Aerospace Composites Market Size & Share, by Fiber (Carbon, Ceramic, Glass); Matrix Type (Polymer, Ceramic, Metal Matrix); Aircraft Type (Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 3822
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Aerospace Composites Market size is expected to cross USD 50 Billion by the end of 2033, growing at a CAGR of 12% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of aerospace composites was over USD 25 Billion. Increasing aerospace and defense sectors across the world are expected to boost market growth during the forecast period. The aerospace sector is expanding as a result of the rising demand for modern, cutting-edge aircraft, in addition to the necessity of replacing outdated aircraft. Owing to their widespread application in airplane construction, interiors, and propulsion systems, composite materials are in high demand. Composite materials are also widely used in the defense industry, notably in aircraft and missile systems, and it is predicted to surge the market’s growth. As per the U.S International Trade Administration, the U.S. aerospace industry stood as the second-largest exporter with a 5.3% growth rate in the past decade.

The reducing cost of carbon fibers, one of the composite materials used in aerospace is estimated to boost the aerospace carbon fiber composites market growth on account of reducing raw material prices such as rayon and pitch. Also, technological advancements and low energy costs are other factors influencing the aerospace composites market growth.


Aerospace Composites Market
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Aerospace Composites Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Performance Requirements – Composites are being used by aviation companies as a way to make airplanes that are more effective and capable. In comparison to conventional materials such as metals, composites provide several important advantages, such as reduced weight, a high tensile factor, and increased durabilityIt is estimated that composites help to increase fuel savings by over 15% in 787 Dreamliner aircraft.
  • Easy Availability and Flexibility in Design– Composites may be easily produced in a broad range of forms and sizes and are generally accessible. They are therefore suitable for use in aircraft applications that need complicated designs and precise specifications. Aerospace manufacturers can produce distinctive and cutting-edge designs thanks to the freedom of design, which is not achievable with conventional materials. The composite materials utilized in the aerospace sector promote over 50% weight savings and 5 times more strength, and 2 times more stiffness.
  • Rising Aviation Sector – The need for newer, more advanced aircraft is growing along with the aviation industry. As a result, composite materials are increasingly being used to build airplanes, as they have certain benefits over more conventional materials such as metalAs per the India Brand Equity Foundation, the Indian aviation industry is the world’s third-largest domestic aviation. With an air traffic movement of 613,566 in 2022-2023 raised from 300,405 in 2021-2022 i.e., an increase of 104.24%.
  • Increasing Demand for Light Weight Composite Materials – Increasing Demand for Light Weight Composite Materials – A significant weight reduction is achieved by the use of lightweight materials to increase an aircraft's range and fuel economy. As they enable the production of more effective and economical to operate aircraft, they are appealing to both civil and fighter aircraft makers. Composite materials such as carbon fibers in the aerospace industry reduce 90% of metal weight, increase efficiency, and decrease aviation emissions by over 40% by 2050.
  • Prevents Anticorrosion Issues – As per the reported data, the corrosion and structural repair issues can be 100% eliminated with aerospace composites. Hence, metals such as aluminum are replaced with composites in aluminum aircraft. 

Challenges

  • High Cost of Composites - They are not as affordable as other materials, such as steel and copper. As a result, they are usually sold at a very high price, which makes them a less desirable product in various end-use industries. Therefore, this factor is expected to limit aerospace composites market growth in the coming years.
  • Reduction in the Number of Commercial Aircraft Shipments
  • Problems Associated with Long-Haul Flight Durability

Aerospace Composites Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~12%

Base Year Market Size (2022)

~ USD 25 Billion

Forecast Year Market Size (2033)

~ USD 50 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Aerospace Composites Segmentation

Fiber (Carbon, Ceramic, Glass)

