Aerospace Composites Market Size By Fiber (Glass, Carbon/Graphite, Ceramic, Aramid), By Resin (Thermosetting [Epoxy, Phenolics, Polyester, Polyimides], Thermoplastic [Polyether Ether Ether Ketone, Polysulfones, Polyetherimide]), By Aircraft (Commercial Aircraft, General Aviation [Business Jets, Piston Airplanes {Single-Engine Piston, Multi-Engine Piston} Turboprop Airplanes {Single-Engine Turboprops, Multi-Engine Turboprops}, Helicopters {Piston Helicopters, Turbine Helicopters}, Military Aircraft, Space), By Application (Interior, Exterior), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Apr 2020  |  Report ID: GMI1358  |  Authors: Kiran Pulidindi, Sayan Mukherjee

Report Format: PDF   |   Pages: 710   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Aerospace Composites Market size was valued over USD 12.7 billion in 2019 and is estimated to grow at a CAGR of more than 9% from 2020 to 2026.

Factors such as growing air passengers, rise in tourism, emergence of low-cost carriers, and growing concern for aircraft fuel efficiency are expected to propel the aerospace composites market demand. The product manufacturers are heavily investing in research & development to innovate light weight and cost-effective composites for aerospace sector with high strength-to-weight ratio, and excellent impact strength.

Aerospace Composites Market Overview

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With fuel costs poised to be around 30% of the carrier costs, the new aircrafts are manufactured to lower the fuel costs with better and fuel-efficient aerospace composites. Recent advancements in Boeings B787 Dreamliner with fuel efficiency of over 20% by incorporation of light weight and high-strength composites will further enhance the product penetration. In addition, development in fleet such as B737 to B737max, B777 and B777X for modifications related to fuel efficiency is predicted to further foster the aerospace composite demand.

Stringent regulations pertaining to less fuel consumption is another key factor driving the aerospace composite consumption. Airbus launched a new fuel-efficient and widebody aircraft A350XWB comprising of around 53% of composite in aircraft’s fuselage. Furthermore, Airbus redesigned its single-path A320 family air ship with new forms or new motor alternative, which offers 15%-20% more fuel-reserve funds than their past aircraft models. Carbon-fiber reinforced plastic (CFRP) composite is mainly used in this aircraft which requires 50% fewer structure maintenance operations.

However, the outbreak of COVID-19 virus has adversely impacted the aviation industry leading to shut down of aircraft production and cancellation of new orders. The global air traffic reached to an almost standstill in the early 2020 thus affecting the aerospace industry. Reduced air traffic coupled with the shutdown of aircraft manufacturing facilities, will negatively impact the global aerospace composites market in the coming years.

High level of security and safety of aviation structures demands testing of aerospace composites at each step. The expenses of such testing are huge, thus, had prompted some skepticism in use of composites. Also, high cost of raw materials such as carbon fiber coupled with high manufacturing costs is set to hinder the market growth during the forecast period.

Carbon fiber will dominate the segment growth

The carbon fiber segment captured 40% of the aerospace composites market share in 2019 led by its high tensile strength, excellent stiffness, low weight, high chemical resistance, and low thermal expansion. CFRP is prominently used in the manufacturing of fuselages, wings & winglets, and vertical & horizontal stabilizers.

Thermosetting resin is majorly preferred in aerospace composites

The thermosetting resin segment dominated the aerospace composites market with three-fourth of revenue share in 2019 owing to the ease of impregnation, low viscosity, and reactive nature. It enables strong impregnation of fibers and can produce complex structural shapes. Under this segment, epoxy resin dominated with market share above 40% in 2019, due to its high strength, durability, and chemical resistance. It is highly compatible with carbon fiber which exhibits long fatigue life, low density, and superior structural performance.

Commercial aircrafts are likely to lead the market demand

Aerospace Composites Market Size

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The aerospace composites market for commercial aircraft segment was pegged at around 29 kilo tons in 2019. Positive product outlook from commercial aircrafts such as Boeing 787 Dreamliner with adoption of aerospace composites more than that of aluminum alloys drives the product demand. Also, stringent emission standards pertaining to aircraft fuel efficiency is further anticipated to increase the penetration of composites in commercial aircrafts.

Exterior application is slated to gain popularity in the aerospace composites market

The exterior application dominated more than 60% of revenue share in 2019. The exterior aerospace parts require composites with higher operating temperatures and better curing properties offering sturdy aerospace frames stimulates the overall growth. Exterior parts such as fuselages, stabilizers, tails, wings, elevators are gradually shifting from metals to composites owing to excellent strength-to-weight ratio, high stiffness, and better resistance to harsh environments. The use of aerospace composites has enabled for 20% weight reduction along with low production time and higher damage tolerance during production.

North America is expected to be the leading regional market

Global Aerospace Composites Market

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North American aerospace composites market accounted for over 40% of revenue share in 2019 impelled by the presence of mature aerospace landscape in the region. Factors such as significant R&D investments, high air travel rate, cheaper air travel rates, and presence of major aerospace companies such as Boeing and Lockheed Martin are projected to spur the aerospace composites consumption. Increasing export along with rising demand from aerospace sector will augment the product demand during the forecast timeframe.

Expansion and acquisitions to escalate the industry foothold

Some of the key players operating in the market are Cytec Industries, Hexcel, Owens Corning, Solvay, Kaneka Corporation, Argosy International, Axioms Materials, and BASF SE. Most of the companies are adopting acquisitions, partnership agreements, and capacity expansions strategies to gain competitive strength.

Aerospace composites market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2016 to 2026, for the following segments:

Market, by Fiber

  • Glass
  • Carbon/graphite
  • Ceramic
  • Aramid
  • Others

Market, by Resin

  • Thermosetting 
    • Epoxy
    • Phenolic
    • Polyester
    • Polyimides
    • Others
  • Thermoplastic 
    • Polyether ether ketone (PEEK)
    • Polysulfones (PSU)
    • Polyetherimide (PEI)
    • Others

Market, by Aircraft

  • Commercial aircraft
  • General aviation 
    • Business jets
    • Piston airplanes
      • 1. Single-engine piston
      • 2. Multi-engine piston
    • Piston turboprops 
      • 1. Single-engine turboprops
      • 2. Multi-engine turboprops
    • Helicopters 
      • 1. Turbine helicopters
      • 2. Piston helicopters
  • Military aircraft
  • Space
  • Others

Market, by Application

  • Interior
  • Exterior

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Poland
    • Russia
    • Netherlands
    • Sweden
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Singapore
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • Qatar
    • UAE
    • Bahrain
    • Oman
    • South Africa


Frequently Asked Questions (FAQ) :

The market size of aerospace composites was valued over USD 12.7 billion in 2019.
The industry share of aerospace composites is projected to expand at 9% CAGR during 2020 to 2026.
Factors such as significant R&D investments, high air travel frequency, cheaper air travel rates, and presence of major aerospace companies such as Boeing and Lockheed Martin is expected to boost the market demand in North America.
The commercial aircraft segment demand in the market was over 29 kilo tons in 2019.
Key players operating in the market include Cytec Industries, Hexcel, Owens Corning, Solvay, Kaneka Corporation, Argosy International, Axioms Materials, and BASF SE.

Premium Report Details

  • Published Date: Apr 2020
  • Pages: 710
  • Tables: 787
  • Charts / Figures: 41
  • Companies covered: 20
  • Countries covered: 26

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