The report “Aerospace Composites Market by Fiber Type (Glass Fiber, Carbon Fiber, Ceramic Fiber), Matrix Type (Polymer Matrix Composite, Metal Matrix Composite, Ceramic Matrix Composite), Manufacturing Process, Aircraft Type, Applications & Region – Forecast to 2029″, is estimated at USD 29.1 billion in 2024 and is projected to reach USD 52.1 billion by 2029, at a CAGR of 12.3% from 2024 to 2029.
The growth of the aerospace composites market is propelled by a range of factors, including the pursuit of fuel efficiency through reduced aircraft weight, enhanced performance via superior strength-to-weight ratios, and decreased maintenance needs due to resistance to environmental degradation. Regulatory pressures for lower emissions and advancements in material science and manufacturing technology further drive the adoption of composites. The flexibility in design that composites offer facilitates aerodynamically superior aircraft structures, catering to rising global air traffic and robust military demands. Additionally, the industry’s shift towards sustainability, seeking materials that not only perform efficiently but also have a reduced environmental impact throughout their lifecycle, significantly influences the expansion of composite applications in aerospace.
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- 440 Market data Tables
- 66 Figures
- 339 Pages and in-depth TOC on “Aerospace Composites Market – Global Forecast to 2029”
Some of the prominent key players are:
- Solvay (Belgium)
- Toray Industries, Inc. (Japan)
- Mitsubishi Chemical Group Corporation (Japan)
- Hexcel Corporation (US)
- Teijin Limited (Japan)
- SGL Carbon (Germany)
- Spirit AeroSystems (US)
- Materion Corporation (US)
- Lee Aerospace (US)
- General Dynamics Corporation (US)
- Absolute Composites (India)
- FDC Composites Inc. (Canada)
- Avior Produits Intégrés Inc. (Canada)
- Collins Aerospace (US)
- Aernnova Aerospace S.A (Spain)
Driver: Increased demand for fuel efficiency in aerospace industry
Aerospace composites contribute significantly to reducing aircraft weight, which in turn enhances fuel efficiency which a crucial factor given rising fuel prices and stringent environmental regulations. Composites can be molded into more aerodynamic shapes, reducing drag during flight. Less drag translates directly into better fuel efficiency. One of the most prominent examples of composite use in commercial aircraft is the Boeing 787 Dreamliner, which consists of about 50% composite materials, primarily CFRP. This design choice results in a weight reduction estimated at 20% compared to traditional aluminum designs, contributing to 20-25% improvement in fuel efficiency over the aircraft it typically replaces.
Glass fiber type segment is expected to grow with third highest CAGR in aerospace composites market during the forecasted period.
The aerospace composites market is segmented based on the fiber types into glass fiber, carbon fiber, ceramic fiber and others. Glass fiber composites is significant segment of the aerospace composites market, with a growing demand due to their superior physical properties and higher stiffness-to-density ratio. Glass fiber composites are used in a variety of aerospace applications, including commercial and military aircraft, rotorcraft. cost-effectiveness, desirable mechanical properties, and lightweight nature, making glass fiber a valuable material for various aerospace components. Glass fiber composites offer a cheaper alternative to carbon fiber without compromising much on strength, durability, and weight reduction, which are crucial for enhancing fuel efficiency and meeting environmental sustainability goals. These factors are expected to boost growth of glass fiber composites in aerospace composites.
Asia Pacific region is expected to be registered third-highest CAGR both in terms of value and volume during forecasted period
The aerospace composites market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
The Asia Pacific aerospace composites market is experiencing explosive growth, fueled by a potent mix of factors. Soaring demand from industries like aerospace is at the forefront, with China leading the charge. China, the world’s one of the largest aerospace composites producer and consumer, is driving the market with its booming domestic aircraft production. This insatiable demand for lightweight and fuel-efficient materials is propelling the region’s aerospace composites market to new heights. Countries like Japan and South Korea, with their established aerospace and defence industries, are also contributing significantly to the regional market growth. Their focus on technological advancements and sustainability goals aligns perfectly with the advantages of aerospace composites, ensuring continued demand in the years to come.
