Aerospace Composites Market

Aerospace Composites Market Analysis by Carbon Fibre, Ceramic Fibre, and Glass Fibre Aerospace Composites from 2023 to 2033

Analysis of Aerospace Composites Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Aerospace Composites Market Growth Outlook for 2023 to 2033

The global aerospace composites were valued at US$ 38.0 billion in 2022 and the market further projects a growth rate of 9.0% to reach a valuation of US$ 98.1 billion by 2033 end.

Composite materials are composed of stiff fibers in a rigid resin matrix. Composites are man-made materials produced by combining materials with complementary properties that provide high stiffness, strength, toughness, and possess low density.

Report Attributes

Details

Aerospace Composites Size (2022A)

US$ 38.0 Billion

Estimated Market Value (2023E)

US$ 41.4 Billion

Forecasted Market Value (2033F)

US$ 98.1 Billion

Global Market Growth Rate (2023–2033)

9.0% CAGR

North America Market Share (2023)

27.1%

North America Growth Rate (2023–2033)

8.3% CAGR

U.S. Growth Rate (2023–2033)

9.6% CAGR

Market Share of Top 5 Companies

40.4%

Key Companies Profiled

  • Albany Engineering Composites
  • BASF SE
  • Hexcel Corporation
  • Mitsubishi Chemical Holdings
  • SGL Group Spirit
  • Solvay

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Global Aerospace Composites Historical Outlook (2018–2022) vs. Forecast Outlook (2023–2033)

Earlier, the use of composites was limited to secondary structures, however, with the improved material development, the usage of these composite materials has extensively increased in the primary structure such as wings and fuselages. Additionally, the government regulation to reduce the weight of aircraft so as to optimize the fuel efficiency of aircraft has gained attraction from leading composite manufacturers.

In the historic time frame, the percentage by structural weight of composites used in aircraft was very small around 3%-5%, whereas with technological upgradation & product improvement, the percentage has increased up to 19%-20%.

High demand for composite materials from the aerospace industry and the rising need for fuel-efficient aircraft are some of the major factors propelling the growth of the market.

  • Short Term (2023–2026): The demand for military aircraft has increased significantly due to geopolitical instability across the globe and rising demand for fuel-efficient aircraft is driving the market.
  • Medium Term (2026–2029): With the expansion of tourism sector, the frequency of passengers onboarding has increased drastically. Additionally, post-pandemic, there has been a sudden surge in the people visiting remote locations & experiencing world travel to increase the demand for passenger aircraft during the projection period.
  • Long Term (2029–2033): With increasing space and research activities, these composites find application in satellites, space vehicles, and other equipment used for space study. The huge investment supported by the government for space study is expected to create lucrative opportunities for aerospace composites manufacturers.

Over the years 2018 - 2022, global aerospace composites grew by 6.5% and are anticipated to grow by 9.0% between 2023 and 2033, according to the Fact.MR analysis

Factors Supporting the Growth of Aerospace Composites

“Increasing Emphasis on Improving Aircraft Performance Escalates Aerospace Composites Demand”

As a result of growing fuel expenses, commercial aircraft manufacturers are trying to enhance the performance of airplanes. Weight reduction has a substantial effect on aircraft performance. Composite materials are used in aerospace as they are lightweight, strong, long-lasting, and electrically non-conductive.

Composite materials perform better in aircraft applications than traditional materials like steel and aluminum. Composites are built with ease of dimensional stability, corrosion, or fracture development owing to their excellent physical features.

Aerospace composites can be molded into more intricate patterns than their metallic equivalents. As a result, fewer joints, fasteners, and components are needed to construct a particular component. As a result, it is anticipated that a greater focus on improving aircraft performance to spur the growth of the composites market in the aerospace industry.

“Growth in the Commercial Aviation Industry”

Many commercial aircraft manufacturing firms use sophisticated and cutting-edge materials extensively to enhance the performance of their products. The wings of an airplane can be built more lightweight by using carbon nanotubes and graphene. As a result, the overall weight and fuel consumption of the aircraft are decreased.

The primary aspects of transit are accessibility, interconnectedness, efficiency, and speed. Due to an increase in domestic and foreign tourism, the commercial aviation sector is generating more revenue. The growth in air travel has led to a rise in passenger and cargo aircraft production. Accordingly, it is anticipated that this will hasten the aircraft composites industry's expansion in the near future.

“Factors Affecting Aerospace Composites Market Growth”

The aircraft manufacturing business is a capital-intensive business. The high cost of aerospace composites is a significant factor restraining market growth. The cost of raw materials, manufacturing, and processing are all higher compared to traditional materials, which makes them less affordable for some companies. Several OEM's have poor liquidity and constrained operating cash flows.

Industrial consolidation has resulted in a sharp decline in market capitalization. Manufacturers and their suppliers are anticipated to have a liquidity crisis soon without revenue. In order to prevent a liquidity crunch, maintaining uninterrupted cash flow will be the aerospace industry's major problem.

