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Aeroengine Composites Global Market Report 2024 To 2033 | Solvay SA, Meggitt plc, Hexcel Corporation, Albany Engineered Composites Inc
Aeroengine Composites Market
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According to The Business Research Company's, The aeroengine composites market size has grown rapidly in recent years. It will grow from $2.22 billion in 2023 to $2.6 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to weight reduction requirements, improved fuel efficiency demands, regulatory standards for emissions, increased emphasis on engine performance.
The aeroengine composites market size is expected to see rapid growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to rise in demand for lightweight aircraft, continued development of advanced composite materials, stringent emission regulations, growing adoption of carbon fiber composites, increased focus on sustainable aviation. Major trends in the forecast period include integration of 3d printing in composite manufacturing, advancements in nano-composites for aeroengines, application of hybrid composite structures, development of self-healing composites, emphasis on recycling and circular economy in composite production.
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Market Drivers and Trends:
The constant demand for low-fuel engines is expected to propel the growth of the aero-engine composites market. The aircraft engines with low fuel consumption will not only reduce carbon dioxide emissions but also reduce the operational costs of airline companies. The growing demand for oil across the globe and dwindling reserves are responsible for the increase in oil prices which triggers the need for fuel-efficient engines. Using less fuel through improved fuel efficiency helps in saving a considerable amount of money for the airlines. The use of aero-engine composites will reduce the overall weight of the aircraft and improve its fuel efficiency. For instance, The International Air Transport Association (IATA), a trade association that supports the aviation industry across the globe for airline security, safety, sustainability, and efficiency, adopted a set of ambitious targets to reduce 50% carbon dioxide emissions in net aviation by 2050. Therefore, the demand for low-fuel engines is driving the growth of the aero-engine composites market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Solvay SA, Meggitt plc, Hexcel Corporation, Albany Engineered Composites Inc., Fischer Advanced Composite Components AG, General Electric Aircraft Engines, Rolls Royce plc, Safran SA, General Dynamics Corporation, GKN Ltd., Triumph Group Inc., Safran Aerospace Composites, Albany International Corp, Mitsubishi Heavy Industries Ltd., Dassault Aviation SA, Arconic Corporation, Aviation Industry Corporation of China Ltd., Aerojet Rocketdyne Holdings Inc., Moog Inc., Diehl Aerospace GmbH, Hexion Inc., Strongwell Corp, Huayuan Advanced Materials Co. Ltd., Toray Industries Inc., Teijin Ltd., Owens-Corning, SGL Carbon SE, Huntsman Corporation, Cytec Industries Inc., DuPont de Nemours Inc.
Aeroengine Composites Market 2024 Key Insights:
• The aeroengine composites market size is expected to see rapid growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• The Aero-Engine Composites Revolution In Reducing Carbon Footprint And Costs
• Technological Advancements In Aero-Engine Composites For Fuel Efficiency And Sustainability
• North America was the largest region in the aeroengine composites market in 2023
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