Aerospace Composites Market

Aerospace Composites Market Trends Analysis By Fibre (Carbon Fibre, Ceramic Fibre, Glass Fibre Aerospace Composites), By Matrix (Polymer, Ceramic, Metal Matrix), By Application, By Manufacturing Process, By Aircraft & By Region - Global Insights to 2031

Analysis of Aerospace Composites market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Market Summary
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Market Outlook for Aerospace Composites

Aerospace Composites Industry analysis shows that the global market was valued at US$ 32 Bn in 2020, and is projected to top US$ 56 Bn by 2031, expanding at an impressive CAGR of 9% across forecast period as per Fact.MR's report. Sales of carbon fiber composites are projected to reach a valuation of around US$ 22 Bn, increasing at a CAGR of 9% through 2031, with that for glass composites surging at 8%.

Key Points Covered in Aerospace Composites Industry Survey:

Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Market Share Analysis
Assessment by Product Grade / Purity / Formulation Standards
Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
Leading Export - Import Destinations for Aerospace Composites
COVID-19 Impact on Sales of Aerospace Composites and How to Navigate
Recommendation on Key Winning Strategies

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Consumption Analysis of Aerospace Composites from 2016 to 2020 Vs Demand Outlook for 2021 to 2031

As per Fact.MR - a market research and competitive intelligence provider, the global market for aerospace composites valued at around US$ 32 Bn in 2020, and is expected to surge at a CAGR of 9% across the forecast period through 2031.

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

Composite materials are used for different purposes in the aircraft industry. The benefit of composites is that they can sustain their identities and do not join completely with each other. On mixing, these materials create a hybrid material that has better structural properties, which can be used for aerospace components.

The aerospace industry has broadly adopted carbon fiber composites for various applications such as fuselage, floorboards, engine nacelles, fan casings, and interior parts. Evolution in the manufacturing technology of carbon fiber composite parts is also driving their use in aerospace applications.

Composite materials are also used extensively as sandwich structures in interior and exterior applications in the aerospace industry.

The low weight and high tensile strength of composites increase fuel efficiency, reduce maintenance costs, and allow OEMs (original equipment manufacturers) to comply with stringent environmental regulations in Europe and North America. Newer, advanced aircraft such as Airbus A350 XWB and Boing Dreamliner 787 consist of 50% weight of airframe made with composite materials.

It is owing to these factors that demand for aerospace composites is on the rise and is expected to surge further over the coming years.

What are the Key Opportunities on Offer for Aerospace Composite Manufactures?

Factors such as growing air passengers, rise in tourism, emergence of low-cost carriers, and growing need for aircraft fuel efficiency are expected to propel market demand for aerospace composites.

Manufacturers are heavily investing in research & development to innovate light-weight and cost-effective composites with high strength-to-weight ratio and excellent impact strength for the aerospace sector.

Increasing space and research activities have boosted the use of aerospace composites in making fuel tanks and the structural body of space-launching vehicles.

Composites find applications in spaceflight vehicles, satellites, and payloads, and the launch of vehicles that are used to get these to space. Solid rocket motors and pressure vessels for fuel and gas storage are typically reinforced with composites due to their superior strength and ability to withstand extreme temperature.

Huge expenditure by governments and continuous enhancements by aerospace composite manufacturers such as Toray Industries, Ltd. and Payload Aerospace S.L. are boosting the use of aerospace composites for the manufacturing of space craft.

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What are the Restraints being Encountered by Aerospace Composite Providers?

The aerospace composites industry is capital-intensive. Owing to the current pandemic, largest end users of aerospace composite materials such as commercial & business aircraft manufacturers, rotary aircraft manufacturers, and helicopter manufacturers have been witnessing slow progress. Some OEMs have low liquidity with minimal operating cash flows.

Furthermore, massive drop in market capitalization has led to industry consolidation. Without revenue, OEMs and their suppliers are expected to face a liquidity crunch soon. The biggest challenge for the aerospace industry would be to ensure undisrupted financial flow to avoid the liquidity crunch.

