Global aerospace composites market was valued at USD 24.79 billion in 2021 and it is expected to reach at USD 43.33 billion by 2028, at a CAGR of 11.2% over the forecast period (2022-2028).
Westford, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The growth of the global aerospace composites market is propelled by the increasing demand for fuel-efficient aircraft and the growing demand for commercial aircraft. Aerospace composites are extensively used in both military and commercial aircraft owing to their superior properties such as high strength-to-weight ratio, stiffness, and resistance to fatigue and corrosion. These materials are used in various aircraft applications such as fuselage, wings, empennage, doors & hatches, flooring & sidewalls, and engine nacelles. The use of composites in aircraft helps reduce the overall weight of the aircraft, which leads to fuel savings and reduced emissions.
Fuel efficiency will be the primary driver of demand for the aerospace composites market, as airlines look to reduce operating costs and meet stricter environmental regulations. The use of composites can help reduce an aircraft’s weight by up to 20%, resulting in significant fuel savings.
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The study also finds that the growing middle class in Asia will drive demand for air travel, leading to increased demand for aircraft and consequently higher demand for aerospace composites. China is expected to be the largest market for aerospace composites, followed by the US and Europe.
Asia Pacific to Generate Over 29% Revenue of Global Aerospace Composites Market
With the increase in air traffic globally, there is a growing demand for commercial aircraft. As of 2021, there are over 25,000 aircrafts present across the globe. In addition, the defense sector is investing heavily in research & development activities for developing new generations of fighter jets and military transport aircraft that make use of advanced composite materials. This is expected to drive the growth of the market during the forecast period.
This growth will be driven by continued demand for fuel-efficient aircraft, as well as the increasing use of composites in military aircraft. Commercial aircraft will remain the largest application for aerospace composites market, accounting for almost 60% of total demand in 2023. However, military aircraft are forecast to record the fastest growth, with a compound annual rate of 12.4%.
The Asia-Pacific region is expected to be the second largest market for aerospace composites, accounting for 29% of total demand by 2028. China is the key driver of this growth, with the country's market forecast to grow at a compound annual rate of 12.2% between 2021 and 2028. Recently in July 2022, government owned Chinese Airline announced to buy over 300 new airbus jets. Apart from this, China signed a deal in November 2022 to purchase over 140 new airbus jets worth $17 billion.
In order to understand the current state of the global aerospace composites market and its future prospects, market research firm SkyQuest has conducted a comprehensive analysis of the sector. The report highlights the key trends shaping the industry, such as the move towards lower emissions aircraft and the use of composite materials to reduce weight and improve fuel efficiency. It also provides an overview of the main players in the sector and their strategies for growth. Looking ahead, the market to continue to grow at a strong pace, driven by continued demand from the aviation sector. However, it is worth noting that this growth will be somewhat tempered by the increasing use of alternative materials such as aluminum and titanium.
Carbon Fiber to Generate Over 35% Revenue of Global Aerospace Composites Market
The strong demand for carbon fiber is attributable to several factors, according to KPMG. The global aerospace industry is experiencing robust growth, with aircraft deliveries expected to increase by 4.1% per year over the next 20 years. This growth is being driven by a combination of factors, including economic expansion in Asia, replacement demand in North America and Europe, and low interest rates.
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Carbon fiber is a key material used in the production across the globe aerospace composites market. It is light and strong, making it ideal for use in airplanes and helicopters. The increased demand for carbon fiber is being driven by the aerospace industry's need for lighter and stronger materials to improve fuel efficiency and reduce emissions. SkyQuest’s analysis indicates that the demand for carbon fiber will continue to grow at a rapid pace over the next decade. The company projects that the global market for carbon fiber will reach $15.16 billion by 2028, up from $8.6 billion in 2021. This growth will be driven by continued strong growth in the aerospace sector as well as expanding demand from other industries such as wind energy and automotive.
The study estimates that the demand for carbon fiber will grow at a compound annual growth rate (CAGR) of 13.6% between 2021 and 2028, reaching 188,000 metric tons by 2025. The Boeing 787 Dreamliner is the first commercial airplane to be constructed with a significant number of composite materials, including carbon fiber in the global aerospace composites market. The use of composites in the 787 has contributed to a 15% reduction in fuel consumption compared to similar-sized aluminum aircraft. Each Boeing 787 Dreamliner is made of around of 23 tons of carbon fiber. This growth will be driven by both new aircraft programs and the retrofitting of existing aircraft with composite materials. The majority of demand for carbon fiber is currently coming from North America and Europe, however this is expected to change over the next decade as Asia-Pacific becomes the largest market for carbon fiber due to the region's strong economic growth and expanding aerospace industry.
Top Challenges Manufacturers Facing in Global Aerospace Composites Market
The global aerospace composites market is expected to grow significantly in the next decade. Despite this, manufacturers are facing several challenges that need to be addressed.
The first challenge is the high cost of raw materials. Carbon fiber, for example, is still relatively expensive compared to other materials used in aerospace applications. This limits the use of composites in certain applications, and makes it difficult for manufacturers to compete on price with traditional metals.
Another challenge is the lack of standardization within the global aerospace composites market. There are many different types of composite materials, each with their own unique properties and processing requirements. This makes it difficult for manufacturers to produce composite parts in a consistent and reliable manner.
Finally, there is the challenge of recycling composite materials. Unlike metals, composites cannot be melted down and reused. This means that once a composite part has reached the end of its life, it must be disposed of in a landfill. This makes it difficult for manufacturers to reduce their environmental impact and makes compositing less attractive from a sustainability standpoint.
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Major Players in Global Aerospace Composites Market
Toray Industries, Ltd. (Japan)
Solvay Group (Belgium)
Teijin Limited (Japan)
Owen Corning (U.S.)
Royal Ten Cate (Netherlands)
SGL Group (Germany), Kaman (U.S.)
Hexcel Corporation (U.S.)
General Electric (U.S.)
Koninklijke Ten Cate BV (Netherlands)
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