Growth Factors of Aerospace Composites Market
The aerospace industry is witnessing a significant transformation with the increasing adoption of advanced materials, particularly composites. Aerospace composites have revolutionized the design and manufacturing of aircraft, offering enhanced performance, fuel efficiency, and durability. According to a report by Fortune Business Insights, the aerospace composites market was valued at USD 14.66 billion in 2018 and is expected to reach USD 29.69 billion by 2026, growing at a compound annual growth rate (CAGR) of 9.27%.
What Are Aerospace Composites?
Aerospace composites are materials composed of two or more constituent substances, designed to enhance the mechanical properties of aircraft components. These composites, primarily carbon fiber, fiberglass, and aramid fiber, are lightweight yet strong, making them ideal for aerospace applications. Their high strength-to-weight ratio, corrosion resistance, and ability to withstand extreme temperatures have made them indispensable in modern aircraft manufacturing.
Key Drivers of Market Growth
Several factors are driving the growth of the aerospace composites market:
1. Demand for Lightweight and Fuel-Efficient Aircraft
The aviation industry is constantly seeking ways to reduce operational costs and carbon emissions. Aerospace composites contribute significantly to weight reduction, leading to improved fuel efficiency. Lighter aircraft consume less fuel, reducing overall operating expenses and environmental impact.
2. Increasing Production of Commercial Aircraft
With rising air passenger traffic and increasing demand for new aircraft, leading manufacturers such as Boeing and Airbus are integrating more composite materials into their latest models. The Boeing 787 Dreamliner and Airbus A350, for instance, are composed of over 50% composites by weight.
3. Technological Advancements in Material Science
Innovations in composite manufacturing processes, such as automated fiber placement and resin transfer molding, have improved production efficiency and material performance. These advancements have enhanced the structural integrity and longevity of composite-based aircraft components.
4. Rising Defense and Space Exploration Activities
Military and space agencies are also leveraging aerospace composites for advanced fighter jets, drones, and space exploration vehicles. The need for high-performance materials in defense applications further accelerates market growth.
Market Segmentation
The aerospace composites market is segmented based on fiber type, resin type, aircraft type, and region:
By Fiber Type:
Carbon Fiber Composites: The most widely used due to their superior strength and lightweight properties.
Glass Fiber Composites: Used for non-structural components due to their affordability.
Aramid Fiber Composites: Known for impact resistance and used in military applications.
By Resin Type:
Epoxy Resin: Dominates the market due to high thermal and mechanical stability.
Polyimide Resin: Used for high-temperature applications.
Phenolic Resin: Preferred for fire-resistant properties.
By Aircraft Type:
Commercial Aircraft: The largest segment, driven by increasing airline investments.
Military Aircraft: Growing defense budgets contribute to market expansion.
Helicopters and Spacecraft: Niche segments experiencing steady growth.
Regional Insights
1. North America: Market Leader
North America holds the largest market share, accounting for 53.27% in 2018. The presence of major aerospace manufacturers like Boeing, Lockheed Martin, and Northrop Grumman has fueled the demand for aerospace composites. The U.S. Department of Defense's increasing expenditure on next-generation fighter jets and unmanned aerial vehicles (UAVs) further boosts market growth.
2. Europe: Strong Growth in Commercial Aviation
Europe is home to Airbus, one of the leading aircraft manufacturers, which extensively utilizes composites in its aircraft. Stringent emission regulations and a focus on sustainable aviation have propelled the adoption of lightweight materials.
3. Asia-Pacific: Emerging Growth Hub
Asia-Pacific is expected to witness the highest growth rate due to increasing demand for new aircraft in countries like China and India. The region's booming aviation industry, coupled with government investments in aerospace infrastructure, supports market expansion.
Industry Trends and Developments
1. Mergers and Acquisitions
Companies are engaging in strategic partnerships and acquisitions to expand their market presence. In January 2020, Mitsubishi Chemical Corporation acquired c-m-p GmbH, a German manufacturer of carbon fiber prepreg, strengthening its position in the aerospace composites sector.
2. Research and Development in Next-Gen Materials
Scientists and manufacturers are exploring nanocomposites and hybrid composites that offer even greater strength, flexibility, and thermal resistance. These advancements will further enhance aircraft efficiency and performance.
3. Sustainable and Recyclable Composites
With the growing emphasis on sustainability, manufacturers are developing recyclable composites to reduce environmental impact. The aerospace industry is exploring bio-based resins and fiber reinforcements to create eco-friendly alternatives.
