Aerospace Composites Market Size

Aerospace Composites Market Size

Aerospace Composites Market size exceeded USD 10 billion in 2020 and is anticipated to exhibit a CAGR of over 7.3% from 2021 to 2027. Rising growth of aerospace composites applications in commercial and military aircraft, to meet lightweight and sturdy component requirements will boost the overall market growth. Factors including weight reduction and high impact resistance will support the aerospace composites market expansion. In addition, the extensive usage of interior and exterior applications will further enhance the overall product penetration. The expansion of commercial and defense industries is expected to witness strong growth during the forecast time frame. Moreover, increasing defense spending will influence the market progression in the coming years.

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Advancements in manufacturing techniques along with easy machinability will foster composite material demand. Composites can be manufactured in various complex shapes that offer reduced material wastage and corrosion resistance, in turn, further propelling product penetration. The high quality of the composites in outside airframe structures, such as undercarriage, fuel components, and wings, will stimulate the product demand. Strong product penetration in airframe structures will accelerate the industry growth. Aerospace composites market players are focusing on recycling composites for re-usage in the MRO industry, which will spur the product penetration.

The COVID-19 pandemic and grounding of Boeing 737 MAX have adversely impacted the aviation sector in 2020. Complete restrictions on international traveling in several economies across Europe and APAC during the first H1 of FY2020 have a severe impact on the aerospace composites market. Several airlines have dropped their plans to purchase new aircraft and some have postponed their plans. Furthermore, industry leaders have reported an adverse impact on revenue generation during FY 2020.