The Global Aerospace Composites Market size was estimated to be US$ 22.5 billion in 2019 and is expected to grow at a CAGR of 9% through 2030.
Increasing investment in research & development of high-performance composite materials, rising demand for commercial aircrafts, and increased adoption of aerospace composites in unmanned aerial vehicles are the key factors driving the growth of the global aerospace composites market. The demand for high strength and lightweight materials is continuously increasing with rising air traffic. Aerospace composites are high performance materials developed for manufacturing of aerospace components. Increasing disposable income has triggered the adoption of airways as preferred means of passenger transportation across the globe.
Additionally, the growth of commercial fleets for cargo movement has increased significantly during past couple of decades. This has resulted in increased number of commercial and passenger aircraft orders for leading aircraft manufacturers. The aerospace composites reduce the weight of airframe and increase the structural strength of aircraft, thereby improving overall performance. This is expected to contribute towards the growth of the global aerospace composites market during forecast period.
However, government mandate to ensure social distancing in an attempt to prevent spread of COVID-19 has disrupted the production and supply of aircrafts and associated components, thereby impeding the growth of the global aerospace composites market. The global aerospace composites market is anticipated to rebound to its original market potential post COVID-19 to exhibit a steady growth during the forecast period.
North America contributed the largest share to the global aerospace composites market in 2019 and is anticipated to be a dominating segment throughout the forecast period owing to the presence of leading aircraft manufactures. Increasing investment in research & development of performance aerospace materials and rising spending for space exploration operations is anticipated to contribute towards the growth of North America aerospace composite market during the forecast period.
Europe contributed a prominent share to the global aerospace composites market and is anticipated to witness steady growth during the forecast period. Asia Pacific is anticipated to be the most lucrative market during the forecast period owing to increasing number of aerospace composite manufacturers across emerging countries.
Aerospace Composites Market Share Analysis, by Geography (2022)
The report titled “Aerospace Composites Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global aerospace composites market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market. For instance, Mitsubishi Chemical Corporation generated a revenue of US$ 33,219.0 million in 2019. The product segment analysis of the company indicated that the Performance Products business segment of the company dominated the revenue in 2019.
The global aerospace composites market is segmented on the basis of fiber type, resin type, manufacturing process, aircraft type, application, and geography. Based on fiber type, the global aerospace composites market is segmented into carbon fiber composites, ceramic fiber composites, glass fiber composites, and others. Based on resin type, the global aerospace composites market is segmented into epoxy, phenolic, polyester, polyimides, thermoplastics, ceramic and metal matrix, and others. Based on manufacturing process, the automated fiber placement and tape laying (AFP/ATL), layup, resin transfer molding and vacuum-assisted (RTM/VARTM), filament winding, and others. Based on aircraft type, the global aerospace composites market is segmented into commercial aircraft, business aviation, civil helicopters, military aircraft & helicopters, and others. Based on application, the global aerospace composites market is segmented into interior and exterior. Based on geography, the global aerospace composites market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on aerospace composites. Further, market share of prominent companies in the global aerospace composites market would also be estimated. For instance, Mitsubishi Chemical Corporation operates through five business segments namely Performance Products, Chemicals, Industrial Gases, Health Care, and others. The aerospace composites are delivered under Performance Products business segment of the company with revenue contribution of US$ 10,034.9 million in 2019.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the aerospace composites companies. The global aerospace composites market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the aerospace composites business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global aerospace composites market.
Major players active in the global aerospace composites market include Hexcel Corporation, Koninklijke Ten Cate bv., Materion Corporation, Mitsubishi Chemical Corporation, Owens Corning, Renegade Materials Corporation, SGL Carbon, Solvay (Cytec Industries Incorporated), Teijin Limited, and TORAY INDUSTRIES, INC.
The Global Aerospace Composites Market Is Segmented
Based On Fiber Type
Based On Resin Type
Based On Manufacturing Process
Based On Aircraft Type
Based On Application
Based On Geography
The sample report for the Aerospace Composites Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.
The global Aerospace Composites market is estimated to expand at a CAGR of 9% through 2030
The global Aerospace Composites market segmented on the basis of Fiber Type, Resin Type, Manufacturing Process, Aircraft Type, Application and Geography
Some key players operating in the Aerospace Composites market include Hexcel Corporation, Koninklijke Ten Cate bv., Materion Corporation, Mitsubishi Chemical Corporation, Owens Corning, Renegade Materials Corporation, SGL Carbon, Solvay (Cytec Industries Incorporated), Teijin Limited, and TORAY INDUSTRIES, INC..
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