Challenges and Future Prospects
Despite its promising growth, the aerospace composites market faces challenges such as high production costs, complex manufacturing processes, and regulatory compliance issues. However, ongoing research and investments in automation are expected to address these challenges, making composites more cost-effective and widely adopted.
Looking ahead, the aerospace composites market is poised for sustained expansion, driven by increasing aircraft production, technological advancements, and the global push for fuel efficiency and sustainability. As aerospace companies continue to innovate, the role of composites in shaping the future of aviation will only become more significant.
ATTRIBUTE DETAILS
Study Period 2015-2026
Base Year 2018
Forecast Period 2019-2026
Historical Period 2015-2017
Unit Volume (Tons) and Value (USD million)
Segmentation By Fiber Type
Carbon
Glass
Aramid
Others
By Aircraft
Commercial Aircraft
Military Fixed Wings
Business Aircraft
General Aviation
Jet Engines
Helicopter
Others
By Geography
North America (the U.S. and Canada)
Europe (U.K., Germany, France, Italy, Spain, Russia, and the Rest of Europe)
Asia-Pacific (Japan, China, India, South Korea, and the Rest of Asia- Pacific)
Latin America (Brazil, Mexico, and the Rest of Latin America)
Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Trends
- 4.2. Overview of Global Aerospace Composites Production
- 5. Global Aerospace Composites Market Analysis, Insights and Forecast, 2015-2026
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Fibre Type
- 5.2.1. Carbon Composites
- 5.2.2. Glass Composites
- 5.2.3. Aramid Composites
- 5.2.4. Others
- 5.3. Market Analysis, Insights and Forecast – By Aircraft Type
- 5.3.1. Commercial Aircraft
- 5.3.2. Military Fixed Wings
- 5.3.3. Business Aircraft
- 5.3.4. General Aviation
- 5.3.5. Jet Engines
- 5.3.6. Helicopter
- 5.3.7. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Aerospace Composites Market Analysis, Insights and Forecast, 2015-2026
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Fibre Type
- 6.2.1. Carbon Composites
- 6.2.2. Glass Composites
- 6.2.3. Aramid Composites
- 6.2.4. Others
- 6.3. Market Analysis, Insights and Forecast – By Aircraft Type
- 6.3.1. Commercial Aircraft
- 6.3.2. Military Fixed Wings
- 6.3.3. Business Aircraft
- 6.3.4. General Aviation
- 6.3.5. Jet Engines
- 6.3.6. Helicopter
- 6.3.7. Others
- 6.4. Market Analysis – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Aerospace Composites Market Analysis, Insights and Forecast, 2015-2026
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Fibre Type
- 7.2.1. Carbon Composites
- 7.2.2. Glass Composites
- 7.2.3. Aramid Composites
- 7.2.4. Others
- 7.3. Market Analysis, Insights and Forecast – By Aircraft Type
- 7.3.1. Commercial Aircraft
- 7.3.2. Military Fixed Wings
- 7.3.3. Business Aircraft
- 7.3.4. General Aviation
- 7.3.5. Jet Engines
- 7.3.6. Helicopter
- 7.3.7. Others
- 7.4. Market Analysis – By Country
- 7.4.1. Germany
- 7.4.2. U.K.
