PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250748
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250748
According to Stratistics MRC, the Global Aero Engine Composite Material Market is accounted for $2.8 billion in 2022 and is expected to reach $4.3 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Composite materials have been utilized in the aerospace industry for many decades, initially in non-safety critical applications and more recently as primary structures, including fuselage and wing structures on the latest aircraft. Composite sector develop products and technologies for current and future platforms, with the capability of composite materials becoming more advanced and suited to applications across the entire aircraft environment.
According a recent survey in the year 1980, average fuel burn on commercial aircraft has fallen by 27% for a wide body and 35% for a narrow body. Airbus delivered a total of 566 jets in 2020 as compared to 863 deliveries in 2019. Similarly, the Boeing Company delivered a total of 157 aircraft in 2020 as compared to 380 deliveries in 2019.
High demand for composite materials
The increased desire for reducing an airplane's total weight and enhancing aircraft operability in a wide range of working scenarios has propelled the demand. Moreover, producers in this market are putting a lot of effort into creating sophisticated composite materials procedures to lower CO2 emissions and boost engine fuel economy. These factors are driving the market growth.
Raising safety concerns
Internal deterioration of the composite materials used in aircraft engines is concealed by the outside composite material, posing safety issues. Moreover, the inability to break aero-engine composite materials is one of their main drawbacks. In the meantime, the high replacement and capital investment costs of such products may restrain the market's expansion for composite materials used in aero engines.
Technological advancements
Advanced aviation engine composite material manufacturing techniques that improve engine fuel economy and lower CO2 emissions are a major priority for manufacturers of aero engine composite materials. The development of the market for composite materials for aero engines is significantly fuelled by technological advancements in a range of composite mixes.
High cost associated with composite materials
Despite the widespread usage of composite materials in the aerospace sector, their development has been stymied by their high manufacturing costs. The cost of structural composites, according to critics, is higher than that of its alloy-built competitors. Moreover, difficulty in repairing composites compared to metallic structures is the factor expanding the growth of the market.
The COVID-19 pandemic outbreak and strict lockdown measures had a significant impact on the aviation sector, including a temporary suspension of flights and delays in the supply chain for aircraft and engines. Due to a lack of passenger demand, the majority of airlines have cancelled their aircraft orders, which will also have an impact on the market for aircraft engines. The lockdowns caused by COVID-19 also impacted the supply chains for composite material used in aero engines, which slowed down the production of backlog orders.
The carbon matrix composites segment is expected to be the largest during the forecast period
The carbon matrix composites segment is estimated to have a lucrative growth, due to highly advanced in nature and exhibit high hardness and strength without losing their superior heat treatment properties of ceramic and glass. They have exceptionally high melting points and do not require cooling systems, thus they are employed to manufacture lighter, less complex engine parts, which is boosting segment growth.
The carbon fibers segment is expected to have the highest CAGR during the forecast period
The carbon fibers segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing demand for lightweight fan blades made up of carbon fiber to boost the segment growth. Moreover, these modern-generation carbon fiber fan blades are now advanced, lightweight, and made of sustainable material. Thus, higher growth numbers are expected during the forecast period.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to it is encouraging the need for new aircraft and modern-generation engines. Improving the economy and rising defence expenditure of emerging countries boost the market growth. In addition to the rising military budget, a surge in demand for new aircraft is expected to fuel the growth of the market.
North America is projected to have the highest CAGR over the forecast period, owing to the presence of a large number of players and the presence of aircraft manufacturers and engine component manufacturers. In addition, increasing defence investment in the procurement of combat aircraft, military helicopters, single-engine aircraft, and rescue helicopters is expected to drive the market in the region.
Some of the key players profiled in the Aero Engine Composite Material Market include Hexcel Corporation, Rolls Royce Holdings Plc, Comtek Advanaced Structures Ltd, GE Aviation, Albany International, DuPont de Nemours, Inc., Meggitt Plc, Siemens AG, Nexcelle LLC, Alcoa Corporation, Issoire Aviation, Safran Aircraft Engines, IHI Corporation, Triumph Group and General Electric.
In July 2022, Hexcel Corporation joined hands with Spirit AeroSystems at its Aerospace Innovation Centre (AIC) to develop more sustainable aircraft manufacturing technologies for future aircraft production.
In February 2022, Albany Engineered Composites (AEC) was selected by Sikorsky Aircraft to produce the complete CH-53K Aft Transition assembly in a competitively bid 10-year long-term agreement. This long term agreement is already underway to support the schedule, and the contract is expected to be finalized in the first quarter of 2022, with the first deliveries in 2023.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.