Although composite materials are widely used in the aerospace industry, high manufacturing cost for their production has hampered the growth of the market. Difficulty in repairing composites compared to metallic structures is also restraining the growth of market.

In addition, carbon fibre-reinforced composites are non-biodegradable and do not decompose in landfills. Recycling carbon fiber composites is very difficult and requires a lot of energy. Thus, long-lasting composite scraps badly impact the environment and act as a restraint for the growth of market.

Which Region Offers the Largest Opportunity for Aerospace Composite Suppliers?

North America holds over 40% revenue share for aerospace composites owing to the presence of a mature aerospace industry in the region. Factors such as significant R&D investments, high air travel frequency, cheaper air travel rates, and presence of major aerospace companies such as Boeing and Lockheed Martin boost market revenue in the region.

In Europe, the market for aerospace composites is expected to rise at a CAGR of 7% across forecast period. This high demand can be attributable to the presence of big aerospace and defence companies in the region. Countries such as France, Germany, and the UK are major aircraft component manufacturers.

aerospace composites market by FactMR

Country-wise Analysis

Why is the U.S. Expected to Drive Most Demand for Aerospace Composites?

In the U.S., aerospace composites revenue was estimated at around US$ 9 Bn in 2020. Demand is expected to surge further across the forecast period.

Increasing demand for aerospace composites from commercial aircraft coupled with rising defence activities has been driving the market in the country. Increasing investments in R&D and rising air travel will further nudge growth of aerospace composites revenue.

What are the Growth Opportunities for Aerospace Composite Suppliers across China?

In China, revenue from aerospace composites is expected to top US$ 10 Bn by 2031, expanding at a CAGR of 8%.

China has shown significant growth in the aerospace composites market, owing to their use in the manufacturing of aircraft. Boeing forecasted that China's carriers will need 8,090 new planes through 2038, further raising demand for aerospace composites.

Increase in the number of aircraft will boost demand for aerospace composites, and the industry will enter a new phase of development over the coming years.

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Category-wise Analysis

Why is Demand for Carbon Fiber Aerospace Composites High?

Carbon fibre composites account for 40% market share, mainly attributed to its high tensile strength, excellent stiffness, low weight, high chemical resistance, and low thermal expansion.

Carbon fibre composites are prominently used in the manufacturing of fuselages, wings & winglets, and vertical & horizontal stabilizers. These factors make carbon fibre composites the most demanded across regions.

Why Do Commercial Aircraft Hold the Largest Market Share for Aerospace Composites among End Uses?

Commercial aircraft dominated global aerospace composites revenue due to high demand from commercial aircraft manufacturers such as Airbus and Boing.

Commercial aircraft use composite materials in large quantities. Lightweight property combined with high tensile strength of the aramid honeycomb core increases fuel efficiency, reduces maintenance costs, and allows OEMs to comply with the stringent environmental regulations, especially those stipulated in Europe and North America.

These factors will further increase demand for aerospace composites from commercial aircraft manufacturers over the coming years.

Why Does Exterior Application of Aerospace Composites Accounts for Major Share in Terms of Value?

Owing to their superior attributes, such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, aerospace composites are mainly used in exterior applications.

Aerospace composites such as carbon fibre composites are used to make airframe structures such as landing gear, leading and trailing edges, engine nacelles, undercarriage components, fuselages, and wings. Besides this, aerospace composites are also used in engine components and propulsion systems of aircraft.

Competitive Landscape

Major players in the market are focused on adopting merger and acquisition (M&A) strategies to expand their product portfolios. Major companies are involved in adopting various inorganic and organic strategies to increase their foothold in the industry. Key manufacturers are also investing in research & development to innovate lightweight and cost-effective composites for the aerospace sector.

Some of the key developments are

In December 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials address the need to reduce costs and CO2 emissions, and improve the production process and fuel efficiency of next-generation commercial aircraft.
In January 2019, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aircraft business.
In February 2019, Teijin Limited acquired Renegade Materials Corporation, a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America. This helped the company solidify its position as a leading provider of solutions for aerospace applications.