Aerospace Composites Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 22.74 Billion |
| Market Size (2028) | USD 35.81 Billion |
| CAGR (2023 - 2028) | 9.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Aerospace Composites Market Analysis
The Aerospace Composites Market size is expected to grow from USD 22.74 billion in 2023 to USD 35.81 billion by 2028, at a CAGR of 9.51% during the forecast period (2023-2028).
The market was negatively impacted by COVID-19 in 2020. Due to the pandemic and the lockdowns imposed to curb the spread of the virus, passenger air travel facilities were temporarily shut down. Even after the lockdown ended, people were not willing to travel frequently. According to the International Civil Aviation Organization (ICAO), the overall number of passengers globally fell by 92% in April 2020, But as the situation gets normalized in FY 2021-2022, the market is gaining its stable position.
The characteristics of composites, like temperature and chemical resistance, lightweight, high stiffness, dimensional stability, and flex performance, among others, have made their use popular in various aerospace components and structural applications.
Reduced maintenance, longer design life, fewer parts, and reduced tooling and assembly costs are some of the reasons that drive the aerospace composites market.
The increasing investments in R&D of advanced composite materials by various aerospace companies, like General Electric Company, The Boeing Company, and Airbus SE, are also supporting the growth of the aerospace composites market.
Aerospace Composites Market Trends
This section covers the major market trends shaping the Aerospace Composites Market according to our research experts:
The Military Segment is Expected to Exhibit Highest Growth
The military segment of the market is expected to record the highest CAGR during the forecast period. In 2021 world military expenditure surpassed the USD 2 trillion mark for the first time, reaching USD 2113 billion. Global spending in 2021 was 0.7 percent higher than in 2020 and 12 percent higher than in 2012. Due to the increase in the procurement of Military equipment by the armed forces to subdue the threats arising due to terrorism, and territorial conflicts. The countries are procuring military aircraft to safeguard their borders against an outside threat, thereby, generating demand for Composites.
The composites used in military aircraft are lightweight, durable, and chemical and temperature resistant. The additional properties of composites used in military aircraft are ballistic and low detectability by radars. For instance, carbon and glass fiber-reinforced plastic laminates are used in Lockheed Martin F-35 Lightning II in elements, like vertical stabilizers, tailplanes, flaps, and wings skin that account for approximately 40% weight of aircraft. Military helicopter blades are also made of composite materials, which makes them much lighter. The development of advanced materials and composite fibers, which decrease the detection rate and weight of the aircraft, is expected to drive the growth of the segments during the forecast period.
North America Holds the Major Share in the Aerospace Composites Market
The North American region held the largest market share in 2021 and is expected to remain in the same position over the forecast period. The United States has one of the largest armed forces in the world, with 2.26 million total military personnel, of which 1.4 million serve as active military personnel and 0.86 million serve in the reserve force. The country has the largest military spending in the world and accounts for 39% of global spending. The US military expenditure increased by almost 4.39% in 2020 to reach USD 778.23 billion.
Due to the augmentation in end-user industries and the increasing demand for lightweight materials in the aerospace industry. The growth is mainly driven by the increasing demand for aerospace composites in exterior and interior parts in commercial and military aircraft. The United States is the largest customer of aerospace composites, globally, in terms of value and volume, and is expected to strengthen its position further during the forecast period.
The growth of the US aerospace composites market is attributed to the presence of giant players, such as The Boeing Company and General Electric Company, along with the establishment of several new composite manufacturing facilities in the country.
Aerospace Composites Industry Overview
The prominent players in the market are Toray Industries Inc., SGL Carbon SE, Hexcel Corporation, Solvay SA, and DuPont. The partnerships of the companies with OEMs for the development of components and parts of the aircraft, to increase the profitability of the end user is expected to open new market opportunities to the existing players. Also, investments of companies into advanced composites for space-based applications may help increase their market presence.
Aerospace Composites Market Leaders
Toray Industries Inc.
SGL Carbon SE
Hexcel Corporation
Solvay SA
DuPont
*Disclaimer: Major Players sorted in no particular order
Aerospace Composites Market News
- In October 2021, ÉireComposites announced that it has signed a new multi-million Euro contract with Spirit AeroSystems to provide structural composite components for commercial airlines and business jets. The scope of the contract involves complex composite component manufacturing, including assembly, part trimming, and non-destructive testing (NDT) services for a number of key business and commercial aircraft programs.
- In January 2021, Teledyne CML Composites announced that it was awarded a contract with Airbus for the life of a program supply of composite wing components & assemblies on the A400M Tactical Airlifter. The awarded package of parts includes a range of Thermoplastic and Pre-Preg composite components to be supplied to the Airbus A400M composite wing box assembly line.
Aerospace Composites Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Fiber Type
5.1.1 Glass Fiber
5.1.2 Carbon Fiber
5.1.3 Ceramic Fiber
5.1.4 Other Fiber Types
5.2 Application
5.2.1 Military
5.2.2 Commercial
5.2.3 General Aviation
5.2.4 Space
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Germany
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Bally Ribbon Mills
6.2.2 Mitsubishi Chemical Carbon Fiber and Composites Inc.
6.2.3 Toho Tenax
6.2.4 Toray Industries Inc.
6.2.5 SGL Carbon SE
6.2.6 Hexcel Corporation
6.2.7 Solvay SA
6.2.8 DuPont
6.2.9 Royal Ten Cate
6.2.10 Materion Corp
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Aerospace Composites Industry Segmentation
The aerospace composites market includes all applications of composites in military aircraft, commercial aircraft, general aviation aircraft, and spacecraft. The aerospace composites market is segmented by Fiber Type, by application, by geography. By fiber type, the market is segmented into Glass Fiber, Carbon Fiber, Ceramic Fiber, and Other Fiber Types. By application, the market is segmented into Commercial, Military, General Aviation, and Space. By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The report also covers the market size and forecasts across the major regions. For each segment, the market sizing and forecasts have been done based on value (USD Billion).
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| Application | |
| Military | |
| Commercial | |
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Aerospace Composites Market Research FAQs
How big is the Aerospace Composites Market?
The Aerospace Composites Market size is expected to reach USD 22.74 billion in 2023 and grow at a CAGR of 9.51% to reach USD 35.81 billion by 2028.
What is the current Aerospace Composites Market size?
In 2023, the Aerospace Composites Market size is expected to reach USD 22.74 billion.
Who are the key players in Aerospace Composites Market?
Toray Industries Inc., SGL Carbon SE, Hexcel Corporation, Solvay SA and DuPont are the major companies operating in the Aerospace Composites Market.
Which is the fastest growing region in Aerospace Composites Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Aerospace Composites Market?
In 2023, the North America accounts for the largest market share in the Aerospace Composites Market.
Aerospace Composites Industry Report
Statistics for the 2023 Aerospace Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aerospace Composites analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
