Market Research Report
Aeroengine Composites Global Market Report 2022
|Aeroengine Composites Global Market Report 2022|
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
“Aeroengine Composites Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global aeroengine composites market.
This report focuses on aeroengine composites market which is experiencing strong growth. The report gives a guide to the aeroengine composites market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the aeroengine composites? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Aeroengine Composites market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider aeroengine composites market, and compares it with other markets.
Major players in the aeroengine composites market are: Solvay SA, Meggitt PLC, Hexcel Corporation, Albany Engineered Composites Inc, FACC AG, General Dynamics Corporation, E.I. DuPont de Nemours, LMI Aerospace, BASF SE, Pratt & Whitney, Godrej Group, Triumph Group Inc, and ZOLTEK Corporation.
The global aeroengine composites market is expected to grow from $1.61 billion in 2021 to $1.83 billion in 2022 at a compound annual growth rate (CAGR) of 14.10%. The aeroengine composites market is expected to reach $3.08 billion in 2026 at a CAGR of 13.85%.
The aero-engine composites market consists of sales of aero-engine composites by entities (organizations, sole traders, and partnerships) that refer to materials made up of two or more constituent parts used in the manufacture of various aerospace engines. Aeroengine composites help in reducing the overall weight of the aircraft and increase fuel efficiency. They offer high strength, thermal stability, and impact resistance. The aero-engine composites are easy to assemble and are resistant to fatigue or corrosion.
The main types of aeroengine composites includes polymer matrix composites, ceramic matrix composites, and metal matrix composites. The polymer matrix composites include various types of organic polymers that form the continuous phase with reinforced fibers. The continuous phase matrix serves as a platform for distributing the fibers evenly across the structure. The components manufactured through composites includes fan blades, fan case, guide vanes, shrouds, and other components. The applications of aeroengine composites includes commercial aircraft, military aircraft and general aviation aircraft.
North America was the largest region in the aeroengine composites market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aeroengine composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The constant demand for low-fuel engines is expected to propel the growth of the aero-engine composites market. The aircraft engines with low fuel consumption will not only reduce carbon dioxide emissions but also reduce the operational costs of airline companies. The growing demand for oil across the globe and dwindling reserves are responsible for the increase in oil prices which triggers the need for fuel-efficient engines. Using less fuel through improved fuel efficiency helps in saving a considerable amount of money for the airlines. The use of aero-engine composites will reduce the overall weight of the aircraft and improve its fuel efficiency. For instance, The International Air Transport Association (IATA), a trade association that supports the aviation industry across the globe for airline security, safety, sustainability, and efficiency, adopted a set of ambitious targets to reduce 50% carbon dioxide emissions in net aviation by 2050. Therefore, the demand for low-fuel engines is driving the growth of the aero-engine composites market.
Technological advancement is a key trend gaining popularity in the aero-engine composites market. The aero-engine composites manufacturers are increasingly focusing on adopting advanced technologies to manufacture the aero-engine composites that enable high fuel efficiency in the engines and reduce CO2 emissions. For instance, in June 2021, GE Aviation, a US-based manufacturer of aircraft engines, and Safran S.A., a France-based manufacturer of aircraft engines, launched a bold technology development program that aims at increasing the fuel efficiency by more than 20% compared to today's engines. The CFM RISE (Revolutionary Innovation for Sustainable Engines) program focuses on delivering new and disruptive technologies for the future engines that are expected to enter service by the mid-2030s. Though there is no specific mention of composites has been made, the comprehensive technology roadmap includes composite fan blades, heat-resistant metal alloys, and ceramic matrix composites (CMC), which suggests that composites will be critical to the engines that are developed.
In July 2019, ITT Inc, a US-based manufacturer of highly engineered critical components, acquired Matrix Composites Inc for $29 million. With this acquisition, ITT Inc enhances its product portfolio and aims to offer a broader set of capabilities to aerospace customers in the composites space. Matrix Composites Inc is a US-based specialty manufacturer of precision composite components for next-generation, high-growth aircraft, and aircraft engine platforms.
The countries covered in the aeroengine composites market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.