Market Overview:

According to a new report by IMIR Market Research on Global The size of the Aerospace Composites market was estimated to be around USD 36.03 billion in 2023, and it is projected to grow at a CAGR of 11.7% over the forecast period (2024–2031) to reach a value of USD 86.73 billion by 2031.

The aerospace composites market is growing rapidly due to the increasing usage of composite materials in military and commercial aircraft. The production of fuel-efficient aircraft, the replacement of aging aircraft with newer models, and the expansion of aircraft deliveries are other drivers propelling the growth of the Aerospace Composites Market. Many different types of composite materials are used in the aircraft industry. Engines, helicopters, rockets, and both military and commercial aircraft are made of composite materials. Additionally, the decline in manufacturing and assembly costs contributed positively to the market's growth. Composite has been a huge help to airlines in maintaining and growing their operations in emerging economies because of the savings on fuel expenses and other benefits.

Furthermore, the demand for high performance in military aircraft has led to a rise in the use of composites in this field of aviation. Because of their diverse forms, airplane components are high-performing and have low hourly operating costs. Additionally, compared to metals, composites are easier to design, which is anticipated to increase market demand. Within the civil aviation industry, there is anticipated to be a significant demand for aerospace composites, namely in business jets and single- and twin-aisle mainline aircraft. In order to develop lightweight, affordable composites with exceptional impact strength and a high strength-to-weight ratio for the aerospace industry, manufacturers are heavily spending in research and development. The market for aerospace composites is predicted to rise due to ongoing technological advancements in aircraft structural applications and componentry.

Aerospace composite consumption is also significantly influenced by strict restrictions about fuel efficiency. Additionally, market expansion in the upcoming years may be fueled by the increasing use of composite materials to create visually appealing and structurally strong interior aircraft components like storage bins, seat frames, and restrooms. At every stage, aerospace composites must be tested to ensure a high level of security and safety for aviation structures. Acquiring sophisticated and costly equipment is necessary to identify the flaws in composite structures. Moreover, maintenance and other tooling expenses are increased since inspectors need specialized training to identify and debug any issues with the aircraft's hybrid systems.

The usage of composites has been met with some skepticism due to the high costs associated with such testing. Moreover, high manufacturing costs and the high cost of raw materials like carbon fiber may prevent the market from growing during the projected time. Further impeding the market's expansion are the absence of norms for manufacturing technologies and issues with recyclability. Over the course of the forecast period, the worldwide aerospace composites market is expected to witness profitable prospects due to factors such as maintenance, overhaul, and the expansion of the aviation sector in developing countries.

Market Dynamics:

Market Drivers-

Need for Fuel-Efficient & Lightweight Aircraft

• The increasing demand for lightweight, energy-efficient aircraft. When compared with conventional metallic materials like aluminum and steel, aerospace composites—such as carbon fiber reinforced polymers (CFRP), fiberglass reinforced polymers (FRP), and other types of modern composite’s materials—offer notable weight reductions. Lightweight aircraft constructions are more ecologically friendly and commercially feasible due to their lower fuel consumption, improved aerodynamics performance, & increased operating efficiency. Composite materials are becoming more and more popular in aircraft design and manufacturing as airlines look to save expenses on operations, meet strict fuel economy rules, and lessen their impact on the environment. To minimize weight and enhance airplane performance, aerospace manufacturers are integrating composite materials into the fuselage, wings, empennages, and interior components of their aircraft. In the Aerospace Composites category, market growth and innovation are driven by the need for lightweight and fuel-efficient aircraft. This collaboration fosters the development of sophisticated composite systems for next-generation aircraft platforms by aerospace original equipment manufacturers (O material suppliers, and technology suppliers.

