Market Research Report
Aerospace Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Aerospace Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 89 Pages
Delivery time: 2-3 business days
The aerospace composites market is anticipated to register a CAGR of over 7% during the forecast period (2020 - 2025).
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.
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.
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.