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Spain
- 7.4.6. Russia
- 7.4.7. Rest of Europe
- 8. Asia Pacific Aerospace Composites Market Analysis, Insights and Forecast, 2015-2026
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Fibre Type
- 8.2.1. Carbon Composites
- 8.2.2. Glass Composites
- 8.2.3. Aramid Composites
- 8.2.4. Others
- 8.3. Market Analysis, Insights and Forecast – By Aircraft Type
- 8.3.1. Commercial Aircraft
- 8.3.2. Military Fixed Wings
- 8.3.3. Business Aircraft
- 8.3.4. General Aviation
- 8.3.5. Jet Engines
- 8.3.6. Helicopter
- 8.3.7. Others
- 8.4. Market Analysis – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. South Korea
- 8.4.5. Rest of Asia Pacific
- 9. Latin America Aerospace Composites Market Analysis, Insights and Forecast, 2015-2026
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Fibre Type
- 9.2.1. Carbon Composites
- 9.2.2. Glass Composites
- 9.2.3. Aramid Composites
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By Aircraft Type
- 9.3.1. Commercial Aircraft
- 9.3.2. Military Fixed Wings
- 9.3.3. Business Aircraft
- 9.3.4. General Aviation
- 9.3.5. Jet Engines
- 9.3.6. Helicopter
- 9.3.7. Others
- 9.4. Market Analysis – By Country
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Aerospace Composites Market Analysis, Insights and Forecast, 2015-2026
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Fibre Type
- 10.2.1. Carbon Composites
- 10.2.2. Glass Composites
- 10.2.3. Aramid Composites
- 10.2.4. Others
- 10.3. Market Analysis, Insights and Forecast – By Aircraft Type
- 10.3.1. Commercial Aircraft
- 10.3.2. Military Fixed Wings
- 10.3.3. Business Aircraft
- 10.3.4. General Aviation
- 10.3.5. Jet Engines
- 10.3.6. Helicopter
- 10.3.7. Others
- 10.4. Market Analysis – By Country
- 10.4.1. GCC
- 10.4.2. South Africa
- 10.4.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Company Profiles (Overview, Products & services, SWOT analysis, recent developments, strategies, financials (based on availability))
- 11.1.1. LMI Aerospace, Inc
- 11.1.1.1. Overview,
- 11.1.1.2. Products & services,
- 11.1.1.3. SWOT analysis,
- 11.1.1.4. Recent developments,
- 11.1.1.5. strategies,
- 11.1.1.6. financials (based on availability)
- 11.1.2. Owens Corning
- 11.1.2.1. Overview,
- 11.1.2.2. Products & services,
- 11.1.2.3. SWOT analysis,
- 11.1.2.4. Recent developments,
- 11.1.2.5. strategies,
- 11.1.2.6. financials (based on availability)
- 11.1.3. Hexcel Corporation
- 11.1.3.1. Overview,
- 11.1.3.2. Products & services,
- 11.1.3.3. SWOT analysis,
- 11.1.3.4. Recent developments,
- 11.1.3.5. strategies,
- 11.1.3.6. financials (based on availability)
- 11.1.4. Solvay S.A.
- 11.1.4.1. Overview,
- 11.1.4.2. Products & services,
- 11.1.4.3. SWOT analysis,
- 11.1.4.4. Recent developments,
- 11.1.4.5. strategies,
- 11.1.4.6. financials (based on availability)
- 11.1.5. Toray Advanced Composites
- 11.1.5.1. Overview,
- 11.1.5.2. Products & services,
- 11.1.5.3. SWOT analysis,
- 11.1.5.4. Recent developments,
- 11.1.5.5. strategies,
- 11.1.5.6. financials (based on availability)
- 11.1.6. Teijin Limited
- 11.1.6.1. Overview,
- 11.1.6.2. Products & services,
- 11.1.6.3. SWOT analysis,
- 11.1.6.4. Recent developments,
- 11.1.6.5. strategies,
- 11.1.6.6. financials (based on availability)
- 11.1.7. SGL Carbon
- 11.1.7.1. Overview,
- 11.1.7.2. Products & services,
- 11.1.7.3. SWOT analysis,
- 11.1.7.4. Recent developments,
- 11.1.7.5. strategies,
- 11.1.7.6. financials (based on availability)
- 11.1.8. Mitsubishi Chemical Corporation
- 11.1.8.1. Overview,
- 11.1.8.2. Products & services,
- 11.1.8.3. SWOT analysis,
- 11.1.8.4. Recent developments,
- 11.1.8.5. strategies,
- 11.1.8.6. financials (based on availability)
- 11.1.9. VX Aerospace Corporation
- 11.1.9.1. Overview,
- 11.1.9.2. Products & services,
- 11.1.9.3. SWOT analysis,
- 11.1.9.4. Recent developments,
- 11.1.9.5. strategies,
- 11.1.9.6. financials (based on availability)
- 11.1.10. Unitech Aerospace
- 11.1.10.1. Overview,
- 11.1.10.2. Products & services,
- 11.1.10.3. SWOT analysis,
- 11.1.10.4. Recent developments,
- 11.1.10.5. strategies,
- 11.1.10.6. financials (based on availability)
- 11.1.11. Others
- 11.1.11.1. Overview,
- 11.1.11.2. Products & services,
- 11.1.11.3. SWOT analysis,
- 11.1.11.4. Recent developments,
- 11.1.11.5. strategies,
- 11.1.11.6. financials (based on availability)
- 12. Strategic Recommendations
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