The market's expansion is also being constrained by the difficulty of mending composites in comparison to metallic constructions. Moreover, composites reinforced with carbon fiber are not biodegradable and do not break down in landfills. Carbon fiber composite recycling is very time- and energy-consuming. Long-lasting composite scraps have a negative influence on the environment and are a market growth inhibitor.

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Country-wise Insights

What is the Market Scenario for Aerospace Composites in the U.S.?

Revenue from aerospace composites was projected to reach US$ 9.5 billion in the United States in 2023. Over the projected period, the demand is anticipated to increase by 9.2%.

The United States is home to the prominent aerospace industry across the globe, with predominant players like Boeing, Lockheed Martin, and Northrop Grumman. This industry is a significant consumer of aerospace composites, which drives the demand for these materials.

Further, the US government provides significant support for the aerospace industry, including funding for R&D and tax incentives for aerospace manufacturers. This support helps to drive innovation and growth in the aerospace composites market.

What are the Growth Opportunities for Suppliers of Aircraft Composites in China?

China's aerospace composites industry has grown significantly as a result of the use of these materials in the manufacture of airplanes. According to Boeing, China's airlines would need 8,090 new aircraft by 2038, significantly raising the need for aerospace composites. Demand for aerospace composites will rise as the number of aircraft rises, and the sector will move into a new stage of growth over the upcoming year.

It is anticipated that China would surpass US$ 10.8 billion in aerospace composites revenue, growing at a CAGR of 8% by 2033.

Category-wise Insights

Why are Carbon Fiber Aerospace Composites in High Demand?

Carbon fiber composites hold a 40% market share due to their high tensile strength, outstanding rigidity, lightweight, great chemical resistance, and minimal thermal expansion. The usage of carbon fiber composites in airplanes reduces the weight by 20% when compared to aluminum airplanes. Lower weight improves fuel efficiency thus reducing the overall operating cost of the airplane.

Carbon fiber composites are prominently used in the manufacturing of fuselages, wings & winglets, and vertical & horizontal stabilizers. Due to the aforementioned factors, carbon fiber composites are in high demand worldwide.

Why Do Exterior Aerospace Composite Applications Rule the Market?

Aerospace composites are renowned for their high strength-to-weight ratio, making them ideal for applications that require both strength and lightness. This property is particularly important in exterior aerospace applications, where reducing weight can help to improve fuel efficiency and overall performance.

Further, aerospace composites are highly resistant to corrosion, which makes them ideal for exterior applications where they are exposed to harsh environmental conditions, such as saltwater and extreme temperatures.

Know thy Competitors

Competitive landscape highlights only certain players
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Competitive Landscape

Key players in the aerospace composites market are Albany Engineering Composites, BASF SE, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Group Spirit, Solvay, Teijin Limited, and Toray Industries, Inc.

Manufacturers are significantly funding research and development to create lightweight, affordable composites with outstanding performance, good impact strength, and strength-to-weight ratio for the aerospace industry. The use of aerospace composites in fuel tanks and the structural body of space-launching vehicles has increased due to rising space and research activities.

The usage of aerospace composites for spacecraft construction is growing due to significant government investment and ongoing improvements made by companies like Toray Industries, Ltd. and Payload Aerospace S.L.

For instance :

  • In August 2022, Solvay joined hands with Wichita State University’s National Institute for Aviation Research (NIAR) and opened a manufacturing innovation center. This innovation center will be a testing station to explore the advantages of new composite materials forms and manufacturing technologies that will lead to the development of lighter, safer, and sustainable aircraft.

Fact.MR has provided detailed information about the price points of key manufacturers of aerospace composites positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Aerospace Composites Industry Research

  • By Fiber :

    • Carbon Fiber
    • Ceramic Fiber
    • Glass Fiber
  • By Matrix :

    • Polymer Matrix
    • Ceramic Matrix
    • Metal Matrix
  • By Application :

    • Interiors
    • Exteriors
  • By Manufacturing Process :

    • AFP (Automated Fiber Placement)/ ATL (Automated Tape Layup)
    • Layup
    • Resin Transfer Molding
    • Filament Winding
  • By Aircraft Type :

    • Commercial Aircraft
    • Business & General Aviation
    • Civil Helicopters
    • Military Aircrafts
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

What Is the Global Aerospace Composites Size in 2022?

The global aerospace composites market holds a valuation of US$ 38.0 billion in 2022.

How Is the Market for Aerospace Composites Expected to Perform in the Future?

Worldwide aerospace composites are expected to grow at a CAGR of 9.0% by the forecast period.

How Has Been the Market Performing Over the Last Few Years?

During 2018-2022, aerospace composites experienced a growth rate of 6.5%.

Which Region Holds the Highest Share in Aerospace Composites Utilization in Global Market?

North America accounts for the maximum share of 27.1% of the global aerospace composites market.

Which Fiber Type Is Maximum Utilized in Aircraft Parts Manufacturing?

Carbon fiber consumption in aerospace composites accounts for 40.1% share of global sales.

Aerospace Composites Market