Aero Engine Composite Material Market Forecasts to 2028 – Global Analysis By Component (Engine Nacelle, Shrouds, Fan Blades, Guide Vanes, Engine Casing, Fan Case and Other Components), Composite Type, Fiber Type, Aircraft Type, Application and By Geograph

Aero Engine Composite Material Market Forecasts to 2028 – Global Analysis By Component (Engine Nacelle, Shrouds, Fan Blades, Guide Vanes, Engine Casing, Fan Case and Other Components), Composite Type, Fiber Type, Aircraft Type, Application and By Geography

According tStratistics MRC, the Global AerEngine Composite Material Market is accounted for $2.8 billion in 2022 and is expected treach $4.3 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Composite materials have been utilized in the aerospace industry for many decades, initially in non-safety critical applications and more recently as primary structures, including fuselage and wing structures on the latest aircraft. Composite sector develop products and technologies for current and future platforms, with the capability of composite materials becoming more advanced and suited tapplications across the entire aircraft environment.

According a recent survey in the year 1980, average fuel burn on commercial aircraft has fallen by 27% for a wide body and 35% for a narrow body. Airbus delivered a total of 566 jets in 2020 as compared t863 deliveries in 2019. Similarly, the Boeing Company delivered a total of 157 aircraft in 2020 as compared t380 deliveries in 2019.

Market Dynamics:

Driver:

High demand for composite materials

The increased desire for reducing an airplane's total weight and enhancing aircraft operability in a wide range of working scenarios has propelled the demand. Moreover, producers in this market are putting a lot of effort intcreating sophisticated composite materials procedures tlower CO2 emissions and boost engine fuel economy. These factors are driving the market growth.

Restraint:

Raising safety concerns

Internal deterioration of the composite materials used in aircraft engines is concealed by the outside composite material, posing safety issues. Moreover, the inability tbreak aero-engine composite materials is one of their main drawbacks. In the meantime, the high replacement and capital investment costs of such products may restrain the market's expansion for composite materials used in aerengines.

Opportunity:

Technological advancements

Advanced aviation engine composite material manufacturing techniques that improve engine fuel economy and lower CO2 emissions are a major priority for manufacturers of aerengine composite materials. The development of the market for composite materials for aerengines is significantly fuelled by technological advancements in a range of composite mixes.

Threat:

High cost associated with composite materials

Despite the widespread usage of composite materials in the aerospace sector, their development has been stymied by their high manufacturing costs. The cost of structural composites, according tcritics, is higher than that of its alloy-built competitors. Moreover, difficulty in repairing composites compared tmetallic structures is the factor expanding the growth of the market.

Covid-19 Impact

The COVID-19 pandemic outbreak and strict lockdown measures had a significant impact on the aviation sector, including a temporary suspension of flights and delays in the supply chain for aircraft and engines. Due ta lack of passenger demand, the majority of airlines have cancelled their aircraft orders, which will alshave an impact on the market for aircraft engines. The lockdowns caused by COVID-19 alsimpacted the supply chains for composite material used in aerengines, which slowed down the production of backlog orders.

The carbon matrix composites segment is expected tbe the largest during the forecast period

The carbon matrix composites segment is estimated thave a lucrative growth, due thighly advanced in nature and exhibit high hardness and strength without losing their superior heat treatment properties of ceramic and glass. They have exceptionally high melting points and dnot require cooling systems, thus they are employed tmanufacture lighter, less complex engine parts, which is boosting segment growth.

The carbon fibers segment is expected thave the highest CAGR during the forecast period

The carbon fibers segment is anticipated twitness the fastest CAGR growth during the forecast period, due tthe growing demand for lightweight fan blades made up of carbon fiber tboost the segment growth. Moreover, these modern-generation carbon fiber fan blades are now advanced, lightweight, and made of sustainable material. Thus, higher growth numbers are expected during the forecast period.

Region with Largest share:

Asia Pacific is projected thold the largest market share during the forecast period owing tit is encouraging the need for new aircraft and modern-generation engines. Improving the economy and rising defence expenditure of emerging countries boost the market growth. In addition tthe rising military budget, a surge in demand for new aircraft is expected tfuel the growth of the market.

Region with highest CAGR:

North America is projected thave the highest CAGR over the forecast period, owing tthe presence of a large number of players and the presence of aircraft manufacturers and engine component manufacturers. In addition, increasing defence investment in the procurement of combat aircraft, military helicopters, single-engine aircraft, and rescue helicopters is expected tdrive the market in the region.

Key players in the market

Some of the key players profiled in the AerEngine Composite Material Market include Hexcel Corporation, Rolls Royce Holdings Plc, Comtek Advanaced Structures Ltd, GE Aviation, Albany International, DuPont de Nemours, Inc., Meggitt Plc, Siemens AG, Nexcelle LLC, Alcoa Corporation, Issoire Aviation, Safran Aircraft Engines, IHI Corporation, Triumph Group and General Electric.

Key Developments:

In July 2022, Hexcel Corporation joined hands with Spirit AeroSystems at its Aerospace Innovation Centre (AIC) tdevelop more sustainable aircraft manufacturing technologies for future aircraft production.

In February 2022, Albany Engineered Composites (AEC) was selected by Sikorsky Aircraft tproduce the complete CH-53K Aft Transition assembly in a competitively bid 10-year long-term agreement. This long term agreement is already underway tsupport the schedule, and the contract is expected tbe finalized in the first quarter of 2022, with the first deliveries in 2023.

Components Covered:
• Engine Nacelle
• Shrouds
• Fan Blades
• Guide Vanes
• Engine Casing
• Fan Case
• Other Components

Composite Types Covered:
• Carbon Matrix Composites
• Metal Matrix Composites
• Polymer Matrix Composites
• Other Composite Types

Fiber Types Covered:
• Ceramic Fibers
• Carbon Fibers
• Glass Fibers
• Other Fiber Types

Aircraft Types Covered:
• Wide Body Military Aircraft
• Regional Aircraft
• Narrow Body Aircraft
• Military and Helicopter Aircraft
• Other Aircraft Types

Applications Covered:
• Military Aircraft
• General Aviation Aircraft
• Commercial Aircraft
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements