The global aerospace composites market was valued at USD 14.66 billion in 2018 and is expected to reach USD 29.69 billion by 2026, growing at a CAGR of 9.27% over the forecast period. North America led the market in 2018, accounting for a 53.27% market share.
The aerospace sector has seen significant advancements in the use of composites. Modern composites were first introduced in the 1970s, with their initial application in the empennage skins of the F-15 and F-14 fighter jets in the United States. Initially, composites were limited to secondary structures, but over time, improved technology and expertise have driven their broader adoption. Today, composites are integral to many primary aerospace structures, including wings and fuselages. The aerospace industry utilizes various types of material matrix composites, such as metal particle-reinforced and fiber-reinforced composites, among others. Despite the complex supply chain involved in manufacturing aerospace composite components, manufacturers continue to ensure a steady global supply, overcoming challenges associated with this intricate process.
Information Source: https://www.fortunebusinessinsights.com/aerospace-composites-market-102680
List of Vendors of the Aerospace Composites Market are the following:
- Owens Corning
- Hexcel Corporation
- LMI Aerospace, Inc.
- Toray Advanced Composites
- Teijin Limited
- Solvay S.A.
- Mitsubishi Chemical Corporation
- VX Aerospace Corporation
- SGL Carbon
- Unitech Aerospace
- Other Players
Regional Segmentation
Asia Pacific Expected to See Rapid Growth Due to Rising Demand for Mid-Sized Aircraft
North America currently leads the aerospace composites market, contributing a significant share due to the presence of major manufacturers and access to advanced technologies required for the production of complex aerospace components. In 2018, North America accounted for USD 7,817.6 million in revenue.
However, Asia Pacific is projected to experience the fastest growth during the forecast period. This growth is driven by the rapid expansion of the aviation industry in countries like India and China, along with the rising demand for mid-sized commercial aircraft. Additionally, increasing defense investments, particularly in countries such as India, are expected to provide substantial growth opportunities in the aerospace composites market.
Objectives of the Report
This report provides a comprehensive analysis of the aerospace composites market, offering a 360-degree view of the industry’s key growth drivers, challenges, restraints, and emerging opportunities. It explores market segmentation based on aircraft type, fiber type, and geography, identifying leading segments along with their market share figures. Additionally, the report highlights significant industry developments, current trends in aerospace composites, and valuable insights. The competitive landscape is also discussed, along with a list of major manufacturers and their strategic approaches to gaining market dominance.
Market Drivers
Limitations of Metal in Aircrafts Creating Opportunities for Composites
The growth of the aerospace composites market is primarily driven by the expanding aerospace industry in developing countries, particularly in the Asia Pacific region. As airlines in these economies strive to offer attractive pricing that aligns with the local economic conditions, the need for cost-efficient operations becomes more critical. Composites play a crucial role in achieving these goals by offering lightweight, durable, anti-corrosive solutions at lower operational costs. Additionally, the limitations of metals in aircraft construction—such as weight and susceptibility to corrosion—further promote the shift towards composites, which are stronger and more durable. The growing demand for high-performance military aircraft also contributes to the increased adoption of composites in the aerospace sector, particularly within the defense industry.
Competitive Landscape
Merger and Acquisition Strategies Set to Heighten Market Competition
Key players in the global aerospace composites market are focusing on collaborative strategies, such as mergers, acquisitions, joint ventures, and agreements, to strengthen their market position. These strategies will intensify competition and enable companies to capture a larger share of the market, further driving revenue growth in the aerospace composites industry in the coming years.
Key Industry Developments in the Aerospace Composites Market:
- March 2018 – Aim Aerospace, based in Renton, Washington, was acquired by Japan’s Sekisui Chemical. The acquisition, valued at $510 million, was signed in partnership with Liberty Hall Capital Partners, a private equity firm.
- January 2020 – Mitsubishi Chemical Corporation, a leading Japanese producer of chemicals and materials, announced its merger and acquisition strategy, acquiring the German-based manufacturer of carbon fiber prepreg, c-m-p GmbH.