Growing Use of Composite Materials in New Aircraft Development

• The growing use of composite materials in recently launched aircraft projects. Composite materials are being used more often in the development and production of new aircraft systems, such as corporate streams, region aircraft, passenger airplanes, unmanned aerial vehicles (UAVs), & military aircraft, by aerospace OEMs, aircraft manufacturers, & defense-related vendors. Compared to traditional metallic alloys, composite substances have a number of benefits, such as a high strength-to-weight ratio, durability against corrosion, fatigue, & design flexibility. By using aerospace composites, engineers and designers can increase the strength of the structure, meet stringent safety or regulatory requirements, and optimize aircraft performance. The industry's tendency toward low-cost design, advanced production processes, and inventive construction techniques is reflected in the usage of composite materials in new aircraft projects. The aerospace composites market is expanding and has chances for product differentiation, market growth, & technological improvement in the aerospace sector as aerospace businesses continue to spend in research and development in order to push the frontiers of composite material technology.

Market Trends-

Increasing the Production of Composite Components using Additive Manufacturing (AM)

• The growing use of technology for additive manufacturing (AM) in the creation of composite components. In comparison to conventional production techniques, additive manufacturing, commonly referred to as 3D printing, allows for the creation of intricate geometries and lightweight structures with less material waste and lead times. In the aerospace sector, composite parts and components for airplanes, spacecraft, and unmanned aerial vehicles (UAVs) are produced using additive manufacturing techniques such stereolithography (SLA), fused deposition modelling (FDM), and selective laser sintering (SLS). Design freedom is provided by AM technology. Engineers may develop complex composite components that maximize strength-to-weight ratios, aerodynamic performance, and functionality thanks to the design freedom provided by AM technology. Furthermore, built-in sensors, fluid flow pathways, and other cutting-edge features can be directly integrated into composite parts using additive printing, expanding their functionality and potential applications. An important trend influencing the aircraft composites market is the use of additive manufacturing to produce composite materials. This technology encourages design flexibility, cost effectiveness, and innovation in aerospace manufacturing processes.

Development & Production of Eco-Friendly & Sustainable Material Composites

• The development of composite materials that are environmentally benign and sustainable. Aerospace manufactures & suppliers of material are making investments in the development and research of composites made from renewable sources, reclaimed fibers, & bio-based resins as a result of the growing emphasis throughout industries on environmental sustainability and decreasing carbon footprints. Comparing sustainable composite materials to conventional petroleum-based composites reveals various environmental advantages, such as reduced emissions of greenhouse gases, energy usage, and waste generation. Furthermore, sustainable composite materials might have performance, durability, & mechanical qualities that are similar to those of conventional composite materials, which would make them a good substitute for conventional composites in aerospace use. In order to promote the shift to a more sustainable aerospace industry, aerospace corporations are working with academic institutions, governmental organizations, and sustainability groups to investigate new materials, production techniques, and recycle technologies. In the Aerospace Composites area, innovation and market change are being driven by the development and use of environmentally friendly composite materials that are in line with industry trends towards circular economy concepts, resource efficiency, including environmental stewardship.

Market Restraining Factors-

High Productivity & initial expenditure Costs 

• The high production costs and initial investment linked to composite materials and manufacturing techniques. Aerospace-grade composites can be significantly more expensive than conventional metallic materials like steel and aluminum. Examples of these materials are carbon fiber reinforced polymers (CFRP) and fiberglass reinforced polymers (FRP). Furthermore, manufacturing costs of composite components are increased by the need for specialized labor, expensive machinery, and strict quality control procedures during the processes of autoclave curing, resin infusion, & prepreg casting. aircraft manufacturers may have financial difficulties due to the high initial outlay and production costs linked with aircraft composites, particularly for smaller businesses and startups with constrained funding. Furthermore, OEMs in the aerospace industry may be discouraged from implementing advanced composite technologies into their current platforms or switching to aircraft designs that heavily rely on composite materials due to the high cost of these materials and manufacturing processes.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Aerospace Composites Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Aerospace Composites Market Players Analysis:

