Aerospace Composites Market worth $52.1 billion by 2029 - Exclusive Report by MarketsandMarketstm

CHICAGO, May 7, 2024 /PRNewswire/ -- The report "Aerospace Composites Market by Fiber Type (Glass Fiber, Carbon Fiber, Ceramic Fiber), Matrix Type (Polymer Matrix Composite, Metal Matrix Composite, Ceramic Matrix Composite), Manufacturing Process, Aircraft Type, Applications & Region - Forecast to 2029", is estimated at USD 29.1 billion in 2024 and is projected to reach USD 52.1 billion by 2029, at a CAGR of 12.3% from 2024 to 2029.

The growth of the aerospace composites market is propelled by a range of factors, including the pursuit of fuel efficiency through reduced aircraft weight, enhanced performance via superior strength-to-weight ratios, and decreased maintenance needs due to resistance to environmental degradation. Regulatory pressures for lower emissions and advancements in material science and manufacturing technology further drive the adoption of composites. The flexibility in design that composites offer facilitates aerodynamically superior aircraft structures, catering to rising global air traffic and robust military demands. Additionally, the industry's shift towards sustainability, seeking materials that not only perform efficiently but also have a reduced environmental impact throughout their lifecycle, significantly influences the expansion of composite applications in aerospace.

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Glass fiber type segment is expected to grow with third highest CAGR in aerospace composites market during the forecasted period.

The aerospace composites market is segmented based on the fiber types into glass fiber, carbon fiber, ceramic fiber and others. Glass fiber composites is significant segment of the aerospace composites market, with a growing demand due to their superior physical properties and higher stiffness-to-density ratio. Glass fiber composites are used in a variety of aerospace applications, including commercial and military aircraft, rotorcraft. cost-effectiveness, desirable mechanical properties, and lightweight nature, making glass fiber a valuable material for various aerospace components. Glass fiber composites offer a cheaper alternative to carbon fiber without compromising much on strength, durability, and weight reduction, which are crucial for enhancing fuel efficiency and meeting environmental sustainability goals. These factors are expected to boost growth of glass fiber composites in aerospace composites.

Ceramic matrix segment to be the fastest-growing segment in the global aerospace composites market in terms of value

The ceramic matrix segment is projected to register the highest CAGR, in terms of value, during a forecast period. The adoption of ceramic matrix composites is driven by the increasing demand for more efficient, high-performing aircraft and the ongoing pursuit of advancements in aerospace technology that meet stringent environmental and performance regulations. As such, ceramic matrix composites are becoming increasingly integral to the design and manufacture of next-generation aerospace components, pushing the boundaries of what's possible in high-temperature and high-stress applications in the aerospace sector.

Resin transfer molding manufacturing process is expected to have second largest share during forecasting period, both in terms of value and volume during the forecast period

Resin transfer molding manufacturing process is expected to have second largest share during forecasting period of the global aerospace composites market. The key advantage of resin transfer molding in aerospace applications is its ability to produce complex molded parts with high fiber volumes and consistent quality. The process allows for precise control over fiber placement and the resin content, leading to parts that are strong, lightweight, and have excellent surface finish on both sides. This level of control and quality is crucial for aerospace components which must withstand extreme operational conditions while maintaining structural integrity. Resin Transfer Molding has become a preferred method in the aerospace composites market due to its ability to produce structurally complex and reliable components that meet the stringent demands of the aerospace industry.

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Military aircraft to be the third fastest-growing aircraft type segment in the global aerospace composites market in terms of value and volume

aerospace composites in the military aircraft segment gained significant attention driven by the demand for aircraft that are lighter, more durable, and capable of higher performance under extreme conditions. Composites, including carbon fiber and ceramic matrix composites, offer critical advantages such as reduced weight, which enhances fuel efficiency and flight range, and improved strength and heat resistance, essential for modern high-speed military aircraft. These materials also provide reduced radar signatures, which is crucial for stealth capabilities. The ongoing technological advancements in composite materials and manufacturing processes, such as automated lay-up and resin transfer molding, further bolster their adoption. Additionally, the growing focus on modernizing and expanding military fleets worldwide presents substantial opportunities for the increased use of composites in developing new aircraft and upgrading existing ones, aligning with global defense strategies and operational requirements.

Asia Pacific region is expected to register third highest CAGR both in terms of value and volume during forecasted period

The aerospace composites market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

The Asia Pacific aerospace composites market is experiencing explosive growth, fueled by a potent mix of factors. Soaring demand from industries like aerospace is at the forefront, with China leading the charge. China, the world's one of the largest aerospace composites producer and consumer, is driving the market with its booming domestic aircraft production. This insatiable demand for lightweight and fuel-efficient materials is propelling the region's aerospace composites market to new heights. Countries like Japan and South Korea, with their established aerospace and defence industries, are also contributing significantly to the regional market growth. Their focus on technological advancements and sustainability goals aligns perfectly with the advantages of aerospace composites, ensuring continued demand in the years to come.

Key players

Prominent companies include Solvay (Belgium), Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Hexcel Corporation (US), Teijin Limited (Japan), SGL Carbon (Germany), Spirit AeroSystems (US), Materion Corporation (US), Lee Aerospace (US), General Dynamics Corporation (US), Absolute Composites (India), FDC Composites Inc. (Canada), Avior Produits Intégrés Inc. (Canada), Collins Aerospace (US), Aernnova Aerospace S.A (Spain) among others.

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