Aerospace Composites Market size was valued at USD 28.03 Billion in 2023 and is set to exceed USD 123.71 Billion by the end of 2036, registering over 12.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of aerospace composites is evaluated at USD 31.08 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expanding as a result of the rising demand for modern, cutting-edge aircraft, in addition to the necessity of replacing outdated aircraft.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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
12.1% |
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Base Year Market Size (2023) |
USD 28.03 Billion |
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Forecast Year Market Size (2036) |
USD 123.71 Billion |
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Regional Scope |
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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 2036 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:
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By Fiber |
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By Matrix Type |
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By Aircraft Type |
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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 2036 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.
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: Rajrani Baghel
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