The global Aerospace Composites market is forecast to reach USD 63.37 Billion by 2027, according to a new report by Reports and Data. The global aerospace composites market is expected to experience significant growth due to the increased production of aircraft due to the boom in the aeronautical industry. The aerospace sector contributes to a significant share of the composite market due to the increased use of light materials for interior and exterior parts. The increase in air traffic associated with the number of low-cost carriers coming to emerging Asia-Pacific and Latin American economies to facilitate air travel is expected to be a key driver for the aviation industry, which will lead to, the growth in the aerospace composites market. Besides, the improved standard of living associated with the aerospace industry of laissez-faire in the Middle East has led to an increase in demand for cheap air travel, which is expected to have a positive impact on the market during the forecast period.
The aerospace composites market is expected to grow due to strong demand for commercial and military aircraft, helicopters, business aircraft, general aviation, and spacecraft manufacturing. The growing demand for light and efficient aircraft is expected to offer immense opportunities to manufacturers of composite parts, materials, and frames during the forecast period. Continued technological advances in the application of components and structures in aircraft are expected to result in high demand for aerospace composites. With the growing demand for aircraft and pending orders, production needs have increased, which should be one of the main reasons for the penetration of aerospace composites in the market.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in RD activities are expected to boost market growth during the forecast period.
Competitive Landscape:
the use of aerospace composites in commercial aircraft offers several other advantages. For instance, they provide a higher strength-to-weight ratio than traditional materials like aluminum and steel. This means that composite materials can provide the same level of structural strength as traditional materials while using less material, resulting in a lighter overall weight for the aircraft.
Aircraft manufacturers also benefit from the ability to design complex shapes and contours using composite materials. This allows them to create more aerodynamic designs that reduce drag and improve fuel efficiency. Composites also offer better resistance to fatigue and can withstand more cycles of loading and unloading than traditional materials, leading to increased durability and longer lifespan for the aircraft.
Some leading companies operating in the global Aerospace Composites Market:
Solvay Group, Hexcel Corporation, Royal Tencate N.V., Teijin Limited, Toray Industries Inc., Royal DSM N.V., SGL Group – The Carbon Company, Mitsubishi Rayon Co. Ltd., Renegade Materials Corporation, and Quantum Composites, among others.
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However, the use of composites also presents some challenges in terms of manufacturing and maintenance. The production process for composite materials is more complex and time-consuming than for traditional materials, and specialized skills and equipment are required. Additionally, while composites are highly resistant to corrosion, they can be vulnerable to damage from impacts and cracks that may not be immediately visible. Therefore, regular inspections and maintenance procedures are crucial to ensure the structural integrity of the aircraft.
The global market is further segmented into type and application:
Fiber Type Outlook (Revenue, USD Billion; 2017-2027)
- Ceramic Fiber
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
Resin Type Outlook (Revenue, USD Billion; 2017-2027)
- Thermoset
- Thermoplastic
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Interior
- Exterior
Aircraft Type Outlook (Revenue, USD Billion; 2017-2027)
- Commercial Aircraft
- Business and General Aviation
- Civil Helicopter
- Military Aircraft
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Overall, the increasing use of aerospace composites in commercial aircraft is a result of their many benefits in terms of weight reduction, corrosion resistance, durability, and aerodynamic design. As aircraft manufacturers continue to invest in the development of new composite materials and production processes, we can expect to see even more advanced and efficient aircraft designs in the future.
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