PUBLISHER: SkyQuest | PRODUCT CODE: 1180490
PUBLISHER: SkyQuest | PRODUCT CODE: 1180490
Global Aerospace Composites Market was valued at USD 24.79 billion in 2021 and it is expected to reach at USD 43.33 billion by 2028, at a CAGR of 11.2% over the forecast period (2022-2028).
The rising aviation industry is predicted to lead to higher aircraft production, leading to significant growth in the worldwide aerospace composites market. Due to the increasing usage of lightweight materials for interior and exterior elements, the aerospace industry makes up a sizeable portion of the global composites market. The aviation industry is anticipated to be one of the primary drivers of the aerospace composites market growth due to rising air traffic and the emergence of new low-cost airlines in developing nations in the Asia Pacific and Latin America.
Top-down and bottom-up approaches were used to estimate and validate the size of the global aerospace composites market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global aerospace composites market is segmented based on fiber type, matrix type, application, manufacturing process, aircraft type, and region. Based on fiber, market is segmented into carbon fiber composites, ceramics fiber composites, glass fiber composites, others. Based on matrix type, the market is segmented into polymer matrix, ceramic matrix, metal matrix. Based on application, the market is segmented into interior, exterior. Based on manufacturing process, market is segmented into AFP/ATL, Lay-up, resin transfer moulding, filament winding, others. Based on aircraft type, market is segmented into commercial aircraft, business & general aviation, civil helicopter, military aircraft, others. Based on region, global market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Driver
Due to technological advancements in fuel efficiency and the use of lightweight materials during construction, airlines are choosing to replace the present fleet with new aircraft. Demand is anticipated to be driven by the ease of design that composites offer over metals. Within the civil aviation industry, namely in business jets, single-aisle, and twin-aisle mainline aircraft, a strong demand for aerospace composites is anticipated. As of 2013, five 787 Dreamliners per month with composite horizontal stabilizer components were built by Boeing. Both the Boeing 787 and the Airbus A380 include more than 40 tonnes of composite materials, with the latter containing more than half of all materials. The introduction of next-generation aircraft with a higher percentage of composites is anticipated to have a beneficial impact on the aerospace composites market.
Restraint
The aerospace composites industry would be directly impacted by the decline in aircraft deliveries.
Since more than 80% of composites are used in commercial aircraft, a decline in demand for composites caused by a drop in aircraft orders would be detrimental to the market. For instance, purchases were canceled due to the recent grounding of Boeing 737MAX planes following accidents involving Malaysian and Ethiopian Airlines. In the first quarter of 2020, 122 and 50 commercial aircraft, respectively, were delivered by Airbus and Boeing worldwide.
Market Trends
The construction of commercial and military aircraft, helicopters, business jets, general aviation, and spacecraft is predicted to drive a significant increase in demand for aerospace composites. Over the projection period, there will be a huge market opportunity for makers of composite components, materials, and frames due to the rising need for lightweight and efficient aircraft. High aerospace composites demand is anticipated as a result of ongoing technological development in terms of airplane structural applications and component applications. Aerospace composites are expected to gain traction in the market due to the rising demand for aircraft and the enormous order backlogs already in place, which have boosted the requirement for higher production rates.