The global aerospace composites market is also segmented and analyzed for demand and supply by fiber into carbon, ceramic, and glass. Out of these segments, the carbon fiber segment is projected to witness the highest market growth, as carbon fiber is the most widely used material for aircraft composites. Moreover, aerospace applications frequently employ carbon fiber composites owing to their high durability and low weight. They are often utilized in propulsion technology, interiors, and aircraft construction, including wings and fuselages. However, compared to carbon and glass fibers, advanced ceramics are employed in aircraft applications less frequently. They are utilized in applications such as heat shields and engine components due to their excellent temperature resistance. Glass fiber composites are often employed in the aerospace industry, especially in applications that need strong impact resistance and beneficial fatigue qualities. They are often utilized in propulsion systems, interiors, and aircraft construction, including wings and fuselages. According to the stated data, it is estimated that over 155,000 tons of carbon fiber are produced worldwide every year.

Aircraft Type (Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft)

The global aerospace composites market is segmented and analyzed for demand and supply by aircraft type into commercial aircraft, business and general aviation, civil helicopter, and military aircraft. Out of these, commercial aircraft are anticipated to hold the largest market size by the end of 2033 on the back of major advancements in the civilian aerospace segment, and increased use of composites in the construction of midsize aircraft. As per the observations, the demand for about 40,000 airplanes is projected across the world by 2040.

Our in-depth analysis of the global market includes the following segments:

              By Fiber

  • Carbon
  • Ceramic
  • Glass

               By Matrix Type

  • Polymer Matrix
  • Ceramic Matrix
  • Metal Matrix

                By Aircraft Type

  • Commercial Aircraft
  • Business & General Aviation
  • Civil Helicopter
  • Military Aircraft

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Aerospace Composites Industry - Regional Synopsis

The North America aerospace composites market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 on the account of rising demand for aerospace and defense companies. It is also fueled by the existence of several R&D facilities that are devoted to creating novel and cutting-edge composite materials and production processes. This supports the growth of the regional market. Moreover, given that the United States is one of the world's leading militaries, a sizable number of military aircraft producers and suppliers likewise populate the North American market. Owing to this, composites are in high demand for use in military aircraft, and this is projected to rise the growth of the market in the region. As per the estimates, the North America has the biggest jet fleet in the globe as of 2019 with over 15,500 registered aircraft. The U.S. comprises over 90% of the world’s jet production.

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Aerospace Composites Market Size
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Companies Dominating the Aerospace Composites Landscape

top-features-companies
    • Owens Corning
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
    • Hexcel Corporation
    • LMI Aerospace, Inc.
    • Toray TCAC Holding B.V
    • Teijin Aramid B.V.
    • Solvay S.A.
    • Mitsubishi Chemical Corporation
    • VX Aerospace Corporation
    • SGL Carbon
    • Unitech Group

In-the-news

In The News

  • Hexcel Corporation signed a long-term collaboration to supply carbon fiber prepreg to Dassault for the Falcon 10X program in manufacturing aircraft wings. That was the first business jet program for Dassault to include high-performance advanced carbon fiber composites in aircraft.

  • Solvay S.A declared the completion of the new thermoplastic composites manufacturing facility at the Greenville, South Carolina site. The portfolio includes ‘Evolite’, which provides reliability and low-cost ownership in the market, and ‘Aromatic Polymer Composite tapes’ to provide notable weight and cost benefits in aerospace and urban air mobility applications.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 3822
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for performance efficiency and the rising aviation industry are the major factors driving the growth of the aerospace composites market.

The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2023-2033.

High cost and safety issues of composite materials are the challenges affecting the market growth.

The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Owens Corning, Hexcel Corporation, LMI Aerospace, Inc., Toray TCAC Holding B.V, Teijin Aramid B.V., Solvay S.A., Mitsubishi Chemical Corporation, VX Aerospace Corporation, SGL Carbon, Unitech Group.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by fiber type, matrix type, aircraft type, and by region.

The commercial aircraft segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Aerospace Composites Market Report Scope
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