Aerospace Composites Market is Anticipated to reach USD 54.0 billion in 2029 from USD 28.1 billion in 2021 expanding at a CAGR of 8.5% | Size & Forecast Report

Aerospace Composites Market

The Aerospace Composites Market was valued USD 28.1 billion in 2021 and projected to reach USD 54.0 billion in 2029 growing at a CAGR of 8.5% from 2022-2029.

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The factors driving the growth of Aerospace Composites Market includes rise in the production of helicopters, business jets and military aircrafts, increase in the air passenger traffic around the world, fall in the price of carbon fiber and rapid growth in the production of aerospace parts. According to the report publish by Bloomberg, the Global Business Jets Market was estimated around USD 30.1 billion for 2022 and is expected to reach USD 41.8 billion by the end of 2030, growing at a CAGR of 4.2% over the forecast period, which will accelerate the Aerospace Composites Market size in the approaching years. Moreover, rise in the number of low-cost aircraft carriers, growing adoption of advanced technologies by manufacturers, excellent fatigue and corrosion resistant properties of aerospace composites and rise in Government's budget for procuring aircraft for defense forces, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, rising disposable incomes and growing population growth rates, are further contributing to the market growth.

However, growth of the Aerospace Composites Market is hindered attributed to rising expense of testing aerospace composites.

The prominent players operating in the market are Hexcel Corporation, TEIJIN LIMITED, SGL Carbon, Solvay, TORAY INDUSTRIES, INC., Mitsubishi Chemical Holdings Corporation, Owens Corning, Spirit AeroSystems, Inc., Materion Corporation, and Lee Aerospace, among others.

Based on Material, the Carbon Fiber segment is predicted to grow at a robust CAGR during the forecast period

As per the Aerospace Composites Market Global Forecast, carbon fiber provides high strength-to-weight ratio and is increasingly used in wings, engine nacelles and fan casings, are some of the factors pushing growth of the segment.

Based on Application, the Exterior segment is projected to capture the largest market share over the forecast period

Aerospace composites are extensively used in airframe structures such as leading and trailing edges, is propelling growth of the segment. 

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Rise in the production of commercial aircrafts, increase in air passenger traffic, rapid industrialization, growing population growth rates and high per capita income, are some of the important factors augmenting the market growth in North American region.

Key Development

In 2019, Solvay and SGL Carbon signed joint development agreement (JDA) to develop first composite materials based on large-tow intermediate modulus (IM) carbon fiber. This type of materials helped in reducing CO2 emissions and enhanced the production of next-generation commercial aircraft.
In 2019, TEIJIN LIMITED signed an agreement with Boeing to supply the unidirectional pre-impregnated tape (TENAX TPUD).

Market Segmentation

Segmentation by Material

Carbon Fiber
Ceramic Fiber
Fiberglass
Aramid
Others

Segmentation by Application

Interior
Exterior

Segmentation by Aircraft Type

Military
Commercial
General Aviation

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.