NEW YORK, May 28, 2024 /PRNewswire/ — The global aerospace composite market size is estimated to grow by USD 17.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.5% during the forecast period.
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Aerospace Composite Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.5% |
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Market growth 2024-2028 |
USD 17.41 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
9.0 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, China, Japan, Germany, and France |
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Key companies profiled |
Albany International Corp., Bally Ribbon Mills, General Electric Co., Hexcel Corp., Kineco Kaman Composites, Lee Aerospace Inc., Materion Corp., Mitsubishi Chemical Group Corp., Owens Corning, Plastic Reinforcement Fabrics Ltd., Renegade Materials Corp., Rolls Royce Holdings Plc, SGL Carbon SE, Sunshield Chemicals Ltd., Spirit AeroSystems Inc., Teijin Ltd., Toray TCAC Holding B.V., and Victrex Plc |
Market Driver
The aerospace composite market is experiencing significant growth due to the increasing use of carbon fiber-reinforced polymer (CFRP) composites in aircraft components. CFRP’s exceptional strength-to-weight ratio improves aircraft performance and fuel efficiency, reducing overall weight and fuel consumption.
Its design flexibility enables optimized component design for higher efficiency and aerodynamics, while its corrosion-resistance lowers maintenance costs. Major companies like Boeing and Airbus use CFRP in their latest models, such as the 787 Dreamliner and A350 XWB, driving market growth.
The aerospace composite market is experiencing significant growth, with key players focusing on developing advanced materials for aircraft manufacturing. Boeing and Airbus are major contributors to this market, utilizing composite materials for lighter and stronger airframes.
Carbon fiber reinforced polymers (CFRP) are becoming increasingly popular due to their high strength-to-weight ratio and durability. Composites also offer improved fuel efficiency and reduced maintenance costs. In 2021, the market size was estimated at USD35 billion and is projected to reach USD60 billion by 2026.
Composites are also used in the production of wings, fuselages, and other aircraft components. The trend towards sustainable aviation is driving the demand for lighter and more efficient composite materials.
Market Challenges
- The aerospace composite market faces challenges due to the intricate nature of composite material repair and maintenance. Damage in composites can be internal and not immediately visible, requiring advanced inspection methods.
- Repairs are more complex and time-consuming, increasing costs and aircraft downtime. Supply chain issues and regulatory requirements add to the complexity, necessitating specialized knowledge and certification. These factors hinder market growth during the forecast period.
- The aerospace composite market faces several challenges in the AFRL’s research and development of new materials. Costs are a significant issue, with the prices of some composites being high due to the complex manufacturing processes. The availability of certain raw materials, such as carbon fibers and aluminum laminates, can also impact production.
- Additionally, the need for lighter and stronger composites to increase fuel efficiency and reduce emissions adds to the complexity of the market. The desire for more sustainable and eco-friendly composites is another challenge, as current materials often have a high carbon footprint. Overall, the aerospace composite market requires innovative solutions to address these challenges and drive growth.
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Segment Overview
- Type
- 1.1 Exteriors
- 1.2 Interiors
- 2.1 Commercial aircraft
- 2.2 Military aircraft
- 2.3 Business and general aviation
- 2.4 Civil helicopters
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Exteriors- Composites significantly enhance aircraft exterior structures, increasing efficiency, performance, and durability. Carbon fiber-reinforced composites, with their high strength-to-weight ratio, reduce overall aircraft weight and improve fuel efficiency. Boeing’s 787 Dreamliner and Airbus’ A350 XWB are prime examples. Composites provide structural strength in wings, tail sections, radomes, fairings, and exterior panels.
Hexcel Corp. and Toray TCAC Holding B.V. supply advanced composite materials for these applications, contributing to fuel efficiency, lower environmental impact, and improved overall performance. The aerospace industry’s leading vendors strategically use composites in aircraft exteriors, driving growth in the global aerospace composite market.
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Research Analysis
The Aerospace Composite Market encompasses the production and application of advanced materials, such as carbon fibers and aramid honeycomb cores, in the manufacturing of commercial aircraft components. These materials are utilized in various structural applications, including landing gears, engine nacelles, undercarriages, fuselages, wings, and propulsion systems.
The adoption of composites in aerospace components has gained significant traction due to their lightweight properties, high strength, and resistance to heat and corrosion. The increasing passenger traffic and aircraft purchases in commercial aviation further fuel the demand for these advanced materials. Composites play a crucial role in enhancing the overall performance and efficiency of commercial aircraft, making them an essential part of the aerospace industry.
Market Research Overview
The Aerospace Composite Market encompasses the production and supply of advanced composites used in the manufacturing of aerospace components. These materials offer significant benefits, including lightweight, high strength, and excellent resistance to heat and corrosion. Composites find extensive applications in various aerospace sectors, such as aircraft structures, engine components, and interiors.
The market is driven by factors like increasing demand for fuel-efficient aircraft, growing focus on reducing carbon emissions, and advancements in composite technologies. Furthermore, the market is witnessing significant growth in emerging economies due to increasing investments in their aviation industries.
The composite materials used in the aerospace sector include carbon fiber reinforced polymers (CFRP), glass fiber reinforced polymers (GFRP), and aramid fiber reinforced polymers (AFRP). The market is expected to continue its robust growth trajectory in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
- Exteriors
- Interiors
- Application
- Commercial Aircraft
- Military Aircraft
- Business And General Aviation
- Civil Helicopters
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
