Global Aerospace Composites Market Definition
Aerospace composite materials are used to make aircraft parts that are lightweight, strong, and fuel-efficient. The low weight, great strength, low electrical conductivity, and endurance of composite materials are driving their use in aerospace research. Airplanes built with composite materials consume less fuel since they are roughly half as heavy as metal structures of the same design. Carbon matrix composites (CMCs), metal matrix composites (MMCs), ceramic matrix composites (CMCs), and polymer matrix composites (PMCs) are the four main types of composites. Moreover, the quest for lighter, more fuel-efficient airplanes is driving the aerospace composites industry. Aerospace weight reduction is made possible by using composite materials to increase an aircraft's range and fuel economy. Owing to this, composite materials are now being used more frequently in both military and commercial aircraft. Composites not only offer weight savings, despites also other benefits, including high strength, longevity, and corrosion resistance. They are ideal for use in aircraft applications owing to these characteristics.
Carbon fiber composites, glass fiber composites, and aramid fiber composites are common forms of composite materials used in aerospace. Applications include propulsion systems, interiors, and structural elements of airplanes. Furthermore, aerospace composites are reinforced carbon, glass, and ceramic based fibers present in a resign matrix. It is used in the rotor blades, and propellers of fighter planes, passenger airlines, helicopters, gliders, and others.
Global 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 |
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Global Aerospace Composites Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global aerospace composites market is estimated to garner a revenue of ~USD 50 Billion by the end of 2033 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 25 Billion in the year 2022. 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 market growth.
Global Aerospace Composites Market: Growth Drivers and Challenges
Growth Drivers
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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 durability. It is estimated that composites help to increase fuel savings by over 15% in 787 Dreamliner aircraft.
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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.
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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 metal. As 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%.
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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.
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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 market growth in the coming years.
- Reduction in the Number of Commercial Aircraft Shipments
- Problems Associated with Long-Haul Flight Durability
Market Segmentation
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.
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 aerospace composites market includes the following segments:
By Fiber |
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By Matrix Type |
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By Aircraft Type |
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Global Aerospace Composites Market 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 aerospace composites 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 aerospace composites 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.
Top Featured Companies Dominating the Global Aerospace Composites Market
- 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