Aerospace Composites Market worth $52.1 billion by 2029, at a CAGR of 12.3%, says MarketsandMarkets™

Chicago, June 12, 2024 (GLOBE NEWSWIRE) -- The Aerospace Composites Market is projected to grow USD 29.1 billion in 2024 and is projected to reach USD 52.1 billion by 2029, at a CAGR of 12.3%, in terms of value, from 2024 to 2029, as per the recent study by MarketsandMarkets™. During the forecast period, the global aerospace composites market is expected to grow in the coming years, the demand for aerospace composites is on the rise across diverse end-use industries due unique properties and growing applications of aerospace composites. The applications of aerospace composites are diverse and crucial in the aviation and aerospace industry, offering a range of benefits that contribute to the efficiency, performance, and sustainability of aircraft. The market is also expected to benefit from technological advancements in aerospace composites manufacturing processes, making the material high-quality, vibrant, and durable.

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List of Key Players in Aerospace Composites Market:

  1. Solvay (Belgium)
  2. Toray Industries, Inc. (Japan)
  3. Mitsubishi Chemical Group Corporation (Japan)
  4. Hexcel Corporation (US)
  5. Teijin Limited (Japan)
  6. SGL Carbon (Germany)
  7. Spirit AeroSystems (US)
  8. Materion Corporation (US)
  9. Lee Aerospace (US)
  10. General Dynamics Corporation (US)
  11. Absolute Composites (India)
  12. FDC Composites Inc. (Canada)
  13. Avior Produits Intégrés Inc. (Canada)
  14. Collins Aerospace (US)
  15. Aernnova Aerospace S.A (Spain)

Drivers, Opportunities and Challenges in Aerospace Composites Market:

  1. Drivers: Increased demand for fuel efficiency in aerospace industry
  2. Restraint: Supply Chain Issues
  3. Opportunity: Increasing focus on mass customization
  4. Challenge: Recycling and Environmental Concerns

Key Findings of the Study:

  1. The glass fiber type segment is expected to grow with third highest CAGR in aerospace composites market during the forecasted period.
  2. Ceramic matrix segment to be the fastest-growing segment in the global aerospace composites market in terms of value.
  3. Resin transfer molding manufacturing process is expected to have second largest share during forecasting period, both in terms of value and volume during the forecast period
  4. Military aircraft to be the third fastest-growing aircraft type segment in the global aerospace composites market in terms of value and volume.

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Based on Fiber Type, Ceramic fiber composites segment is expected to have the second largest share of the aerospace composites market in 2023 by value. Ceramic matrix composites are a type of composite material that consists of ceramic fibers embedded in a ceramic matrix. These composites are used in high-temperature applications, such as in the aerospace industry, where they provide high strength and fracture toughness. Ceramic matrix composites are made by manufacturing a technical ceramic matrix material with small particle size, high purity, and good mechanical, thermal, and electrical resistance. The matrix is then reinforced with ceramic fibers, such as silicon carbide (SiC), alumina (Al2O3), or mullite (Al2O3-SiO2), which increase the composite's resistance to crack propagation and provide high ultimate tensile strength (UTS). CMCs are used in various aircraft applications, such as in turbine blades, exhaust mixers, combustors, and turbines, where they provide high temperature resistance, lightweight, and improved performance.

Based on Matrix Type, Polymer matrix segment is expected to be second fastest growing segment in aerospace composites market during forecasted period. Polymer matrix composites are lightweight and offer high strength to weight ratio, making them ideal for applications where fuel efficiency is a major concern.  They also resist corrosion, which is important for the long-term durability of aircraft.

Based on Manufacturing Process, the resin transfer molding manufacturing process segment is expected to have the second largest share of the aerospace composites market in 2023 by value. Resin transfer molding (RTM) is a manufacturing process for aerospace composites that involves placing dry fabrics into molds, injecting resin, and curing. This process is gaining traction in the aerospace industry due to its advantages over traditional manufacturing processes, such as autoclave, in terms of cost-effectiveness, lower energy consumption, and higher production rates. Resin transfer molding has been used in the aerospace industry since the 1980s and is becoming increasingly popular due to its ability to produce complex geometries and high-quality finishes on all visible molded surfaces. These advantages make resin transfer molding a promising alternative to traditional manufacturing processes, particularly for high-volume production of aerospace composites.

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Based on Aircraft Type, the aerospace composites market is segmented including commercial, business & general, civil helicopter, military aircraft, others (UAV, spacecraft). The commercial aviation segment is expected to continue its dominance during the forecast period, driven by the increasing air passenger traffic across worldwide and the demand for new aircraft featuring extensive use of composites for cost and weight savings benefits. The military aircraft segment is also expected to grow at a significant rate, driven by the increasing demand for lightweight and high-performance materials in military aircraft. The market is expanding rapidly due to the increasing usage of composites in military and commercial aircraft, as well as factors such as growing aircraft deliveries, replacing aged aircraft with new models, and developing fuel-efficient aircraft.

Based on Region, Europe was the second largest market for the aerospace composites in 2023, with Germany being the largest market in the region. The European aerospace composites market is experiencing significant growth and presents various opportunities for industry players. This growth is fueled by the increasing demand for composites in military aircraft, commercial aircraft, general aviation aircraft, and spacecraft applications. The increasing investments in R&D of advanced composite materials by major aerospace companies like General Electric, Boeing, and Airbus are propelling the growth of the aerospace composites market in Europe, creating opportunities for collaboration and technological advancements.

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