According to Fact.MR, a provider of market research and competitive intelligence, the global aerospace composites market is projected to reach a valuation of approximately US$ 41.4 billion in 2023. It is anticipated that the market will grow at a rate of 9.0% during the period from 2023 to 2033.
Composite materials are recognized for their crucial role in the manufacturing of aerospace components. Increasing concerns regarding fuel consumption in traditional aircraft have opened avenues for composite manufacturers to create lightweight, high-performance materials suitable for aircraft component production.
Carbon fiber composite materials are predominantly utilized in the manufacturing of aircraft components due to their characteristics, which include high modulus, exceptional tensile strength, and minimal thermal expansion.
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The demand for aerospace composites is expected to rise due to several factors, including a surge in tourism, an increase in air travel, the emergence of low-cost airlines, and a growing need for fuel-efficient aircraft. Composites are also utilized in satellites, payloads, and spacecraft, as well as in vehicles designed for spaceflight. Their superior strength and ability to withstand extreme temperatures make composites ideal for reinforcing solid rocket motors and pressure tanks used for fuel and gas storage.
Key Takeaways from Market Study:
- The global aerospace composites market is expected to grow at 9.0% CAGR and to hold a valuation of US$ 98.1 billion in 2033
- The market has experienced a growth rate of 6.5% for the period of 2018–2022
- Under the fiber type segment, carbon fiber is widely used for the production of aerospace composites and held a valuation of US$ 15.2 billion in 2022
- North America dominated the aerospace composites market with 27.1% market share in 2022
- Based on region, demand for aerospace composites is estimated to increase at CAGRs of 9.3% and 8.9%, respectively in Europe and East Asia
Soaring Aviation Industry is Likely to Aid the Expansion of the Aerospace Composites Market Globally says a Fact.MR analyst.
Market Development:
Prominent aerospace composite manufacturers, including AeroSystem, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Group Spirit, Solvay, Teijin Limited, and Toray Industries, Inc., are strategically advancing their operations to expand their market reach and reinforce their competitive standing.
These manufacturers are channeling investments into research and development while collaborating with raw material suppliers to fulfill the specific needs of aircraft production. Additionally, governmental interest has bolstered the adoption of aerospace composites in the manufacturing of aircraft components.
In August 2022, Solvay partnered with Wichita State University’s National Institute for Aviation Research (NIAR) to establish a manufacturing innovation center. This center will serve as a testing facility to investigate the benefits of new composite material forms and manufacturing technologies, ultimately contributing to the creation of lighter, safer, and more sustainable aircraft.
Source: https://www.globenewswire.com/news-release/2023/05/03/2660711/0/en/Global-Aerospace-Composites-Market-to-be-Worth-US-98-1-Billion-by-2033-Fact-MR-Report.html
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