Aerospace Composites Market size is CAGR of over 7.3% from 2021 to 2027

Aerospace Composites Market Size
Aerospace Composites Market size crossed USD 10 billion in 2020 and is expected to show a CAGR of more than 7.3% during 2021-2027.

Growing development of aerospace composites usage in commercial as well as military aircraft, in order to satisfy lightweight and durable component needs will drive overall market growth. The factors such as weight saving and high impact strength will foster the aerospace composites market growth. Apart from this, the widespread use of interior and exterior applications will also increase the overall product penetration. Growth in commercial and defense industries is anticipated to experience robust growth over the forecast period. Further, rising defense expenditure will impact the market development in the future years.

Improvements in manufacturing processes coupled with ease of machinability will promote composite material demand. Composites can be produced in complex shapes that provide less material wastage and corrosion resistance, thus further enhancing product penetration. The superior quality of the composites in exterior airframe structures, including undercarriage, fuel parts, and wings, will drive the product demand. High product penetration in airframe structures will further boost the industry growth. Aerospace composites industry participants are looking at recycling composites for re-use in the MRO segment, which will drive the product penetration.

The COVID-19 outbreak and Boeing 737 MAX grounding negatively affected the aviation industry in the year 2020. Full lockdown of foreign traveling in multiple economies in Europe and APAC during the first H1 of FY2020 have a dire effect on the aerospace composites market. Various airlines have suspended their intention of buying new airplanes and some rescheduled their intention. Additionally, industry giants indicated a negative effect on generating revenues during FY 2020.

Aerospace Composites Market Report Attributes
Report Attribute Details
Base Year 2020
Aerospace Composites Market Size in 2020 9,965.7 Million (USD)
Forecast Period 2021 to 2027
Forecast Period 2021 to 2027 CAGR 7.3%
2027 Value Projection 16,113.0 Million (USD)
Historical Data for 2017 to 2020
No. of Pages 550
Tables, Charts & Figures 828
Segments covered Fiber, Resin, Aircraft, Application, Region
Growth Drivers
Increasing aviation industry with increasing demand for fuel-efficient aircraft
Strong demand for high strength and lightweight composite materials
Driving space exploration and defense industry
Pitfalls & Challenges
High material and manufacturing cost

Aerospace Composites Market Analysis
Suppose you’re manufacturing the aircraft of the future. You’d like them to be fast, agile, and ultra-strong. Enter carbon. Carbon composites are going to dominate the aerospace sector by 2027, cornering more than 60% of all sales. Why’s that? Because carbon is a superhero for developing high-grade components. Consider precision machine plates, bolts, and even nuts and posts. Its secret superpower? Incredible strength, hardness, and flexibility. That translates to your aircraft being able to withstand extreme conditions without perspiring. And it doesn’t end there. Carbon is also the hidden ingredient in engine components such as impellers and rotors. It repels sparks and makes your aircraft safer. To boot, it’s lightweight, can be exposed to extreme temperatures, and is extremely strong. Oh, and it also lubricates itself, so maintenance is a cinch.

The market for aerospace thermosetting composites is expected to create a demand of over 45 kilo tons by the year 2027. Thermosetting resins are some of the most extensively utilized man-made materials. Ease of application due to a shape change and compatibility with other materials are a few of the major features favorably driving product penetration. These resins find extensive applications as adhesives and bonding agents. Processing, fabrication, and composite material properties are some of the major factors influencing the chemical & physical properties of the resins.

Epoxy finds extensive applications in high-performance materials with a high requirement for advanced materials, providing improved performance in aircraft design and assembly as well as the repair of interior & exterior aircraft parts. Aerospace composites are being used extensively in applications requiring fire, smoke, and toxicity-resistant products. Increased use as a structural component for aircraft because of their characteristics like better performance under high temperature/high humidity conditions will also support industry demand. Epoxy is largely used for interior applications including insert potting, reinforcement, joining panels, and panel structures.

The market for commercial aerospace composites was worth USD 6 billion in 2020. Increased affordability of air travel has boosted the number of air passengers traveling over the last few years. The rise in the total passengers will further boost the revenue of the market. Composites hold over 50% of the total market share. Growing benefits from product usage, including weight saving and increased aircraft overall efficiency, will drive industry size. Furthermore, the competitive edge over other counterparts at manufacturing and molding time will reinforce overall market value.

The external application segment will depict approximately 7.5% growth rate till 2027. Composites are needed in exterior aerospace applications, which need higher operating temperature and curing performance. They provide strong aerospace structures, which will also contribute to the revenue of the industry. Ongoing R&D focused on the improvement of the performance of commercial and military uses has brought more utilization of composite materials due to their remarkable strength, better stiffness-to-density ratio, and better physical properties. In addition, aerospace composites save production time, possess greater damage tolerance in the production process, and provide 20% weight reduction.

North America aerospace composites market to have over 35% revenue share by 2027. The regional market leads the entire aerospace industry in terms of having the largest number of defense and commercial aircraft globally. Growing exports coupled with increasing demand from the aerospace industry will boost product demand through the forecast period. The U.S. has played a significant role in the market due to a vast growth in the aerospace industry coupled with high demand across the rest of the region will have a positive effect on the overall industry value.

Aerospace Composites Market Share

Key companies functioning in the aerospace composites market are

• Hexcel
• E.I. DuPont de Nemours
• LMI Aerospace
• Solvay Group
• BASF SE

Companies induce forward, backward, or full integration strategies between raw material manufacturers, composites manufacturers, and distributors. Aerospace market players mostly adopt forward integrated, involving the manufacturing and distribution of the product.