Aerospace Composites Market

The aerospace composites market is estimated at USD 29.1 billion in 2024 and is projected to reach USD 52.1 million by 2029, at a CAGR of 12.3% from 2024 to 2029. Composites are growing in the aerospace industry due to strict regulations targeting the reduction of carbon emissions from aircraft. For instance, in 2024, the Federal Aviation Administration (FAA) issued a rule to implement advanced fuel-efficient technologies on larger aircrafts built after January 2028 to reduce carbon pollution. Furthermore, the aerospace composites market growth is supported by increased commercial and cargo traffic. Airbus forecasted around 42,430 aircraft deliveries by 2043. Aerospace composites market growth is expected to be hampered by presence of limited number of suppliers of composite raw materials and their high prices.

Attractive Opportunities in Aerospace Composites Market Trends

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Aerospace Composites Market Dynamics

Driver: Increased demand for fuel efficiency in aerospace industry

Aerospace composites contribute significantly to reducing aircraft weight, which in turn enhances fuel efficiency which a crucial factor given rising fuel prices and stringent environmental regulations. Composites can be molded into more aerodynamic shapes, reducing drag during flight. Less drag translates directly into better fuel efficiency. One of the most prominent examples of composite use in commercial aircraft is the Boeing 787 Dreamliner, which consists of about 50% composite materials, primarily CFRP. This design choice results in a weight reduction estimated at 20% compared to traditional aluminum designs, contributing to 20-25% improvement in fuel efficiency over the aircraft it typically replaces.

Restraint: Supply Chain Issues

Many critical materials used in aerospace composites, such as raw materials of carbon fiber and specific high-performance resins, come from geopolitically sensitive regions such as Middle East region. Any disruption due to political instability, trade disputes, or tariffs significantly impact the availability and cost of these materials. Complex supply chain includes not just the raw materials but also specialized equipment and expertise. Any disruption in one part of this chain can delay the entire manufacturing process.

Opportunity: Increasing focus on mass customization

Mass customization is a growing trend in the aerospace composites market, which allows manufacturers to produce customized products in large volumes for a growing market. 3D printing enables manufacturers to implement mass customization by eliminating many of the barriers associated with traditional manufacturing methods, such as the need for specialized molds or tooling, which is expensive and time-consuming. The increasing focus on mass customization is driven by the growing demand for personalized products that meet individual needs and preferences. Mass customization is a significant opportunity for the aerospace composites market, as it allows manufacturers to produce customized products in large volumes, meeting the growing demand for personalized products.

Challenge: Recycling and Environmental Concerns

Aerospace composites are typically made of multiple layers of different materials, such as carbon fibers and epoxy resins, which are difficult to separate and recycle efficiently. This complexity makes traditional recycling methods, such as mechanical shredding, ineffective, which can be challenging for manufacturers. There is currently a lack of widespread infrastructure for recycling aerospace composites. This includes facilities for collecting, processing, and reusing composite materials, which hinders the industry's ability to recycle effectively.

Carbon fiber accounted for the largest market share, both in terms of value and volume

Based on fiber type, the aerospace composites market has been classified into glass fiber, carbon fiber, ceramic fiber and others. The carbon fiber segment of the aerospace composites market had the largest market share in 2023, in terms of value and volume. Carbon fiber composites are used in the construction of primary aircraft structures such as fuselages, wings, and tail sections. The Boeing 787 Dreamliner, for example, features a fuselage and wings made primarily of carbon fiber composites. Carbon fiber composites are also used for interior components such as seats, overhead bins, and cabin panels. Their lightweight nature helps reduce overall aircraft weight, contributing to fuel efficiency. Efforts are underway to reduce the cost of carbon fiber production and processing to make it more competitive with metals.This factors are expected to boost the demand for carbon fiber composites in aerospace composites market.

Polymer matrix segment expected to register highest market share of aerospace composites market, during forecasted period

Based on matrix type, the aerospace composites market has been classified into polymer matrix, metal matrix, and ceramic matrix composite. The polymer matrix segment is expected to lead the aerospace composites market during the forecast period, in terms of value and volume. The growth in demand for polymer matrix composites in the aerospace industry is expected to continue as manufacturers seek to develop more fuel-efficient, durable, and environmentally friendly aircraft. Continued research and development efforts are focused on further improving the performance and cost-effectiveness of these materials, ensuring their continued use in aerospace applications.

