Aerospace Composite Demand Returns on Track with 9% CAGR Projected for Next Ten Years
Every Fifth Aircraft Manufacturer is Financially Stressed, Leading to a Cascading Effect on Composite Demand in Short Term
The aerospace composites market study, Fact.MR studies the factors enabling growth. The survey also offers insights into opportunities existing in key segments, including application, aircraft type, and fiber type
Aug 04, 2021, 10:30 ET
NEW YORK, Aug. 4, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: As per Fact.MR, the demand for aerospace composites is set to rise at an impressive CAGR of 9% during the assessment period of 2021 and 2031. The market will top the valuation of US$ 56 Bn by 2031-end.
Sales of aerospace composites will continue surging. As per the study, the demand for carbon fiber aerospace composites will remain especially high. Properties such as high tensile strength, excellent stiffness, lightweight, low thermal expansion, and high chemical resistance are the primary attributes contributing to the rising demand for carbon fibers.
Increasing production of commercial aircrafts due to its reduced maintenance costs and light weight property will also fuel the demand. Carbon fiber composite are mainly used in the manufacturing of the wings & winglets, fuselages of these aircrafts.
Industry giants such as Airbus and Boing are increasing the manufacturing of commercial aircrafts, which is fueling the demand for carbon fiber aerospace composites. This, in turn, will bolster the growth over the coming years.
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During the FQ-20, disruption in supply-chain caused by the outbreak of COVID-19 reduced production capacity and impacted the market negatively. However, favorable government initiatives and funding provided a much needed impetus to the demand.
Spurred by increasing research and development activities focusing on the discovery of lightweight composites materials, the market reached the valuation of US$ 32 Bn in 2020, estimates Fact.MR.
Coupled with this, consistently rising investment in space and research activities and application in the manufacturing of fuel tanks and structural bodies of space launching vehicles will create opportunities for growth over the assessment period.
"Rising demand for lightweight aerospace composites materials have been creating opportunities for sales of carbon fiber composites. Their use in the manufacturing of fuselages, vertical & horizontal stabilizer, and wings & winglets, will tie their sales outlook to the expansion of commercial aircraft production," says a Fact.MR analyst.
Key Takeaways from Aerospace Composites Market Survey
- Carbon fiber composites will account for over 40% of global market share backed by their high tensile strength, lightweight, and high chemical resistance properties.
- Commercial aircraft is expected to hold the leading share in aerospace composites market
- Sales of aerospace composites in the U.S. will register billion-dollar opportunity owing to the rising demand from commercial aircrafts within defense sector
- Demand for aerospace composites across China is set to rise at over 8% CAGR through 2031
- Favorable government packages and initiatives aimed at expansion of the aerospace industry and reduce the losses incurred due to COVID-19 will provide impetus to the market
- Continuously rising demand for carbon fiber from the aerospace industry will drive the growth
- Increasing demand for and the development of fuel-efficient aircrafts will provide growth opportunities for aerospace composites market.
- Drop in the production and supply of commercial aircrafts is likely to hamper the growth
- Disruption in the supply-demand chain due to outbreak of COVID-19 and reduced production capacity utilization is likely to be the major restraint for market growth
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Leading players are relying on a slew of expansion strategies to maintain their global foothold. Adoption of inorganic strategies such as mergers and acquisition is also on the cards to expand their product portfolio.
Fact.MR reveals, Cytec Industries, Hexcel, Owens Corning, Solvay, Kaneka Corporation, and Argosy International are the top players of aerospace composites market. Key manufacturers are also investing extensively in research & development activities to develop cost-effective and lightweight composites.
In July 2021, Markforged, creator of the integrated metal and carbon fibre additive manufacturing platform, announced the launch of two composites materials, 'Onyx ™ FR-A and Carbon Fibre FR-A', aerospace-ready versions of its Onyx™ FR and Carbon Fibre FR materials. This launch is to support aerospace, defence, and other manufacturers in highly-regulated industries.
In December 2020, Composites One announced its collaboration with 3M Aerospace, to provide service to the aerospace industry by expanding its product portfolio and merging with 3M's OEM specified film adhesives, primers, and surface protection products.
Some of the leading players operating in the aerospace composites market profiled by Fact.MR are:
- Toray Industries, Inc.
- Mitsubishi Chemical Holdings
- Hexcel Corporation
- Teijin Limited
- SGL Group
- Spirit AeroSystems.
More Valuable Insights on Aerospace Composites Market
Fact.MR, in its new report, offers incisive coverage on the global aerospace composites market, analyzing forecast statistics during the period 2021 and 2031. The survey reveals growth projections on in aerospace composites market with detailed segmentation:
- Carbon Fibre Aerospace Composites
- Ceramic Fibre Aerospace Composites
- Glass Fibre Aerospace Composites
- Polymer Matrix
- Ceramic Matrix
- Metal Matrix
- Aerospace Composites for Interiors
- Aerospace Composites for Exteriors
By Manufacturing Process:
- AFP (Automated Fibre Placement)/ATL (Automated Tape Layup)
- Resin Transfer Moulding
- Filament Winding
- Aerospace Composites for Commercial Aircraft
- Aerospace Composites for Business & General Aviation
- Aerospace Composites for Civil Helicopters
- Aerospace Composites for Military Aircraft
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Aerospace Composites Market Report
- The report offers detailed insights into aerospace composites demand outlook for 2021-2031
- The market study also highlights projected sales growth for aerospace composites market between 2021 and 2031
- Aerospace composites market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Aerospace composites market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Aerospace Plastic Market- The demand for expanding commercial aircraft fleets is fueled by the growth of air travel in developing countries such as India and Indonesia. This raises the demand for aerospace plastic components in the manufacturing process. High-performance polymers are used in modern aircraft to improve fuel efficiency and safety and security. The adoption of modern air traffic management systems has increased the demand for high-speed data transmission, which has increased the demand for satellite and aerospace plastic construction and insulation applications. The introduction of in-flight entertainment also helps the aerospace plastic industry flourish.
Reinforced Carbon-Carbon Composite Market- The automotive sector has taken the majority of the reinforced carbon-carbon-composite market in the last half-decade due to their offering of a light body in weight to the entire automotive produced. In the automotive industry, properties like flexural resistance and high mechanical strength favor reinforced carbon-carbon composites over CF and CFRP. The automotive industry accounts for the majority of demand for Reinforced Carbon-Carbon Composites. The expansion of the reinforced carbon-carbon composite market could be compared to the growth of the automotive sector.
Aerospace Coatings Market- Demand for aerospace coatings has been strong, owing to the increased use of substrates across aircraft bodies to improve durability and endurance while employing the least amount of material possible. The demand for high-quality aerospace coatings is increasing as fleet sizes grow, ensuring longer lifespans by improving the durability of aircraft bodies to avoid corrosion, UV radiation, and abrasion caused by frequent use. In the Asian region, the short-haul market is expected to develop the most.
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