Aerospace Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The aerospace composites market is anticipated to register a CAGR of over 7% during the forecast period (2020 - 2025).

Key Highlights

• 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.

Key Market Trends

The Military Segment Dominates in terms of the Market Share

The military segment of the market is expected to record the highest CAGR during the forecast period. 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 element, like vertical stabilizer, tailplane, flaps, and wings skin that account for approximately 40% weight of aircraft. Military helicopter blades are also made of composite materials, which makes it 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.

Currently, North America Holds the Major Share in the Aerospace Composites Market

North America is expected to remain the largest market, 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 increasing consumption of aerospace composites in exterior and interior parts in the commercial and military aircraft. The United States is the largest consumer 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.

Competitive Landscape

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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support