Global aircraft composites market will reach US$ 41.4 billion in value by 2023. The market is anticipated to increase at a 9.0% annual growth rate between 2023 and 2033.
Composite materials are thought to be important in the production of aeronautical components. The potential to produce low-weight, high-performance materials used to make aviation components has been given to composite makers by growing worries over the fuel consumption of traditional aircraft.
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Eminent Players
- Albany Engineering Composites
- BASF SE
- Hexcel Corporation
- Mitsubishi Chemical Holdings
- SGL Group Spirit
- Solvay
Market Development
Leading manufacturers of aerospace composites are AeroSystem, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Group Spirit, Solvay, Teijin Limited, Toray Industries, Inc. and others are strategically integrating forward to enhance their market coverage area and to strengthen their market position.
Manufacturers are investing in research & development and collaborating with the raw material manufacturers to meet the specific requirement of the aircraft. Also, interest from the government has supported the use of aerospace composites in aircraft component manufacturing.
- In August 2022, Solvay joined hands with Wichita State University’s National Institute for Aviation Research (NIAR) and opened a manufacturing innovation center. This innovation center will be a testing station to explore the advantages of new composite materials forms and manufacturing technologies that will lead to the development of lighter, safer, and sustainable aircraft.
Key Takeaways from Market Study
- The global aerospace composites market is expected to grow at 9.0% CAGR and to hold a valuation of US$ 98.1 billion in 2033
- The market has experienced a growth rate of 6.5% for the period of 2018–2022
- Under the fiber type segment, carbon fiber is widely used for the production of aerospace composites and held a valuation of US$ 15.2 billion in 2022
- North America dominated the aerospace composites market with 27.1% market share in 2022
- Based on region, demand for aerospace composites is estimated to increase at CAGRs of 9.3% and 8.9%, respectively in Europe and East Asia
Soaring Aviation Industry is Likely to Aid the Expansion of the Aerospace Composites Market Globally says a Fact.MR analyst.
Industry Research
- By Fiber :
- Carbon Fiber
- Ceramic Fiber
- Glass Fiber
- By Matrix :
- Polymer Matrix
- Ceramic Matrix
- Metal Matrix
- By Application :
- Interiors
- Exteriors
- By Manufacturing Process :
- AFP (Automated Fiber Placement)/ ATL (Automated Tape Layup)
- Layup
- Resin Transfer Molding
- Filament Winding
- By Aircraft Type :
- Commercial Aircraft
- Business & General Aviation
- Civil Helicopters
- Military Aircrafts
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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