Manufacturing  application holds the second largest share in the aerospace composites market, in terms of value and volume, in 2022

Based on manufacturing process, the aerospace composites market has been segmented into Automated Fiber Placement (AFP) / Automated Tape Laying (ATL), lay-up, resin transfer molding, filament winding, others. AFP/ATL are key technologies driving innovation and efficiency in the aerospace composites market. Their precision, efficiency, and ability to create complex structures make them essential for producing the lightweight, high-performance composite parts demanded by the aerospace industry. Continued advancements in these technologies are expected to further drive their growth and create new opportunities in the aerospace composites market.

Based on the aircraft type, the commercial aircraft segment is estimated to account for the highest market share in 2023, in aerospace composites market.

Based on aircraft type, the aerospace composites market has been segmented into commercial aircraft, business & general, civil helicopter, military aircraft, others.

Aerospace composites are pivotal in the commercial aircraft segment, particularly in the development of fuel-efficient, durable, and lightweight aircraft. They find extensive application in various parts of the aircraft, including the fuselage, wings, empennage, and interior components. For example, Airbus' A350 XWB incorporates composites in its wings, contributing to improved performance. Composites offer benefits such as weight reduction, high strength, durability, and design flexibility, enabling innovative aerodynamic designs. Future trends focus on developing advanced materials, manufacturing innovations, and sustainability, with a growing emphasis on recyclability and reduced environmental impact, aligning with the industry's sustainability goals.

North America to hold the largest market share during the forecast period.

The aerospace composites market in North America is experiencing significant growth, driven by increasing demand for lightweight and fuel-efficient aircraft, stringent environmental regulations, and technological advancements in composite materials and manufacturing processes. The strong presence of major aerospace players like Boeing and Lockheed Martin in North America creates a constant demand for these advanced materials. However, factors like high initial costs and strict regulations can hinder new entrants, but overall, the North American aerospace composites market enjoys a positive outlook.

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Key Market Players

The aerospace composites market is dominated by a few globally established players. Solvay (Belgium), Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Hexcel Corporation (US), Teijin Limited (Japan), SGL Carbon (Germany), Spirit AeroSystems (US), Materion Corporation (US), Lee Aerospace (US), General Dynamics Corporation (US), Absolute Composites (India), FDC Composites Inc. (Canada), Avior Produits Intégrés Inc. (Canada), Collins Aerospace (US), Aernnova Aerospace S.A (Spain) among others, are the main producers who entered into significant deals and partnerships recently. Since global requirements are changing, contracts and new product development have received the majority of attention.

These companies are attempting to establish themselves in the aerospace composites market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major aerospace composites market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.

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Scope of the Report

The study categorizes the aerospace composites market based on by Fiber Type, Matrix Type, Manufacturing Process, Aircraft Type, Application, and Region.

By Fiber Type

• Glass Fiber
• Carbon Fiber
• Ceramic Fiber
• Other Fiber Types

By Matrix Type

• Polymer Matrix Composite
• Metal Matrix Composite 
• Ceramic Matrix Composite

By Manufacturing Process

• AFP/ATL
• Lay-up
• Resin transfer molding
• Filament Winding
• Other Processes

By Aircraft Type

• Commercial
• Business & General
• Civil Helicopter
• Military Aircraft
• Others

By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Recent Developments

• In March 2024, Hexcel corporation and Arkema entered into strategic partnership for the development of high-performance thermoplastic composite structure. The high-performance thermoplastic composite structure was designed and manufactured using HexPly thermoplastic tapes. This innovative demonstrator was successfully developed within the collaborative project HAICoPAS (Highly Automatized Integrated Composites for Performing Adaptable Structures), which is led by Hexcel and Arkema.
• In January 2024, Materion Beryllium  & Composites (subsidiary of Materion Corporation) partnered with Liquidmetal Technologies Inc. Materion Beryllium & Composites, in partnership with Liquidmetal and other Certified Liquidmetal Partners, will use their alloy production technologies to provide high-quality products and support services to their customers.
• In August 2023, Spirit AeroSystems, Inc. and Oak Ridge National Laboratory entered into strategic agreement. Both players collaboratively explore advances in high-temperature in-situ process monitoring techniques and predictive modeling capability for microstructure-based performance and certification of carbon and ceramic composites and additively manufactured alloys. In addition, research teams will study various processing techniques for materials that can withstand extreme heat and harsh environments, including scaling up a thermal protection system for aerospace platforms.

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