Aerospace Composite Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast 2024-2028

Aerospace Composite Market Forecast 2024-2028

The aerospace composite market size is forecast to increase by USD 17.41 billion, at a CAGR of 9.5% between 2023 and 2028. Market growth analysis is driven by factors like the rising demand for aircraft weight reduction and fuel efficiency, advancements in fuel-efficient aircraft utilizing composite materials, and the long-term prospects provided by composite materials in aerospace manufacturing. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.

North American countries, such as the US and Canada, have a high adoption rate of composite materials due to the focus on lightweight, high-strength composite materials for the construction of aircraft. Major users in the regional composite materials in the aerospace market include the US-based aerospace giants, such as Boeing and Lockheed Martin. Additionally, Albany International Corp. company offers aerospace composite products such as Composite cans and tubes, Fan blade platforms, Fan blades, Fan cases, Fuselage frames, Waste tanks, Airstrut, and Hydraulic pressure accumulators. Also, Bally Ribbon Mills company offers aerospace composite such as 3 D Woven Thermal Protection Systems, 3 D Woven Joints, and High-Performance Tapes and Webbing.

Market Forecasting and Size

Market Forecast 2024-2028

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Market Dynamics

The market is witnessing significant growth driven by the demand for lightweight and fuel-efficient aircraft like the Airbus A350 XWB and Boeing Dreamliner 787. Key players like Boeing and Bell Helicopter Textron are incorporating advanced materials such as carbon fibers and aramid honeycomb core in structural applications. With the rise in passenger traffic and stringent emission regulations, airlines like Malaysian Airlines and Ethiopian Airlines are investing in new aircraft purchases. This trend spans across commercial aviation, military aviation, and general aviation, further fueled by the growth in e-commerce operations. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Market Driver- Increasing demand for weight reduction and fuel efficiency

The demand for weight reduction and fuel efficiency in both commercial and military aviation is propelled by several critical factors impacting the aerospace industry. In order to meet stringent environmental regulations and achieve sustainability objectives, the aviation sector must continuously enhance fuel efficiency and decrease overall aircraft weight. Aerospace composites, particularly those reinforced with carbon fibers, exhibit an impressive strength-to-weight ratio, enabling manufacturers to design and produce aircraft components that are significantly lighter without compromising structural integrity.

Moreover, the aerospace industry's players such as Malaysian Airlines, Ethiopian Airlines commitment to technological innovation and advancement drives the utilization of aerospace composites. These materials facilitate the development of more aerodynamic designs and innovative engineering solutions, leading to enhanced fuel efficiency and performance. As the rising passenger traffic demand for more efficient and environmentally friendly air transportation rises, the market is poised for significant expansion, with aerospace composites playing a crucial role in addressing the industry's pressing challenges. Hence, these factors are expected to fuel market growth during the forecast period, benefiting segments such as commercial aviation, military aviation, and general aviation.

Significant Market Trends- Rising adoption of carbon fiber-reinforced plastic composites 

The carbon fiber-reinforced polymer (CFRP) composites are used owing to their exceptional strength-to-weight ratio, which is critical for improving aircraft performance and fuel efficiency. This lightweight feature not only reduces the overall weight of aircraft components but also significantly reduces fuel consumption and emissions, which aligns with the growing emphasis on environmental sustainability. CFRP composites provide design flexibility, allowing for the creation of complex and aerodynamic structures.

Moreover, such flexibility enables aircraft manufacturers to optimize component design, resulting in higher efficiency and aerodynamics. Furthermore, the corrosion-resistant nature of CFRP composites increases the durability of aircraft components, lowering maintenance and operating costs over the aircraft's life cycle. Further, the use of CFRP not only meets the demand for cutting-edge technologies but also helps manufacturers compete in the market. Thus, such factors will propel the growth of the market during the forecast period.

Major Market Challenge- Complexity issues related to repair and maintenance 

While composites have numerous advantages, such as high strength-to-weight ratios and corrosion resistance, their intricate structure complicates repairs and maintenance when compared to traditional materials such as metals. Further, repair procedures are often more time-consuming than traditional materials, and technicians need extensive training to correctly identify and address issues. This complexity not only raises maintenance costs but also increases aircraft downtime, reducing operational efficiency for airlines and military fleets.

Additionally, supply chain issues are also a concern. To guarantee the structural integrity and safety of the aircraft, composite material repairs must meet strict requirements for certification. Meeting these regulatory standards necessitates a thorough understanding of composite behavior under various conditions, which complicates repair and maintenance processes. To summarise, the complexity of detecting, repairing, and maintaining composite materials presents a significant challenge to the aerospace composite market. These factors will hinder the expansion of the market during the forecast period.

Market Segmentation by Type, Application, and Geography

Type Segment Analysis:

The exteriors segment will account for a major share of the market's growth during the forecast period.?Composites play an important role in improving aircraft exterior structures, thereby increasing overall efficiency, performance, and durability. Furthermore, exterior panels, such as access doors and covers for various aircraft systems, frequently use composites to reduce weight and improve corrosion resistance. Hexcel Corp., a leading supplier of composite materials, offers advanced materials for a variety of aerospace applications, including exterior panels.

