Global Aerospace Composites Market Overview -
By 2028, the market for aerospace composites market is expected to be worth USD 64.51 billion, with a CAGR of 13.77 percent over the forecast period (2021 - 2028).
Composite materials are widely employed in the aerospace industry for a variety of applications. Composite materials have many advantages, such as the fact that they do not totally blend together and can maintain their identities. Hybrid materials, on the other hand, are available for aerospace components with improved structural qualities.
Typically, composite materials used in the aircraft sector include carbon fibre, fibreglass, and a fibre-reinforced matrix system. Aerospace composites are also commonly employed in aeroplane frames such as wings, fuselages, and interiors. Extreme operating conditions, such as impact loads, high temperatures, shocks, and high stress, can be tolerated.
Apart from that, the intended audiences for the Aerospace Composites Market, such as distributor and supplier companies, consultants and investment bankers, end-users, independent regulatory authorities, or government, play an important role in propelling the global market growth during the assessment period.
Furthermore, due to increased rivalry from high-speed trains and other types of transportation, the European regional market is driving the aviation industry. Additionally, the European Aerospace Composites Market has grown due to changing global aircraft leaders in Asia Pacific and a surge in air passenger volume in the region.
Impact of COVID-19
Aerospace composites are suffering as a result of the COVID-19 programme. Increasing absenteeism on the assembly line, coupled with supply chain problems including late or non-arrival of raw supplies, has forced aeroplane manufacturers to operate at a reduced capacity. As a result of the restrictions on air travel, the aerospace industry has seen a considerable drop in the number of new aircraft delivered. Composites materials have seen a decrease in demand as a result of a decrease in aircraft deliveries.
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Market opportunities -
For carbon fibre composite materials, carbon fibres and polymeric resins are the most important raw materials to be used in the manufacturing process. High-yield precursors and low-cost production of aerospace-grade carbon fibres have both helped to considerably lower the cost of carbon fibres. As a result, the lower cost of carbon fibres is expected to lower the cost of carbon fibre aerospace composites, resulting in new chances for the worldwide Aerospace Composites Market's leading participants.
Recent Development -
IrelandComposites stated in October 2021 that it has signed a multi-million Euro deal with Spirit AeroSystems to supply structural composite components for commercial airliners and business aircraft in October of that year. Composite component manufacture, including assembly, trimming, and non-destructive testing (NDT) for a number of commercial and business aircraft programmes, is the scope of the contract.
Components and assemblies for the A400M Tactical Airlifter will be supplied by Teledyne CML Composites throughout the whole life of the contract with Airbus. Various thermoplastic and pre-preg composite parts have been awarded for supply to the Airbus A400M composite wing box assembly plant, as part of the awarded package.
Key Players -
Solvay
Toray Industries, Inc.
Mitsubishi Chemical Holdings
Hexcel Corporation
Teijin Limited
SGL Group
Spirit AeroSystems
Other
By Type -
Glass fiber composites
Ceramic fiber composites
Carbon fiber composites
Others
By Application -
Exterior
Interior
Other
By Region -
Europe
North America
South America
Asia Pacific
Middle East & Africa
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