Aerospace Composites Market worth over $16bn by 2026

Aerospace Composites Market size is set to surpass USD 16 billion by 2026, according to a new research report by Global Market Insights Inc.
 

Proliferating demand for light weight and high strength composites will have a significant contribution

There is a radical shift towards composite materials from conventional metals such as steel and aluminum owing to their high strength and low weight properties. Aerospace composites can be used in both interior and exterior structural parts as well as in high-temperature regions as it exhibits superior thermal and corrosion resistance. Also, they possess high strength-to-weight ratio, thus, providing an ideal solution for lightweight aircraft structures and driving the demand for aerospace composites.

 

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Carbon fiber is most commonly used in the manufacturing of aerospace composites on account of superior strength, flexibility, and hardness, which spurs its demand for the production of impellers and rotors. Also, there is an increasing penetration of aerospace composites in the commercial, military, and business aircrafts due to their high toughness and low weight properties, further fostering the market growth.
 

Significant technological advancements in manufacturing techniques coupled with easy machinability are further expected to propel the aerospace composites demand. Also, the ability of the composites to be manufactured in various complex shapes resulting in less material wastage is another factor bolstering the product demand.
 

Global aerospace composites market

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The glass fiber segment is estimated to register growth rate of 8% through 2026. The weight to quality proportion and non-combustible nature of fiberglass makes it suitable for strengthening aircraft covers and baggage containers. However, owing to the relatively high weight and absence of sturdiness, there is a gradual shift towards other fibers, namely, carbon and aramid.
 

Browse key industry insights spread across 710 pages with 787 market data tables & 41 figures & charts from the report, “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” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/aerospace-composites-market
 

The thermoplastic composites segment is likely to attain a CAGR of 9.5% by 2026. Thermoplastic polymers are gaining popularity in the aerospace industry as it exhibits faster production cycle and high recyclability, unlike thermoset polymers. Moreover, they possess high toughness and low flammability. The most commonly used thermoplastic polymers are PEEK and PSUs.
 

The military aircraft segment is poised to grow at a considerable CAGR around 9.5% through 2026 led by the increasing geopolitical tensions and security concerns. Rising defense expenditure further boosts an upsurge in production of military combat aircrafts, further augmenting the aerospace composites consumption.
 

The interior application segment is predicted to expand at a CAGR of more than 9% by 2026. Aerospace composites are incorporated in the interior parts of the aircrafts as it enables lightweight design offering significant weight reduction. The interior parts equipped with these composites include bulkheads and cabin dividers, galleys, floorboards, lavatories, and stowage bins.
 

European region to observe exponential growth

Europe aerospace composites market will capture 30% of revenue share by 2026, on account of the presence of leading aerospace companies, such as Airbus and Dassault Aviation. France, UK, Germany and Italy are the major contributors accounting for nearly 20% of total aerospace production. Also, in 2019, the region spent nearly USD 300 billion in defense, further driving the production of military warfare aircrafts. Additionally, rising tourism activities and significant R&D advancements are slated to influence the aerospace composites consumption.
 

Manufacturers focusing on acquisitions and expansion strategies to gain competitive edge

Some participants in the global market include Hexcel, Solvay, Cytec Industries, ACT Aerospace, Argosy International, Owens Corning, Hindustan Aeronautics, LMI Aerospace, BASF SE, and JPS Composite Materials. Strategies such as capacity expansions, acquisitions, and agreements are incorporated by key industry players to gain significant position in the market.
 

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