The global aerospace composites market size is projected to grow from USD 23.8 billion in 2020 to USD 41.4 billion by 2025, at a CAGR of 11.7% during the same period.
The aerospace composites offer exceptional properties, such as low weight, stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties, conventional materials, such as aluminum and steel, are less preferred in high-performance applications such as aircraft interiors and exteriors. However, the global pandemic disease COVID-19 has forced the aerospace component manufacturers to shut down their operations partially, which is expected to decrease the demand for aerospace composites in 2020.
The ceramic fiber composite segment of aerospace composites to be the fastest-growing segment in terms of value.
The aerospace composites in the ceramic fiber composite segment are expected to register faster growth. There is a high demand for ceramic fiber composites for making jet engines from commercial, military, civil, business, and general aviation aircraft. On account of the development of production facilities by major companies and increased investments in R&D, these fiber composites have a significant market share in Europe and North America.
Ceramic matrix composites to be the faster-growing matrix type, in terms of value.
Ceramic matrix composites are reinforced with discontinuous reinforcement, such as particles, whiskers or chopped, fibers, or with continuous fibers. The matrix is used to keep the reinforcing phase in the required orientation, which acts as a load transfer media, and protects the reinforcement from the environment. The ceramic matrix composites offer properties such as high damage tolerance, fracture toughness, and high temperature, wear, and corrosion resistance, which are driving the use of ceramic matrix composites in the aerospace composites market.
Owing to the COVID-19 pandemic, the new aircraft deliveries are expected to reduce in 2020, which will result in reduced less demand for ceramic matrix composites from gas turbine engines, nose caps, and exhaust nozzles applications. The demand is expected to recover after 2020.
The commercial aircraft segment to be the fastest-growing aircraft type, in terms of value, in the aerospace composites market.
The commercial aircraft segment is the fastest-growing aircraft type in terms of value, of the overall aerospace composites market in 2019. There is a high demand for carbon fiber composites in commercial airliners as they enable reduction of weight, increase fuel efficiency, reduce assembly time & maintenance, and improve performance. A large number of commercial airplane deliveries in the single-aisle, widebody, twin-aisle, and regional jet segments are expected to increase the demand for carbon fiber composites during the forecast period. Due to COVID-19, the travel restrictions are affecting negatively, which has resulted in fewer aircraft deliveries and expected to reduce composite demand in 2020.
APAC is projected to be the fastest-growing aerospace composites industry.
APAC is projected to be the fastest-growing aerospace composites market during the forecast period. The region comprises countries, such as Japan, China, and India, having significant potential owing to the presence of established raw material suppliers, product manufacturers, and increasing new aircraft deliveries in the region. There is a high demand for aerospace composites from the aerospace industry in the region. However, COVID-19 has negatively affected the aerospace industry in the APAC region. Japan, China, and Malaysia provides various components to aircraft manufacturers; the COVID-19 pandemic has resulted in less demand for the new aircraft, which is expected to reduce composite consumption in these countries in 2020.
The report provides a comprehensive analysis of company profiles listed below:
Toray Industries, Inc. (Japan)
Mitsubishi Chemical Holdings (Japan)
Hexcel Corporation (US)
Teijin Limited (Japan)
SGL Group (Germany)
Materion Corporation (US)
Owens Corning (US)
Spirit AeroSystems (US)
Lee Aerospace (US)
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Aerospace Composites Market 4.2 Aerospace Composites Market, by Fiber Type and Region, 2019 4.3 Aerospace Composites Market, by Matrix Type 4.4 Aerospace Composites Market, by Application 4.5 Aerospace Composites Market, by Manufacturing Process 4.6 Aerospace Composites Market, by Aircraft Type 4.7 Aerospace Composites Market, by Key Countries
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Government Stimulus Packages for the Aerospace Industry Amid the COVID-19 Crisis 188.8.131.52 High Demand for Composite Materials from the Aerospace Industry 184.108.40.206 Development of Fuel-Efficient Aircraft 5.2.2 Restraints 220.127.116.11 Decrease in the Number of Commercial Aircraft Deliveries 18.104.22.168 Disruption in the Supply Chain and Lower Production Capacity Utilization due to the COVID-19 Pandemic 5.2.3 Opportunities 22.214.171.124 Reduction in the Cost of Carbon Fiber 126.96.36.199 Development of Advanced Software Tools for Aerospace Composites 5.2.4 Challenges 188.8.131.52 Maintaining Uninterrupted Supply Chain and Operating at Full Production Capacity 184.108.40.206 Liquidity Crunch 5.3 Porter's Five Forces Analysis 5.4 Value Chain Analysis 5.5 Ecosystem/Market Map 5.5.1 Raw Material Analysis 5.5.2 Manufacturing Process Analysis 5.5.3 Final Product Analysis
6 Macroeconomic Overview and Key Trends in the Aerospace Industry 6.1 Macroeconomic Overview and Key Trends 6.1.1 Introduction 6.1.2 Trends and Forecast of GDP 6.1.3 Trends in the Aerospace Industry 220.127.116.11 Disruption in the Industry 18.104.22.168 Impact on Customers' Output & Strategies to Resume/Improve Production 22.214.171.124 Impact on Customers' Revenue 126.96.36.199 Most Affected Countries 188.8.131.52 Short-Term Strategies to Manage the Cost Structure and Supply Chains 184.108.40.206 New Opportunities