Aerospace Composites Market

The market for aerospace composites was valued at USD 21.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.7% between 2023 and 2032, reaching approximately USD 67.5 billion.

The global aerospace composites market growth is surged by increasing the demand for composites of carbon fiber in an aerospace application, growth in the use of composites in the military aviation and growth in commercial aircraft fleet across the world. Global aerospace composites market growth can be accredited to growth in replacing the traditional aircraft materials with superior performance and light-weight aerospace composites in commercial aircraft. Moreover, increase in the variations in the crude oil prices and rise in the efforts of the government for decreasing the emissions of carbon dioxide is nurturing the growth in the aircraft, will encourage the global aerospace composites market growth over the forecast period.

Aerospace composites market is anticipated to experience the substantial growth on the basis of the rise in the production of the aircraft is flourishing the aviation industry. Aerospace sector participates in the aerospace composites market because of increase in the usage of less weighted materials for the exterior and interior parts. Growth in the air traffic related to the cost-effective carriers in the developing economies of Latin America and the Asia Pacific to simplify the air travel are anticipated to be the main factor for the aviation industry, results in the growth of aerospace composites market. In addition, change in the standard of living related to the aerospace industry in the Middle East results in increasing the demand for cost-effective air travel which is projected to impact positively aerospace composites market growth during the forecast period.

Expensive composites of carbon fiber are the factor that might hamper the growth of aerospace composites market, used in the aerospace industry in large amount. In addition, the use of aerospace composites on the basis of utilizing the carbon fibers in military aircraft is increasing the aerospace composites market. Insufficiently trained individuals might show the risk for the growth of aerospace composites market.

Growth in the demand for the less weighted materials in the manufacturing of aircraft is the main factor for the growth of the global aerospace composites market. Value for the probabilities of increasing the emission of carbon and better efficiency of fuel will force the manufacturers of aircraft to opt for the developed composite materials. Because of these factors, the aerospace composites market is expected to show the vigorous growth over the forecast period. In the military sector, utilization of composite materials will increase the loiter time and mission duration for aircraft.

Global aerospace composites market is segmented into resin type, fiber type, manufacturing process, application, aircraft type and region. On the basis of resin type, aerospace composites market is divided into phenolic, polyimides, epoxy, polyester, ceramic, thermoplastics, metal matrix and more. Based on fiber type, aerospace composites market is divided into glass fiber composites, ceramic fiber composites, carbon fiber composites and more. On considering the manufacturing process, aerospace composites market is divided into filament winding, layup, VARTM/ RTM, ATL/ AFP and more. By application, aerospace composites market is divided into exterior and interior. On the basis of aircraft type, the market is divided into business aviation, commercial aviation, military helicopters & aircraft, civil helicopters and more.

Geographically, regions involved in increasing the global aerospace composites market share are Europe, North America, South America, Asia Pacific, and Middle East & Africa. Regions of Asia Pacific like India and China are rapidly growing and is anticipated to increase the aerospace composites market in the coming years. North America holds the largest aerospace composites market share.

Key players involved in the development of global aerospace composites market share are Teijin, Hexcel Corp, and Solvay Group.

Aerospace Composites Market  Scope

Key segments of the global Aerospace Composites market

by Types (USD Billion)
                    •    Dominant Aircraft
                    •    Commercial Aircraft
Regional Overview, (USD Billion)
        •    North America
                o    U.S.
                o    Canada
                o    Mexico
        •    Europe
                o    UK
                o    Italy
                o    France
                o    Germany
                o    Russia
                o    Rest of Europe
        •    Asia-Pacific
                o    China
                o    Japan
                o    Korea
                o    India
                o    Southeast Asia
                o    Rest of Asia-Pacific
        •    Middle East & Africa
                o    Saudi Arabia
                o    UAE
                o    Egypt
                o    Nigeria
                o    South Africa
                o    Rest of Middle East & Africa
        •    Central & South America
                o    Brazil
                o    Argentina
                o    Colombia
                o    Rest of South America