Aerospace composites offer excellent resistance to corrosion and fatigue, leading to longer service life for components. This durability is a significant factor driving the adoption of composites in the aerospace sector.
PORTLAND, Ore., Dec. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Aerospace Composite Market by Fiber Type (Carbon Fiber, Glass Fiber, Aramid Fiber, and Other), Manufacturing Process (ATL Or AFP, Filament Winding, Resin Transfer Molding, Hand Layup, and Other), Aircraft (Commercial Aircraft, Business &General Aviation, Civil Helicopter, and Other): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global aerospace composite market was valued at $29.6 billion in 2022 and is estimated to reach $87.0 billion by 2032, exhibiting a CAGR of 11.5% from 2023 to 2032.
Prime determinants of growth
The global aerospace composite market is experiencing growth due to several factors such as lightweight material demand for fuel efficiency in aerospace where carbon fibers are renowned for their tensile strength, allowing them to withstand significant loads without adding excessive weight to the structure. However, high initial costs of composite materials in aerospace hinders the market growth to some extent. Moreover, rise in demand for next-generation aircraft offers remunerative opportunities for the expansion of the aerospace composite market.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2021 | $29.6 billion |
Market Size in 2031 | $87.0 billion |
CAGR | 11.5 % |
No. of Pages in Report | 300 |
Segments Covered | Fiber Type, Manufacturing Process, Aircraft, and Region. |
Drivers | Lightweight material demand for fuel efficiency in aerospace Integration of nanotechnology in composite development in aerospace
|
Opportunity | Rise in demand for next-generation aircraft |
Restraint | High initial costs of composite materials in aerospace |
The aramid fiber segment is expected to grow faster throughout the forecast period
By fiber type, the carbon fiber segment held the highest market share in 2022, accounting for more than one-third of the global aerospace composite market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to carbon fiber composites are employed in the construction of fuselage sections, reducing overall weight while maintaining structural integrity. However, the aramid fiber segment is projected to manifest the highest CAGR of 12.1% from 2023 to 2032, as aramid fibers find use in aircraft interiors for manufacturing lightweight and durable components. This can include seat structures, interior panels, and other non-structural elements where weight reduction is a priority.
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The ATL or AFP segment is expected to lead the trail by 2032
By manufacturing process, the Automated Tape Laying (ATL) or Automated Fiber Placement (AFP) segment held the highest market share in 2022, accounting for more than one-fourth of the global aerospace composite market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that ALT or AFP finds applications in the aerospace industry for manufacturing components such as aircraft skins, wing panels, and other structural elements. Its ability to create tailored fiber orientations makes it particularly valuable in optimizing the structural integrity and performance of these components.
However, the other segment including injection molding, compression molding, autoclave curing, and others is projected to manifest the highest CAGR of 12.2% from 2023 to 2032, as injection molding is a widely used manufacturing process in the aerospace industry for producing complex and intricate components. In injection molding process, molten composite material is injected into a mold cavity, where it solidifies and takes the shape of the mold.
The business and general aviation segment is expected to grow faster throughout the forecast period
By aircraft, the commercial aircraft segment held the highest market share in 2022, accounting for around one-third of the global aerospace composite market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that the adoption of aerospace composites in commercial aircraft aligns with the industry's commitment to environmental sustainability. Lighter aircraft consume less fuel, leading to a reduction in greenhouse gas emissions.
However, the business and general aviation segment is projected to manifest the highest CAGR of 12.0% from 2023 to 2032. The growth is attributed to the fact that an increase in emphasis on fuel efficiency plays a crucial role in driving the widespread adoption of aerospace composites in business and general aviation (BGA)
North America to maintain its dominance by 2032
By region, North America held the highest market share accounting for two-fifths of the market share in 2022. This is due the fact that the U.S. is a global leader in aerospace technology and innovation, and it heavily relies on aerospace composites. However, Asia-Pacific is the fastest growing representing for 11.0% of CAGR and is expected to rule the roost in terms of revenue throughout the forecast timeframe. Several countries in the Asia-Pacific region have actively embraced the use of aerospace composites across various applications, ranging from commercial aircraft to military and space exploration.
Leading Market Players: -
· Bally Ribbon Mills
· DuPont
· Hexcel Corporation
· Mitsubishi Electric Corporation
· SGL Carbon
· Solvay
· Spirit AeroSystems, Inc.
· TEIJIN LIMITED.
· Toray Industries Inc
· VX Aerospace Corporation
The report provides a detailed analysis of these key players in the global aerospace composite market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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