Aerospace Composites Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Aerospace Composites Market

The Aerospace Composites Market size was valued at USD 14.66 billion in 2023, and the market is now projected tgrow t29.69 USD billion by 2032, exhibiting a CAGR of 9.27% during the forecast period of 2023-2030.

The pandemic has been anticipated tbe a bane for the entire industrial developments of various market and fields. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps tstop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related tthis domain. These factors affected the Aerospace Composites Market growth.

This is the major factor attributing the growth of this particular market. Because of their strength, durability, ease of availability, and anti-corrosive properties, aluminum sheets have been utilized for a long time in the manufacture of airplanes. However, metal has limitations, and aerospace composites are crucial in addressing these constraints by either substituting or augmenting metal in aircraft. The research conducted by Boeing indicates that composite constructions require less maintenance than their aluminum counterparts. Comparing this taluminum design guarantees a notable gain in both efficiency and design. This alsmakes it easier tcut down on the quantity of joints and heavy fasteners, which can fail. Because of this, aircraft composites are providing better, one-piece designs in airplanes wherever feasible. These particular growth driving factors have been recorded tattribute the Aerospace Composites Market Share.

The need for cosmetic dental operations is being driven by consumers' growing attention tdental aesthetics. The use of aircraft composites is growing quickly in the sector. Due tthe advantages of their greater strength, low weight, and design freedom, aircraft manufacturers are taking advantage of the use of aerospace composites in unusual parts like engine blades. The blades of the Airbus A320neo's LEAP (Leading Edge Aviation Propulsion) engine are one such instance. Composite materials have alsbeen used by several manufacturers tmake their seating materials more resilient and lightweight.

Comprehensive Analysis of Aerospace Composites Market

The segmentation of this particular market has been divided and then further subdivided intvarious categories. Tcreate a composite system that works, carbon fiber is reinforced in a suitable resin system. The aircraft composites industry has come tfavor carbon fiber because of its remarkable qualities, which include minimal thermal expansion, high stiffness, high tensile strength, low weight, good chemical resistance, and high temperature tolerance. With a market share of less than two-thirds, the commercial aerospace segment leads the aerospace composites industry. Significant advancements in the civilian aircraft sector and the replacement of the aging fleet are projected thelp the commercial aerospace segment hold ontits position.

North America holds the largest market over the forecast period, according tthe conclusions based on our research methodology. Due in large part tthe presence of major aircraft manufacturers and the availability of technological advancements necessary for the production of sophisticated aerospace components in the region, North America dominates the global market for aerospace composites. Twof the Boeing 787's four fuselage pieces, for example, are made in the United States (the rear section is made in Charleston, and the nose section is made in Kansa). In contrast, twmidsections are made in Italy and one is made by Kawasaki Heavy Industries in Japan. These parts are all put together and connected in Everett, Washington, in the United States. The region is expected tmaintain a significant proportion during the projected period.

Global markets are fiercely competitive and highly fragmented. Due ttheir creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes LMI Aerospace, Inc. (U.S.), Owens Corning (U.S.), Hexcel Corporation (U.S.), Solvay S.A. (Belgium), Toray Advanced Composites (U.S.), Teijin Limited (Japan), SGL Carbon (Germany), Mitsubishi Chemical Corporation (Japan), VX Aerospace Corporation (U.S.), and Unitech Aerospace (U.S.).

In January 2021, This particular company has attributed the market growth in terms of revenue and shares system. The Japanese-based Mitsubishi Chemical Corporation, a maker of various chemicals and materials, announced its intention tpurchase Carbon Fiber Prepreg manufacturer c-m-p GmbH, located in Germany. The company's position in the market for carbon fiber composites is anticipated timprove as a result.

Segmentation Table

ATTRIBUTE DETAILS

Study Period - 2015-2026

Base Year - 2018

Forecast Period - 2019-2026

Historical Period - 2015-2017

Unit - Volume (Tons) and Value (USD million)

Segmentation By Fiber Type

• Carbon
• Glass
• Aramid
• Others

By Aircraft

• Commercial Aircraft
• Military Fixed Wings
• Business Aircraft
• General Aviation
• Jet Engines
• Helicopter
• Others

By Geography

• North America (the U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Russia, and the Rest of Europe)
• Asia-Pacific (Japan, China, India, South Korea, and the Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and the Rest of Latin America)
• Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)

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