Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global aerospace composites market is projected to expand at a CAGR of 9.7% from 2023 to 2031, according to the market outlook report by Transparency Market Research (TMR).
Prices of fuel are rising at a rapid pace across the globe. Thus, manufacturers of commercial aircraft are focusing on improving the performance of aircraft. Weight reduction is a key factor that influences aircraft performance. Aerospace composites are gaining popularity owing to their ability to offer high strength-to-weight ratio, durability, and resistance to corrosion. They are seen as better than conventional materials, such as aluminum and steel. Demand for these composites has increased in the last few years owing to rise in their utilization in the production of different spacecraft and aviation structures, control surfaces, and propulsion systems. Thus, rise in focus on improving the performance of aircraft is likely to drive the aerospace composites market development.
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Aerospace Composites Market: Key Findings
- Manufacturers of commercial aircraft are focusing on utilization of cutting-edge and intelligent materials in order to enhance the performance of their aircraft They are using carbon nanotubes and graphene in order to make various aircraft components, such as wings. Such strategies are helping companies to reduce overall weight and fuel consumption of aircraft.
- Demand for fiber-reinforced polymer (FRP) composites has been rising in the aerospace sector for the last few years. These composites are made up of matrix materials, such as reinforcing fibers and polymers. Hence, they offer high level of stiffness and strength.
- Need for rapid, efficient, accessible, and interconnected mode of transportation has increased with rapid developments in developed and developing countries across the globe. Moreover, global and regional tourism sector is expanding at significant pace. These factors are fueling the commercial aviation sector, and consequently boosting the manufacture of freight and passenger aircraft across the globe. This is likely to augment the aerospace composites market development during the forecast period.
- Carbon-fiber composites possess high strength, lightweightness, offer resistance to high temperature and moisture, and two-fold rigidity as compared to glass and aramid fibers. These advantages have been boosting the adoption of carbon-fiber composites for the last few years. Moreover, these properties assist in reducing fuel consumption and enhancing engine performance. Therefore, carbon-fiber composites are being increasingly utilized for the manufacture and processing of high-quality components, such as rotors and impellers.
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Aerospace Composites Market: Growth Drivers
- Rapid expansion of the commercial aviation sector is driving the demand for aerospace composites
- Rise in demand for fuel-efficient and lightweight aircraft is expected to drive market growth
Regional Analysis
As per the market trends analysis report by TMR, North America is anticipated to hold larger share of the global market during the forecast period. Rise in investments in aerospace and aviation sectors and the presence of substantial number of military and commercial aircraft in the region are key factors driving market growth in North America.
Aerospace Composites Market: Competition Landscape
- Leading players are focusing on lowering their production costs, by improving supply chain management, optimizing production processes, and increasing investments in automation technologies
- They are entering in partnership agreements with aerospace producers, airlines, and other companies to gain access to new customers, share R&D costs, and attract larger share of the aerospace composites market
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Aerospace Composites Market: Key Players
- Owen Corning
- Advanced Composites Inc.
- Hexcel Corporation
- Solvay
- Teijin Limited Toray Industries, Inc.
- Mitsubishi Chemical Corporation
- SGL Carbon
- Unitech Group
- VX Aerospace Corporation
- Godrej Aerospace
- Carbon by Design
- Lee Aerospace
- Kineco Kaman Composites India Pvt. Ltd.
Aerospace Composites Market Segmentation
Composites
- Aramid Composites
- Carbon-fiber Composites
- Fiberglass Composites Resin Composites
- Others
Application
- Commercial Aircraft
- Military Aircraft
- Unmanned Systems
- Spacecraft Recreational Aircraft
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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