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The exteriors segment was valued at USD 17.91 billion in 2018. Composites play an important role in the design of nacelles, which house aircraft engines. General Electric Co. and Spirit AeroSystems Inc. are well-known providers of composite materials for nacelle applications, offering solutions that can withstand high temperatures while maintaining structural integrity. In essence, the strategic use by leading market players such as Hexcel Corp., and Toray TCAC Holding B.V. aligns with the industry goals of increased fuel efficiency, lower environmental impact, and improved overall performance. Thus, such factors will propel the evolution of the exterior segment in the market during the forecast period.

Application Segment Analysis:

Based on application, the market has been segmented into commercial aircraft, military aircraft, business and general aviation, and civil helicopters. The commercial aircraft segment will account for the largest share of this segment.?Composite materials play vital roles in commercial aircraft, enhancing performance, fuel efficiency, and passenger comfort. Carbon fiber-reinforced composites excel in fuselage construction, offering a superior strength-to-weight ratio. Composites in tail sections bolster structural integrity and aerodynamic efficiency. Internally, lightweight composites in seats and cabin elements improve fuel efficiency and comfort. These advancements align with aviation's goals of sustainability and comfort, driving innovation and shaping the aerospace industry's evolution. Thus, such factors will propel the growth of the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 37% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The North American region is at the cutting edge of technological innovation in aerospace composites. Ongoing research and development activities aim to improve the performance and properties of composite materials, attracting investments in advanced manufacturing processes and technologies. The United States Department of Defence makes significant investments in advanced materials and technologies for military applications. The use of composites in military aircraft, unmanned aerial vehicles (UAVs), and defense systems helps to drive the development of the market in North America.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• General Electric Co.: The company offers aerospace composite such as CFM56, GE9X, CF6, GENX, GE90, CF34 10, CFM LEAP, and CT7.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Hexcel Corp., Kineco Kaman Composites, Lee Aerospace Inc., Materion Corp., Mitsubishi Chemical Group Corp., Owens Corning, Plastic Reinforcement Fabrics Ltd., Renegade Materials Corp., Rolls Royce Holdings Plc, SGL Carbon SE, Sunshield Chemicals Ltd., Spirit AeroSystems Inc., Teijin Ltd., Toray TCAC Holding B.V., and Victrex Plc 

Technavio market forecast an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Type Outlook 
  • Exteriors
  • Interiors

• Application Outlook 
  • Commercial aircraft
  • Military aircraft
  • Business and general aviation
  • Civil helicopters

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview:

The global aerospace composites market continues to expand, driven by demand from commercial aircraft manufacturers like Boeing 737MAX. These carbon fiber composites find applications in various aircraft components such as landing gears, engine nacelles, and fuselages. Despite challenges posed by the coronavirus outbreak, advancements like Automated Fiber Placement (AFP) and Automated Tape Layup (ATL) are enhancing production efficiency. Civil M427 light twin helicopter segment and air cargo market are also adopting composites, with airlines like United Airlines and Alaska Airlines incorporating B777-8 freighters in the freight aircraft. These innovations underscore the growing importance of lightweight and durable materials like carbon fiber reinforced plastic (CFRP) in the aerospace industry.

Further, the market is witnessing significant growth, with applications ranging from exterior components like leading and trailing edges to critical parts such as wings, LEAP engine components, and propulsion systems. Technologies like Automated Fiber Placement (AFP) and Automated Tape Layup (ATL) are optimizing production processes for components like wing skins, wing boxes, and tail skins. Moreover, innovations such as metal particle-reinforced composites are enhancing the performance of aircraft like the Boeing B737 MAX and Airbus A320neo. With increasing air passenger traffic and demand from airlines like Akasa Air and Luxembourg's Cargolux Airlines, the market is poised for further expansion.

Furthermore, the market is evolving rapidly, especially in exterior applications such as undercarriages and empennages. Advanced manufacturing techniques like Automated Fiber Placement (AFP/ATL) and Automated Tape Layup (ATL) are enhancing the production of components for various aircraft, including the Boeing B737 MAX aircraft and B737 and A320. With the emergence of lightweight yet durable materials like carbon composites and TiAl, aerospace manufacturers are achieving higher performance and efficiency. Additionally, innovations in material technologies and fiber type analysis are driving advancements in aerospace components, ensuring longer design life and improved assembly costs for different aircraft models such as the F15 and F14 fighters or the Airbus A300 and A310.

Market Scope
Report Coverage	Details
Page number	160
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 9.5%
Market Growth 2024-2028	USD 17.41 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	9.0
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 37%
Key countries	US, China, Japan, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Albany International Corp., Bally Ribbon Mills, General Electric Co., Hexcel Corp., Kineco Kaman Composites, Lee Aerospace Inc., Materion Corp., Mitsubishi Chemical Group Corp., Owens Corning, Plastic Reinforcement Fabrics Ltd., Renegade Materials Corp., Rolls Royce Holdings Plc, SGL Carbon SE, Sunshield Chemicals Ltd., Spirit AeroSystems Inc., Teijin Ltd., Toray TCAC Holding B.V., and Victrex Plc
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market  companies

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