Aerospace Composites Market Growth Analysis | 2023-2028

Market Insights

The aerospace composites market was estimated at USD 29.40 billion in 2022 and is likely to grow at a CAGR of 11.7% during 2023-2028 to reach USD 57.11 billion in 2028.

Want to know more about the market scope? Register Here

Market Dynamics

Introduction

Composite materials are used in various applications in the aerospace & defense industry. They possess various properties such as lightweight, high strength, weather-resistant finish, and different surface textures.

Composite materials also offer a host of other advantages, such as excellent fatigue and corrosion-resistant properties, high strength-to-weight ratio, and the ability to withstand high-impact load.

Market Drivers

Key factors driving the growth of the aerospace composites market are:

• Growth in commercial aviation: The growth of the commercial aviation industry is a major driver of demand for aerospace composites. As air travel continues to increase, airlines are investing in new aircraft that utilize more composites to improve fuel efficiency and reduce maintenance costs.
• Increased demand for military aircraft: The increased demand for military aircraft is also driving the demand for aerospace composites. Military aircraft require high-performance materials that can withstand harsh conditions, and composites are well-suited for these applications.
• Growing demand for unmanned aerial vehicles (UAVs): The growing demand for UAVs, also known as drones, is also driving the demand for aerospace composites. UAVs are increasingly being used for a variety of applications, including military reconnaissance, commercial surveillance, and agriculture.
• Technological advancements: Technological advancements in composite materials and manufacturing processes are making it possible to produce more affordable and high-performance aerospace composites. This is further driving the adoption of composites in the aerospace industry.

Want to have a closer look at this market report? Click Here

Segments Analysis

By Fiber Type

Based on the fiber type, the market is segmented as carbon fiber, ceramic fiber, glass fiber, and others.

The carbon fiber segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The increasing demand for carbon fiber in the aerospace & defense industry is driving the growth of this segment. Carbon fiber possesses various properties such as high inherent strength, lightweight, and weather resistance, and offers a variety of surface textures.

By Aircraft Type

Based on the aircraft type, the market is segmented as commercial aircraft, business and general aviation, civil helicopters, military aircraft, and others.

The commercial aircraft segment dominates the market, as the latest aircraft program, A350XWB, uses a significantly larger amount of aerospace composite material, compared to older aircraft programs, which use only 2-5% of the material. Further, various factors such as high corrosion resistance, low maintenance cost, and lightweight are fueling the growth of the segment during the forecast period.

Regional Insights

North America is estimated to be the largest as well as the fastest-growing market during the forecast period, with lucrative growth opportunities.

The growth of the market is driven by the increasing usage of composite material in commercial and military aircraft. Further, the presence of a large number of aircraft manufacturers and mass production of aerospace parts using aerospace composites are bolstering the growth of the market in the North American region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Know the high-growth countries in this report. Register Here

Key Players

Some of the major players in the market are:

• Owen Corning
• Solvay S.A.
• Hexcel Corporation
• Royal Tencate N.V.
• Teijin Limited
• Toray Industries Inc.
• SGL Group—The Carbon Company
• Materion Corporation
• Mitsubishi Rayon Co. Ltd.
• Renegade Materials Corporation

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace composites market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our aerospace composites market report from the industry stakeholders, we have tried to further accentuate our research scope to the aerospace composites market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The aerospace composites market is segmented into the following categories:

By Fiber Type

• Carbon Fiber
• Ceramic Fiber
• Glass Fiber
• Others

By Resin Type

• Epoxy
• Phenolic
• Polyester
• Polyimide
• Thermoplastic
• Ceramic and Metal
• Others

By Aircraft Type

• Commercial Aircraft
• Business and General Aviation
• Civil Helicopters
• Military Aircraft
• Others

By Manufacturing Process Type

• AFP/ATL
• Lay-Up
• RTM
• Filament Winding
• Others

By Application Type

• Interior
• Exterior

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Click here to learn the market segmentation details.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.