Aerospace Composites Market Report 2024: Strategies And Recent Developments

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2050

The Business Research Company offers in-depth market insights through Aerospace Composites Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The aerospace composites market size has grown rapidly in recent years. It will grow from $31.08 billion in 2023 to $36.27 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to regulatory changes, environmental concerns, globalization, aging aircraft fleet, rise in number of commercial and defense aircraft.

The aerospace composites market size is expected to see rapid growth in the next few years. It will grow to $63.75 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to economic growth, aircraft fleet modernization, recycling and sustainability initiatives, aerospace industry consolidation, growing demand for passenger and cargo aircraft production. Major trends in the forecast period include digital twin and simulation, adoption of additive manufacturing, engineered fiber architectures, sustainable and eco-friendly composites, advanced composite materials.

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Market Segmentation:
The main types of aerospace composites include carbon fiber composites, ceramic fiber composites, glass fiber composites, and others. Carbon composites are a broad class of materials in which carbon structures are spread throughout a material. They offer strength and stiffness while keeping them relatively lightweight. Ceramic composites offer excellent temperature stability, damage-tolerant fracture behavior, low density, good corrosion, high hardness, and wear resistance. Glass fiber composites offer flexibility, high strength, stiffness, and durability. Aerospace composites are mainly used in commercial aircraft, business and general aviation, civil helicopters, military aircraft, and others. The two major types of applications of aerospace composites are interior and exterior. Aerospace composites are manufactured through AFP/ATL, the lay-up process, resin transfer molding process, filament winding process, and other processes. Resins used for aerospace composites include benzoxazine, cyanate ester, bismalimide, ceramic and metal matrix, thermosetting resins, polyester, and others.

Major Driver - Rising Demand For Lightweight Composite Materials Is Fueling Growth In The Aerospace Composites Market
The increase in demand for high-strength and lightweight composite materials is expected to drive the aerospace composites market. Energy efficiency can be increased, and fuel consumption can be reduced by using lightweight materials and thereby reducing the mass of the aircraft, as a lower mass requires less lift force and thrust during flight. Lightweight design helps in reducing the carbon footprint, higher structural strength and stiffness, flight performance improvements such as better acceleration, and better safety performance. For instance, in May 2023, according to reports from Composites United e.V. Germany, a non-profit association, the volume of the global composites sector in 2022 totaled 12.7 million metric tons compared with 2021. Therefore, increasing use of lightweight materials positively impacts the aerospace composites market's growth.

Competitive Landscape:
Major companies operating in the aerospace composites market include Solvay SA, Toray Industries Inc., Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon SE, Materion Corporation, Owens Corning, Spirit AeroSystems Inc., LEE Aerospace Inc., Gurit Holding AG, General Electric Corporation, Rolls-Royce Motor Cars Ltd., Kineco-Kaman Composites, Nippon Graphite Fiber Corporation, Lockheed Martin Corporation, Raytheon Technologies Corporation, The Boeing Company, Airbus SE, Northrop Grumman Corporation, Safran SA, Leonardo S.p.A., Honeywell International Inc., L3Harris Technologies Inc., Dassault Aviation SA, Arconic Corporation, Aviation Industry Corporation of China, Triumph Group Inc., Harris Corporation

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Top Trend - Technological Advancements Propel Aerospace Composites Market For Energy-Efficient Aircraft
Companies in the aerospace composites market are focusing on technological advancement to accelerate and develop composite material and process technologies for the next generation of energy-efficient aircraft and future mobility. Airlines are trying to replace outdated aircraft with technologically advanced and modern aircraft. These new aircraft are equipped with increased payload capacities and cost-efficiency. As a result of this, there is widespread adoption of aerospace composites across the globe. For example, in March 2021, GKN Aerospace, a UK-based company involved in the automotive and aerospace components business, launched a consortium called ASCEND (aerospace and automotive supply chain enabled development). With this launch, the UK has become a technology leader in future lightweight structures. It also helps to reduce carbon emissions and energy consumption in the aerospace industry.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerospace Composites Market Characteristics
3. Aerospace Composites Market Trends And Strategies
4. Aerospace Composites Market - Macro Economic Scenario
5. Aerospace Composites Market Size And Growth
…..
27. Aerospace Composites Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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