Aerospace Composites Market Is Projected To Be Worth USD 64.51 Billion By 2028, Registering A CAGR Of 13.77% During The Forecast Period (2021 - 2028).
In the aircraft industry, composite materials are widely used for different purposes. The composites materials have more advantages like they do not merge completely with each other well as they can sustain their identities properly. On the contrary, hybrid materials exist for aerospace components with better structural properties.
Usually, the aerospace industry consists of various composite materials such as carbon fibre, fibreglass, and fibre-reinforced matrix system. Even aerospace composites are widely used in different aircraft frames like wings, fuselage, and aircraft interiors. They can sustain extreme operating conditions like impact loads, high temperature, shocks, and high stress.
Apart from that, the intended audiences like distributor & supplier companies, consultants and investment bankers, end-users, independent regulatory authorities, or government associated with Aerospace Composites Market play a necessary role in propelling the global market growth during the assessment period.
Furthermore, the European regional market is driving the aviation industry due to the increasing competition from high-speed trains and other travel modes. Additionally, the Aerospace Composites Market of Europe has increased its growth because of evolving global aircraft leaders in the Asia Pacific and sudden growth in air passenger traffic in the region.
Apart from that, the Middle East & African market is predicted to register significant growth during the research period due to the rising number of maintenance, operational activities, and repair of aircraft and the presence of aircraft competitors in the region. Also, it is projected that the high growth rates can be witnessed in Russia and Central Europe during the review period.
COVID-19 Impact Analysis
The demand for composites in the aerospace industry has negatively affected during the COVID-19 pandemic. At this time, the supply chain has been disrupted, leading to the non-arrival of raw materials. This has affected the composites' financial flow as many investors were not ready to invest in the production. Also, the lack of workforce and transportation and the travel restriction worldwide have reduced air travel significantly. This has led to reducing new aircraft deliveries, which has hit hard to the aerospace industry. In addition, it has reduced the demand for composite materials.
For instance, the market players have adopted new strategies and safety measures to propel the Aerospace Composites Market Growth during the forecast period. Further, it has been witnessed that the market share is significantly growing in the present context.
Key Market Drivers
The demand for composite materials has increased from the defense and aerospace industry, especially when there is no interruption in the supply chain and no travel restrictions for the covid-19 pandemic. This has driven the high Aerospace Composites Market Size during the forecast period.
In Hampton, Virginia, NASA's Langley Research Center is developing Super lightweight Aerospace Composites (SAC) project, which is proposed to enable significant mass savings on space structures. The engineers predicted that the high-strength yarn could lead to 25% mass savings by replacing carbon fibre-reinforced polymers. This kind of initiative is expected to enhance the Aerospace Composites Market Trends in the upcoming years.
In carbon fibre composites, the main raw materials included are carbon fibres and polymeric resins. The cost of carbon fibres is significantly reduced due to the development of high-yield precursors and the low cost of making aerospace-grade carbon fibres. Hence, the reduction in the cost of carbon fibres is projected to reduce the carbon fibre aerospace composites cost, bringing more opportunities for the global Aerospace Composites Market’s key players.
Moreover, the investments in R&D of advanced composite materials are increasing, which is bringing lucrative opportunities for the manufacturers and key players.
The decreasing number of commercial aircraft deliveries may hinder the Aerospace Composites Market Size during the forecast period.
In addition, the high cost of production and maintenance and stringent rules of the government may also hamper the global market.
The liquidity crunch because of the slowdown in the aerospace industry can be one of the biggest challenges for the Aerospace Composites Market during the research period.
Moreover, the fluctuation in the price cost can also bring major challenges for the Aerospace Composites Market.
Cumulative growth analysis
Significant growth has been witnessed in the Aerospace Composites Market due to the growing demands for composites in various defence and aerospace industries. This is predicted that the global market will have more scope in the upcoming years.
The continuous support of the key players towards generating the Aerospace Composites Market Value is propelling the global market growth. Also, these market players are present in various regions like North America, Europe, the Middle East, Africa and others.
As per the Aerospace Composites Market Forecast report, the worldwide market has been segregated based on types and applications.
The global Aerospace Composites Market has been segmented into carbon fibre, glass fibre, aramid fibre, and others in terms of type segment.
The carbon fibre composites segment is projected to account for the larger Aerospace Composites Market Share in terms of value during the research period. This segment is growing demands in anti-corrosive property and superior strength-to-weight ratio.
The global Aerospace Composites Market has been classified into military and commercial based on the application segment.
The military segment is anticipated to register the highest CAGR in the analysis period. The used composites are durable, lightweight, temperature, and chemical-resistant in the military segment. In addition, low detectability and ballistic radars are other composites used in military aircraft. On the other hand, the commercial segment is predicted to generate the largest Aerospace Composites Market Share in volume during the forecast period.
As per the Aerospace Composites Market Outlook report, the current market is divided into different segments such as North America, Europe, Middle East Africa, and Latin America and others based on regional segments.
At present, the Aerospace Composites Market of North America is projected to be the biggest market worldwide. Also, this regional market is expected to expand at the highest CAGR in the review period in terms of market value and volume.
This region is expanding due to many manufacturers and key players in the region. In addition, many companies are now focusing on setting up carbon fibre composites manufacturing plants in Europe and North America because of the growing requirement for carbon fibre composites. The Latin American regional market is anticipated to generate strong growth during the forecast period due to the increasing demand from Brazil and the increased number of low-cost carriers in the region. Also, this regional market is fueling the Aerospace Composites Market Growth due to the presence of dominant aircraft competitors like Embraer in the region.
Competitive Landscape Analysis
According to Aerospace Composites Market Analysis, the key leaders are applying new ideas and strategies to expand the market value and growth during the forecast period. These key players include:
As per the Aerospace Composites Market Outlook report, several component OEMs and aircraft manufacturers are using composites for different aircraft components and interiors. They are growing the investments and doing promotions to enhance the market growth in the assessment period.
In January 2019, Teijin Limited signed an ideal agreement with Boeing to supply unidirectional pre-impregnated tape (TENAX TPUD). This agreement is proposed to help the company grow the aircraft business in its medium-term growth.
As per the Aerospace Composites Market Analysis,this report combines both primary and secondary research of data collection. Moreover, qualitative and quantitative data analysis has been conducted to brief the Aerospace Composites Market Value. Along with this, this report has covered the market segmentation, regional analysis, competitive analysis, market overview, market dynamics, and covid-19 analysis to get a deep insight into the global market.
Further, the Aerospace Composites Market Forecast report has also emphasized the key strategies applied by the market players to enhance the market value in the research period.