• Solvay Group
• Hexcel Corporation
• Toray Industries, Inc.
• Teijin Limited
• Mitsubishi Chemical Corporation
• SGL Carbon SE
• Gurit Holding AG
• Renegade Materials Corporation
• TenCate Advanced Composites BV
• Owens Corning
• Safran SA
• Spirit AeroSystems Holdings, Inc.
• Park Aerospace Corp.
• Mitsubishi Rayon Co., Ltd.
• Huntsman Corporation
• Evonik Industries AG
• Kineco Kaman Composites India Pvt. Ltd.
• Cytec Industries Inc. (a subsidiary of Solvay S.A.)
• AIM Aerospace, Inc.
• Aerospace Composites Malaysia Sdn Bhd

Key Industry Developments:

• In July 2023, NASA awarded US-based AnalySwift LLC a USD 800,000 Phase II Small Business Technology Transfer (STTR) contract to develop and launch a design tool for Advanced Tailorable Composites (DATC) by 2025.
• In December 2022, Leading provider of aerospace composite material kits, Velocity Composites, made its breakthrough into the US aerospace industry with the signing of an agreement with GKN Aerospace. Over the course of the arrangement, the company expects to generate over USD 100 million in revenue.

Aerospace Composites Market Segmentation Insights:

The market scope is segmented because of by Fiber type, by Matrix type, by Application, by Aircraft type.

By Fiber type

Based on the Fiber type of the market is segmented into Carbon Fibre Composites, Ceramic Fibre Composites, Glass Fibre Composites, Others.

The market for aerospace composites was dominated by the carbon fiber category in terms of fiber, with over 35% of the total. For space shuttles and airplanes, carbon fiber is used because it is about twice as rigid as aramid and glass fibers. Additionally, the lightweight nature of carbon fiber boosts engine performance and decreases fuel consumption by reducing the weight of aircraft. In order to support the growth of the carbon fiber-based segment, the National Renewable Energy Laboratory (NREL) estimates that between 2016 and 2024, the total demand for carbon fiber would rise by 10% annually.

By Aircraft type

Based on the Aircraft type of the market is categorised into Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft, Others.

The commercial aerospace industry holds a significant market share in the global aerospace composites industry. It is expected that the commercial aerospace segment would hold its position because of significant advancements in the civilian aerospace sector and the replacement of the fleet that is about to retire. Because of the increase in demand for midsize commercial aircraft and the success of using composite in their construction, manufacturers are also expected to release variant designs, which would further enhance the aerospace composites industry. The market is also expected to increase significantly over the course of the forecast period as a result of military aircraft using more and more composite materials.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The Asia-Pacific Aerospace Composites Market is expected to develop at the fastest compound annual growth rate (CAGR) between 2023 and 2032. There's a significant surge in demand for mid-sized commercial aircraft to help developing countries like China and India's aerospace industry thrive. Furthermore, it is expected that rising military spending and the cost of fighter planes in countries like India will offer lucrative growth opportunities for industry players. In addition, India's aerospace composites market developed at the fastest rate in the Asia-Pacific region, while China's aviation composites market held the largest market share.

North America's aerospace composites market is anticipated to dominate since the area can produce complex aerospace components because it is home to major aircraft manufacturers and has access to cutting-edge technologies. For instance, two of the four fuselage sections of the Boeing 787 are built in the United States (the rear section in Charleston and the nose piece in Kansa), one by Kawasaki Heavy Industries in Japan, and two in Italy. These pieces come together to form Washington, Everett, and the United States. In part due of its extensive use of composite materials, the United States possesses the world's largest fleet of military aircraft.

Report Scope and Segmentations:

Aerospace Composites Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• To gain insightful analyses of the Aerospace Composites market and have comprehensive understanding of the global market and its commercial landscape.
• Assess the production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Aerospace Composites market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Aerospace Composites market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Aerospace Composites Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Aerospace Composites Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: