Aerospace Composites Market Report

Global Aerospace Composites Market:

The global aerospace composites market size reached US$ 21.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 41.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7% during 2024-2032. The increasing demand for lightweight materials, continuous advancements in composite materials technology, significant growth in aircraft production activities, and the expansion of space exploration and satellite industry are primarily driving the market growth.

Aerospace Composites Market Analysis:

• Major Market Drivers: Significant growth in the aviation and aerospace industries is among the key factors driving the growth of the market. Furthermore, the rising need to develop fuel-efficient aircraft is also providing a boost to the market growth.
• Key Market Trends: The increasing space exploratory activities using drones, spaceships, and aircraft are bolstering the market growth. Additionally, the launch of favorable government policies to improve air transport infrastructure and the increasing number of trade activities are projected to drive the market in the coming years.
• Competitive Landscape: Some of the prominent aerospace composites market companies include Bally Ribbon Mills, Hexcel Corporation, Materion Corporation, Mitsubishi Chemical Holding Corporation, Renegade Materials Corporation, Koninklijke Ten Cate B.V., SGL Carbon SE, Solvay, Teijin Limited, and Toray Industries Inc., among many others.
• Geographical Trends: According to the aerospace composites market dynamics, North America is one of the prominent regions in the aerospace composites market, driven primarily due to its advanced aerospace industry and substantial investments in research and development activities. Moreover, the Asia Pacific region is experiencing significant growth due to increasing air traffic, rising investments in aerospace infrastructure, and expanding manufacturing capabilities.
• Challenges and Opportunities: High costs of advanced composite materials, and stringent regulatory requirements are hampering the market's growth. However, advances in composite materials, such as the development of lighter and stronger fibers, offer opportunities to enhance performance and reduce weight.

Aerospace Composites Market Trends:

Growth in Air Travel

The rising number of air travelers globally has increased the demand for new aircraft. For instance, according to Statista, in 2023, worldwide air traffic passenger demand climbed by more than 36% over the previous year, when it increased by nearly 64.3%. This figure is expected to rise by about 12% in 2024. As airlines and manufacturers seek to meet this demand, they are turning to composites to build lighter, more efficient aircraft. These factors are expected to propel the aerospace composites market in the coming years.

Growing Space Exploration Activities

The expanding space industry, including satellite manufacturing and space tourism, is driving the demand for advanced composite materials. For instance, in August 2024, ISRO launched the SSLV-D3 mission, which was the third and final developmental flight for the Small Satellite Launch Vehicle (SSLV). Spacecraft and satellites require materials that are both lightweight and durable to withstand the harsh conditions of space, including extreme temperatures, radiation, and the vacuum of space. Composites are ideal for these requirements due to their excellent strength-to-weight ratios and resistance to environmental stresses. These factors further positively influence the aerospace composites market forecast.

Technological Innovations

Innovations in composite materials and manufacturing techniques have improved the performance, durability, and cost-effectiveness of aerospace composites. Advances such as improved resin systems, better fiber materials, and more efficient production methods have expanded their applications. For instance, in April 2024, TCR Composites Inc. introduced TR1116, a room-temperature stable, snap-cure epoxy prepreg resin solution designed for press-cure applications, as its newest composites manufacturing innovation. TR1116 provides excellent curing speed, with composite parts curing in two minutes at 177°C and de-molded hot for speedy processing, thereby boosting the aerospace composites market revenue.

Global Aerospace Composites Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global aerospace composites market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on fiber type, resin type, aircraft type, application, and manufacturing process.

Breakup by Fiber Type:

• Carbon Fiber Composites
• Ceramic Fiber Composites
• Glass Fiber Composites
• Other Fiber Composites
   

The report has provided a detailed breakup and analysis of the aerospace composites market based on the fiber type. This includes carbon fiber composites, ceramic fiber composites, glass fiber composites, and other fiber composites.

According to the aerospace composites market outlook, carbon fiber composites are renowned for their exceptional strength-to-weight ratio, making them ideal for applications where reducing weight is critical without compromising structural integrity. While ceramic fiber composites are known for their excellent high-temperature resistance, making them suitable for applications in environments with extreme heat. Besides this, glass fiber composites are generally more affordable compared to carbon fiber composites. This cost advantage makes them a popular choice for applications where high performance is needed, but budget constraints are a consideration.

Breakup by Resin Type:

• Epoxy
• Phenolic
• Polyester
• Polyimides
• Thermoplastics
• Ceramic and Metal Matrix
• Others
   

The report has provided a detailed breakup and analysis of the aerospace composites market based on the resin type. This includes epoxy, phenolic, polyester, polyimides, thermoplastics, ceramic and metal matrix, and others.

According to the aerospace composites market overview, epoxy resins provide excellent mechanical properties, including high tensile strength, compressive strength, and toughness. They offer strong adhesion to a variety of substrates, which is essential for the bonding of fibers in composite materials. Moreover, phenolic resins can withstand high temperatures without significant degradation, making them suitable for applications with thermal stress. Apart from this, polyester resins are generally less expensive than epoxy resins, making them a cost-effective choice for many applications. Polyester resins are easier to process and cure at room temperature, which simplifies manufacturing. Besides this, polyimide resins can withstand extremely high temperatures, making them suitable for high-temperature aerospace applications.

Breakup by Aircraft Type:

• Commercial Aircraft
• Business Aviation
• Civil Helicopters
• Military Aircraft & Helicopters
• Others
   

A detailed breakup and analysis of the aerospace composites market based on the aircraft type has also been provided in the report. This includes commercial aircraft, business aviation, civil helicopters, military aircraft & helicopters, and others.

The primary driver for the use of composites in commercial aircraft is the need for fuel efficiency. Composites are significantly lighter than traditional metals, which helps reduce the overall weight of the aircraft, leading to lower fuel consumption and reduced operational costs. Moreover, in business aviation, there is a strong emphasis on performance, efficiency, and comfort. Composites help in achieving better performance characteristics, including increased speed, range, and reduced operating costs. Besides this, for civil helicopters, the demand for composites is driven by the need for lightweight and durable materials that can withstand the stresses of rotary wing operations while reducing overall weight. Furthermore, in military applications, composites are used to enhance stealth capabilities and provide protection. Advanced composites can be designed to absorb radar waves and reduce the radar cross-section of military aircraft.

Breakup by Application:

• Interior Parts
• Exterior Parts
   

A detailed breakup and analysis of the aerospace composites market based on the application has also been provided in the report. This includes interior parts and exterior parts.

In interior parts, composites are used in aircraft seats, cabin panels, and bulkheads to reduce weight, which contributes to overall fuel efficiency and performance. Composites allow for complex shapes and designs, enabling more creative and customized interior layouts and finishes. Moreover, in exterior parts, composites are extensively used in the fuselage, wings, and tail sections of aircraft to provide strength while significantly reducing weight. This is crucial for improving fuel efficiency and overall performance.

Breakup by Manufacturing Process:

• AFP/ATL
• Layup
• RTM/VARTM
• Filament Winding
• Others
   

A detailed breakup and analysis of the aerospace composites market based on the manufacturing process has also been provided in the report. This includes AFP/ATL, layup, RTM/VARTM, filament winding, and others.

AFP is an advanced automated process used to place and consolidate composite fibers (usually carbon or glass fibers) onto a mold or surface in a highly controlled manner. The fibers are delivered in a continuous tow and placed according to a predetermined pattern, typically using a robotic arm. Moreover, ATL is a similar automated process to AFP but uses pre-impregnated (prepreg) tapes instead of continuous fibers. The tapes are laid down in layers onto a mold to build up the composite structure. Besides this, RTM is a process where dry composite fibers are placed in a mold, and resin is injected into the mold under pressure to impregnate the fibers. The mold is then heated to cure the resin. Furthermore, filament winding involves wrapping continuous fibers, which are impregnated with resin, around a rotating mandrel to create a composite structure. The fibers are applied in specific patterns to build up the composite material layer by layer.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

According to the aerospace composites market statistics, the demand from North American region is driven by both commercial and military aerospace sectors, with ongoing innovations in lightweight materials to improve fuel efficiency and performance. Moreover, Europe is a significant player in the aerospace composites market, with strong contributions from countries like France, Germany, and the UK. The European market is characterized by high adoption of advanced materials in both commercial and military aerospace applications. Besides this, the Asia-Pacific region is experiencing rapid growth in the aerospace composites market due to the expansion of the aviation sector in countries like China, India, and Japan. The growing middle class and increased air travel are major growth drivers.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include: 

• Bally Ribbon Mills
• Hexcel Corporation
• Materion Corporation
• Mitsubishi Chemical Holding Corporation
• Renegade Materials Corporation
• Koninklijke Ten Cate B.V.
• SGL Carbon SE
• Solvay
• Teijin Limited
• Toray Industries Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Aerospace Composites Market Recent Developments:

• August 2024: Rocket Lab USA, Inc. began the installation of automated fiber placement (AFP) equipment of its kind in the company's Neutron rocket production line in Middle River, MD. The AFP machine will allow Rocket Lab to automate the manufacturing of the largest carbon composite rocket structures.
• April 2024: TCR Composites Inc. introduced TR1116, a room-temperature stable, snap-cure epoxy prepreg resin solution designed for press-cure applications, as its newest composites manufacturing innovation.
• March 2024: Hexcel Corp launched a new HexTow continuous carbon fiber, IM9 24K, at JEC World in Paris. HexTow IM9 24K is a lightweight, robust, and durable carbon fiber for aerospace composite applications.

Aerospace Composites Market Report Scope:

Key Questions Answered in This Report:

• How has the global aerospace composites market performed so far and how will it perform in the coming years?
• What are the key regional markets?
• What has been the impact of COVID-19 on the global aerospace composites market?
• What is the breakup of the market based on the fiber type?
• What is the breakup of the market based on the resin type?
• What is the breakup of the market based on the aircraft type?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the manufacturing process?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global aerospace composites market and who are the key players?
• What is the degree of competition in the industry?

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the aerospace composites market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global aerospace composites market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the aerospace composites industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.