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IN THE NEWSJuly 2021- Toray announced the launch of Epoxy-based 2700 prepreg system which uses high performance, patented resin technology for emerging aerospace programs.
December 2019- Solvay and SGL Carbon entered a joint development agreement to produce composite materials based on large-tow intermediate modulus (IM) carbon fiber for the production of next-generation commercial aircrafts.
Global Aerospace Composites Market Highlights Over 2022 - 2031
The global aerospace composites market is estimated to garner a large amount of revenue by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing demand for composites from the aircraft industry as a result of their high tensile strength, superior low-conductivity, and low weight. Along with these, growing replacement of aging aircrafts with new fuel-efficient ones, and rising military expenditure across the globe are also expected to drive market growth in the forthcoming years. According to the World Bank, the global military expenditure as a percentage of GDP reached a value of 2.361 percent in 2020, up from 2.186 percent and 2.147 percent in 2019 and 2018 respectively. Furthermore, growing use of carbon fibers in the aerospace industry for making high-yield and low-cost aerospace composites, coupled with the reduction in the cost of these fibers are projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by aircraft type into commercial aircraft, business & general aviation, civil helicopter, and military aircraft, out of which, the military aircraft segment is anticipated to hold the largest share in the global aerospace composites market. This can be accounted to the high requirement of durable, lightweight and temperature resistant materials used for making military aircraft components. Apart from these, growing development of advanced materials that decrease the detection rate of military aircraft is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of fiber type, the carbon segment is assessed to occupy the largest share during the forecast period owing to the largescale adoption of carbon fiber composites for making engine nacelles, wings, fan casings, floorboards and other applications.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Aerospace Composites Market Regional Synopsis
Regionally, the global aerospace composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to acquire the largest share over the forecast period on the back of the rising utilization of aerospace composites in the military and commercial aircraft industries. In addition, high consumption of aerospace composites, in terms of value and volume in the United States is also expected to drive market growth in the region in the coming years. Moreover, the market in Europe is also anticipated to grab a notable share, which can be credited to the largescale production and shipment of commercial aircrafts to other parts of the world, and surge in the development of tourism sector in the region. In 2019, more than 85,000 units of business jets manufacture in Europe were shipped globally, up from about 60,000 and 48,000 units in 2018 and 2017 respectively.
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The global aerospace composites market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global aerospace composites market includes the following segments:
By Fiber Type
By Aircraft Type
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving the growth of the market are increasing demand for composites from the aircraft industry, and growing replacement of aging aircrafts with new ones.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022-2031.
North America will provide more business opportunities for market growth wing to the rising consumption of aerospace composites in the military and commercial aircraft industries
The major players in the market are Hexcel Corporation, Materion Corporation, SGL Group, Renegade Materials Corporation, Toray Industries, Inc., and others.
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, aircraft type, and by region.
The carbon segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Recyclability issues associated with aerospace composites are estimated to hamper the market growth.
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