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 surpassed USD 12.7 billion in 2019 and is predicted to register over 9% growth between 2020 and 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 market demand. The 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.

Furthermore, with fuel costs expected 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 will further boost the market revenue.

Aerospace Composites Market

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Stringent regulations pertaining to less fuel consumption is another key factor driving the aerospace composites market growth. Airbus launched a new fuel-efficient and widebody aircraft A350XWB comprising of around 53% of composite in aircraft’s fuselage. Additionally, 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 market size.

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 expected to hinder the market growth.

Aerospace Composites Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 12,757.4 Million (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 9.3% 2026 Value Projection: 15,756.5 Million (USD)
Pages: 710 Tables, Charts & Figures: 828
Geographies covered (26): U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, Netherlands, Sweden, China, India, Japan, South Korea, Australia, Singapore, Brazil, Mexico, Argentina, Saudi Arabia, Qatar, UAE, Bahrain, Oman, South Africa
Segments covered: Fiver, Resin, Aircraft, Application, Region
Companies covered (20): Cytec Industries, Koninklijke Ten Cate Kaneka Corporation, Argosy International, Axioms Materials, BASF SE, E. I. du Pont de Nemours, Gurit Holding AG, Huntsman International, Owens Corning, Teijin Ltd., Toray Industries, JPS Composite Materials, Lee Aerospace, ACT Aerospace, LMI Aerospace, Hindustan Aeronautics, SGL Group, and Solvay
Growth Drivers:
  • Growing aviation industry coupled with rising demand for fuel-efficient aircraft
  • Robust demand for high strength and lightweight composite materials
  • Propelling space exploration and defense industry
Pitfalls & Challenges:
  • High material and manufacturing cost

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Carbon type to dominate over the coming years

In 2019, the carbon fiber segment accounted for largest aerospace composites market share of over 40%. This is mainly attributed to 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 market with over three-fourth share in 2019 owing to 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 segment is likely to lead the aerospace composites market growth

Global aerospace composites market

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The commercial aircraft segment demand in the market was over 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 segment size. Also, stringent emission standards pertaining to aircraft fuel efficiency is further expected to increase the penetration of composites in commercial aircrafts.

Exterior application is expected to gain popularity in the aerospace composites industry

The exterior application segment dominated around 60% market share in 2019. The exterior aerospace parts require composites with higher operating temperatures and better curing properties offering sturdy aerospace frames fuels 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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The North American aerospace composites market held majority of revenue share of over 40% in 2019 due to presence of mature aerospace industry in the region. 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 will boost the market revenue. Moreover, increasing export along with rising demand from aerospace industry will augment the market size.

Expansion and acquisitions to escalate the industry foothold

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

The market research report on aerospace composites 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.
According to this research report by GMI, the commercial aircraft segment demand in the market was over 29 kilo tons in 2019.
Some of the key players in the market are Cytec Industries, Hexcel, Owens Corning, Solvay, Kaneka Corporation, Argosy International, Axioms Materials, and BASF SE.

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Premium Report Details

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

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