classified as commercial and general and commercial aircraft, military aircraft, helicopters, and others on the basis of application.
(image)
Based on product type, carbon fiber composites accounted for a significant share which can be attributed to their extensive use in aerospace applications. The characteristics of carbon fiber composites, including anti-corrosion, low thermal expansion, high stiffness, high tensile strength, as well as high strength-to-weight ratio, are fueling its demand in the aerospace industry. Carbon fiber composites are generally used in various aerospace applications such as engine nacelles, wings, floorboards, fan casings, fuselage, and interior components. The use of carbon fiber composites in aerospace helps in reducing the weight of the aircraft components while maintaining the required strength. This further helps in saving time and helps in weight reduction.
REGIONAL INSIGHTS
The report provides a detailed overview of the global aerospace composite market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America is foreseen to account for a substantial share of the market. In aerospace manufacturing, this region is one of the leaders, with the presence of significant commercial and military aircraft manufacturing players in the US and Canada. Further, the region has the presence of technologically-advanced infrastructure, which further accelerates the growth of the market. In Europe, France is a major aerospace manufacturer which also accounts for a major portion of the global aerospace composite market share.
The Asia Pacific is forecasted to show prominent growth during the forecast period. The region is experiencing high growth in its commercial aviation industry due to an increase in the number of air passengers. The region includes a number of developing countries experiencing high growth in the aviation sector. China and India are expected to exhibit high demand during the forecast period with both countries undertaking work to increase the size of their aircraft fleet
MARKET PLAYERS
Some of the key players operating in the aerospace composite market include, General Electric, Hexcel Composites, SGL Carbon, Solvay S.A., Toray Advanced Composites, Teijin Limited, Owens Corning, VX Aerospace Corporation, Unitech Aerospace, Albany Engineering Composites, Mitsubishi Chemical Holdings, Spirit AeroSystems, Honeywell International Inc., Toho Tenax and Morgan Advanced Materials, among others.
May, 2023: Munich-based Lilium company received funding worth US$ 35 million to prepare for serial production. The Lilium Jet is constructed using carbon fiber composites and is planned to begin operating regionally from 2025.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.