Aviation Carbon Fiber Market Global Analysis and Forecasts by Solutions, Component, and Application to 2031

According to a new report published by Allied Market Research, titled, "Aviation Carbon Fiber Market," The aviation carbon fiber market was valued at $1.5 billion in 2021, and is estimated to reach $4.4 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.

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There has been rise in use of carbon fiber in military aviation to provide significant weight and cost reductions. Moreover, there is an increase in the use of carbon fiber to produce military aircrafts as carbon fiber reduces around 50% of the structural weight of military aircrafts. Military aircrafts require lightweight structures to provide increased payload, improved agility, short take-off, long-range missions, and high maneuverable capabilities. The weight savings allow for a wider payload range, smaller subsystems for a given level of performance, and better fuel efficiency.

The rise in the application of carbon fiber to manufacture secondary structures, control surfaces, and wing & primary fuselage structures for military aircrafts is expected to drive the growth of the market. For instance, Eurofighter Typhoon is one of the most advanced fighter jets developed by a consortium of aerospace and defense companies from countries such as UK, Germany, Italy, and Spain. Its 40% of the structural weight is carbon fiber reinforced composite material. Moreover, the American fifth-generation fighter F/A-22 uses composite materials in fuselage, wings, and tail.

Asia-Pacific is expected to experience significant growth during the forecast period. China, Japan, and India are expected to remain lucrative markets in terms of increase in investment and R&D by domestic and overseas players. Increasing number of deliveries of commercial as well as general aviation aircrafts, owing to the significant growth in air traffic is a key factor driving the growth of the market in Asia-Pacific region. The region is experiencing growth in global transport with significant increase in passenger transport and air cargo market.

In November 2021, Boeing, an American aircraft manufacturer, predicted that air travel within the Asia-Pacific region will account for almost half of the world's air travel by 2040, with 17,645 new aircraft worth $3.1 trillion over 20 years. The increase in demand for aircrafts from commercial, military, and general aviation segments is expected to drive the growth for aviation carbon fiber market in the region.

The factors such as rapidly growing & booming aviation industry, expansion of aircraft fleets by airline operators and rising expenditure by government in the aviation sector are the primary factors expected to propel the growth of aviation carbon fiber market in China. China is expected to invest more than $80 billion in aviation projects to keep up with the increasing demand for air travel. Also, over the next 20 years, Chinese carriers are expected to expand their fleets by more than 1,500 aircraft, a number that represents 20% of the demand worldwide, which is expected to offer numerous growth opportunities for carbon fiber market during the forecast period.

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COVID-19 Impact Analysis

The outbreak of COVID-19 reduced air transport and negatively impacted the aviation industry, which significantly decreased the demand for carbon fiber. The COVID-19 pandemic severely impacted global demand for carbon fiber and its composites due to parked commercial aircrafts, domestic & international travel disruptions, and restrictions on travel activities. However, post-pandemic, strategies are being developed by governments to increase the production of locally produced carbon fiber material, supporting the growth of the market. For instance, in 2021, Hindustan Aeronautics Limited signed a memorandum of understanding with Mishra Dhatu Nigam Limited to develop and produce composite raw materials such as carbon fiber.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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