According to a recent study by Fact.MR, a leading market research and competitive intelligence provider, the global aerospace composites market is projected to grow from a valuation of US$ 41.4 billion in 2023 to US$ 98.1 billion by 2033. This impressive growth reflects a robust compound annual growth rate (CAGR) of 9.0% over the forecast period.

Composite materials are increasingly critical to aerospace component manufacturing, primarily due to their lightweight nature and superior performance. With growing environmental concerns and the rising cost of aviation fuel, aircraft manufacturers are turning to high-performance composites to reduce weight and improve fuel efficiency.

Carbon Fiber Composites Lead the Way

Among the various fiber types, carbon fiber composites dominate the market due to their high tensile strength, high modulus, and low thermal expansion. These properties make them ideal for use in critical aircraft components.

Market Growth Supported by Expanding Aviation Sector

Key factors fueling market expansion include a surge in global air travel, increased tourism, and the emergence of low-cost airlines. The growing demand for fuel-efficient aircraft is further accelerating the adoption of aerospace composites.

Beyond commercial aviation, these advanced materials are also essential in spacecraft, satellites, and payload systems. Their strength and ability to withstand extreme temperatures make them well-suited for use in solid rocket motor reinforcement and high-pressure fuel and gas storage tanks.

Key Market Insights:

• The aerospace composites market is forecasted to register a 9.0% CAGR through 2033.
• The industry grew at a rate of 6.5% from 2018 to 2022.
• Carbon fiber held a market value of US$ 15.2 billion in 2022 under the fiber type segment.
• North America led the global market in 2022, accounting for 27.1% of the overall share.
• Demand is projected to grow notably in Europe and East Asia, with expected CAGRs of 9.3% and 8.9%, respectively.

A Fact.MR analyst stated, “The soaring aviation industry is a key driver of global aerospace composites demand, with fuel efficiency and performance remaining top priorities for manufacturers.”

Market Development:

Leading manufacturers of aerospace composites are AeroSystem, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Group Spirit, Solvay, Teijin Limited, Toray Industries, Inc. and others are strategically integrating forward to enhance their market coverage area and to strengthen their market position.

Manufacturers are investing in research & development and collaborating with the raw material manufacturers to meet the specific requirement of the aircraft. Also, interest from the government has supported the use of aerospace composites in aircraft component manufacturing.

In August 2022, Solvay joined hands with Wichita State University’s National Institute for Aviation Research (NIAR) and opened a manufacturing innovation center. This innovation center will be a testing station to explore the advantages of new composite materials forms and manufacturing technologies that will lead to the development of lighter, safer, and sustainable aircraft.

Source:  https://www.globenewswire.com/news-release/2023/05/03/2660711/0/en/Global-Aerospace-Composites-Market-to-be-Worth-US-98-1-Billion-by-2033-Fact-MR-Report.html