The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global aerospace composites market has experienced remarkable growth, surging from $26.25 billion in 2022 to $29.95 billion in 2023 at a commendable compound annual growth rate (CAGR) of 14.1%. Looking ahead, the market is anticipated to reach a substantial size of $51.83 billion in 2027, boasting a projected CAGR of 14.7%. Let’s explore the key drivers and industry dynamics shaping this upward trajectory.

Soaring Demand for High-Strength and Lightweight Materials

1. Fueling Energy Efficiency

• High-strength and lightweight composite materials play a pivotal role in enhancing energy efficiency in aerospace applications.
• Reducing the mass of aircraft leads to decreased fuel consumption, contributing to sustainable and cost-effective aviation.

2. Environmental Impact

• Lightweight designs aid in reducing the carbon footprint, aligning with global initiatives for environmentally friendly practices.
• Higher structural strength and stiffness offer improved flight performance, ensuring better acceleration and safety.

3. Market Insights

• According to the ‘2020 State of the Industry Report’ by Composites Manufacturing Magazine, the US composite end products market is poised to reach $33.4 billion by 2025, with glass fiber-based composites dominating the market at a growth rate of 3.8%.

Industry Leaders Driving Innovation

1. Key Players

• Solvay, Toray Industries Inc., Mitsubishi Chemical Holdings, Hexcel Corporation, Teijin Limited, SGL Group, Spirit AeroSystems, Materion Corporation, Owens Corning, Spirit AeroSystems Inc., LEE Aerospace Inc., Gurit Holding AG, General Electric Corporation, Rolls-Royce Motor Cars Ltd., Kineco-Kaman Composites, and Nippon Graphite Fiber Corporation are major players shaping the aerospace composites market.

2. Technological Advancements

• Companies in the aerospace composites market are focused on technological innovation to propel the development of composite material and process technologies.
• Advancements cater to the next generation of energy-efficient aircraft and advancements in future mobility.

3. Exemplary Initiative: ASCEND Consortium

• In March 2021, GKN Aerospace launched the ASCEND consortium, aiming to develop lightweight structures and position the UK as a technology leader.
• The initiative contributes to reducing carbon emissions and energy consumption in the aerospace industry.

Comprehensive Market Segmentation

1. Fiber Type-Based Segmentation

• Carbon Fiber Composites, Ceramic Fiber Composites, Glass Fiber Composites, Others

2. Aircraft Type-Based Segmentation

• Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft, Others

3. Manufacturing Process-Based Segmentation

• AFP/ATL, Lay-Up Process, Resin Transfer Moulding Process, Filament Winding Process, Others

4. Resin Type-Based Segmentation

• Benzoxazine, Cyanate Ester, Bismalimide, Ceramic and Metal Matrix, Thermosetting Resins, Polyester, Others

5. Application-Based Segmentation

• Interior, Exterior

Regional Dynamics: North America Leads, Asia-Pacific Surges

1. North America’s Dominance

• North America emerged as the largest region in the aerospace composites market in 2022.
• The region’s advanced infrastructure and industry awareness contribute to its leadership in the market.

2. Asia-Pacific’s Growth Potential

• Asia-Pacific is expected to be the fastest-growing region during the forecast period, signaling a shift in global aerospace dynamics.

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The Aerospace Composites Global Market Report 2023  provides an overview of the aerospace composites market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The aerospace composites market forecast analyzes aerospace composites market size, aerospace composites market share, leading competitor and their market positions.

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