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The Business Research Company’s Aerospace Composites Global Market Report 2024 offers crucial insights into the aerospace composites market help businesses analyse and build stronger strategies.

The aerospace composites market has been on a rapid ascent in recent years, showcasing substantial growth. In 2023, the market size reached $31.08 billion, with a projected increase to $36.27 billion in 2024, boasting an impressive compound annual growth rate (CAGR) of 16.7%. This remarkable surge can be attributed to a confluence of factors, including regulatory changes, environmental concerns, globalization, the aging aircraft fleet, and a rise in the number of commercial and defense aircraft.

Continued Momentum: A Forecast for 2028

The aerospace composites market is poised for continued growth, with a projected size of $63.75 billion in 2028, fueled by a robust CAGR of 15.1%. The anticipated growth in the forecast period can be credited to economic expansion, aircraft fleet modernization, recycling and sustainability initiatives, aerospace industry consolidation, and the escalating demand for passenger and cargo aircraft production. Major trends in this period include the adoption of digital twin and simulation technologies, additive manufacturing, engineered fiber architectures, sustainable and eco-friendly composites, and advanced composite materials.

Driving Forces: The Pursuit of Lightweight Composite Materials

The surge in demand for high-strength and lightweight composite materials is a key driver propelling the aerospace composites market forward. The use of lightweight materials enhances energy efficiency, reduces fuel consumption, and decreases the overall mass of aircraft. This, in turn, leads to a reduced carbon footprint, increased structural strength and stiffness, improved flight performance, including better acceleration, and heightened safety. Reports from Composites United e.V. Germany highlight the global composites sector’s volume, reaching 12.7 million metric tons in 2022 compared to 2021, emphasizing the growing significance of lightweight materials in the aerospace industry.

Industry Giants: Key Players Shaping the Market

Prominent companies play a pivotal role in shaping the aerospace composites market. Industry leaders such as Solvay SA, Toray Industries Inc., Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, and Teijin Limited are instrumental in driving innovation and setting industry standards. These companies continuously strive to meet evolving demands and contribute to the market’s dynamic growth.

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Technological Revolution: Innovative Manufacturing Techniques

Innovation is at the forefront of aerospace composites manufacturing, with companies introducing groundbreaking technologies. One such example is the rapid integrated press molding technology for carbon fiber-reinforced plastic (CFRP) mobility components. This revolutionary method, significantly faster than traditional processes, produces higher quality and more consistent CFRP components. Toray Industries Inc., a Japan-based company, is at the forefront of this technology, promising faster molding times, lower costs, and improved quality that can contribute to more fuel-efficient aircraft and extended flight ranges.

Strategic Acquisition: Strengthening Capabilities

In June 2022, Applied Composites Engineering Inc., a US-based aerospace and defense company, made a strategic move by acquiring North Coast LLC, a manufacturer of resin-transfer-molded composite structures and tooling for aerospace. This acquisition aims to enhance Applied Composites Engineering’s aerospace capabilities, expand its product portfolio, and achieve synergies, showcasing the industry’s commitment to strategic growth and innovation.

Market Segmentation: Understanding the Dynamics

The aerospace composites market is diverse and segmented based on various factors:

1. Fiber Type: Carbon Fiber Composites, Ceramic Fiber Composites, Glass Fiber Composites, Others
2. Aircraft Type: Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft, Others
3. Manufacturing Process: AFP/ATL, Lay-Up Process, Resin Transfer Molding Process, Filament Winding Process, Others
4. Resin Type: Benzoxazine, Cyanate Ester, Bismalimide, Ceramic and Metal Matrix, Thermosetting Resins, Polyester, Others
5. Application: Interior, Exterior

Regional Dynamics: North America Takes the Lead

In 2023, North America emerged as the largest region in the aerospace composites market, showcasing its dominance in shaping market trends. Looking forward, Asia-Pacific is expected to be the fastest-growing region in the aerospace composites market share during the forecast period, emphasizing the global nature of the industry’s growth.

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The Aerospace Composites Global Market Report 2024  provides a comprehensive outlook of the aerospace composites market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The aerospace composites market forecast offers a thorough analysis on aerospace composites market size, aerospace composites market share, prominent players and their strategies.

The Table Of Content For The Aerospace Composites Market Include:

1. Aerospace Composites Market Executive Summary
2. Aerospace Composites Market Segments
3. Aerospace Composites Market Size And Aerospace Composites Market Growth Rate
4. Key Aerospace Composites Market Trends
5. Major Aerospace Composites Market Drivers
……
25. Key Mergers And Acquisitions In The Aerospace Composites Market
26. Top Aerospace Composites Companies
27. Aerospace Composites Market Opportunities And Strategies
28. Aerospace Composites Market, Conclusions And Recommendations
29. Appendix

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