Aerospace Composites Market by Fiber (Carbon/Graphite, Aramid, Glass, Ceramic, Others), Aircraft Type (Business and General Aviation, Military Aircraft, Commercial Aircraft, Civil Helicopter), Resin (Thermoplastic, Thermosetting), Application (Exterior, Interior), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028

Newark, NJ, Feb. 09, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aerospace composites market is expected to grow from USD 24.2 billion in 2020 and to reach USD 60.34 billion by 2028, growing at a CAGR of 12.1% during the forecast period 2021-2028.

The global aerospace composites market is witnessing significant growth in recent years. This growth is attributed to the increasing space exploration and defence industries, growing aviation industry, increasing demand for high strength composite materials, increasing demand for fuel-efficient aircraft and lightweight composite materials. Other factors such as increased fuel efficiency, high tensile strength, and low weight propel the market growth.

Aerospace composites are composites that typically consists of stiff and strong fibers in a tough resin matrix. These were first used by the military before it was applied to commercial planes. The aerospace composites' applications range from airplanes like helicopter rotor blades, seats, beech starship to wing assemblies, instrument enclosures, and propellers. Aerospace composites play a key role in weight reduction, and are used in structural applications and components of all space crafts.  

The global aerospace composites market is expected to witness significant growth due to the increasing adoption of carbon fiber composites, increasing focus on the use of lightweight composites, and high demand for aerospace composites in the industry. The factors restraining the market growth are the high cost of raw materials, high manufacturing costs, and a decrease in the number of commercial aircraft deliveries. The technological advancements for aerospace composites and the reduction in carbon fiber cost will provide market growth opportunities. However, liquidity crunch and recyclability issues challenges the market growth.

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The key players operating in the global aerospace composites market are Toray Industries, Inc., Kaneka Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, Argosy International, Spirit AeroSystems, Solvay, Teijin Limited, and SGL Group. To gain a significant market share in the global aerospace composites market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. 

• For instance, In February 2019, Renegade Materials Corporation was acquired by Teijin Limited. Renegade Materials Corporation is a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in the North America region. This acquisition will help the company to solidify its position as a leading provider of solutions for aerospace applications.
• In January 2019, Teijin Limited had an agreement with Boeing for the supply of unidirectional pre-impregnated tape. This agreement will help the company in its medium-term growth in the aircraft business.

Carbon/Graphite fiber segment dominated the market and held the largest share of 29.64% in the year 2020
On the basis of fiber, the global aerospace composites market is segmented into carbon/graphite, aramid, glass, ceramic, and others. Carbon/Graphite fiber segment dominated the market and held the largest share of 29.64% in the year 2020. This growth is attributed to the increasing demand for carbon fiber composites from the defence and aerospace industry, exceptional load-carrying capacity, and high tensile strength. 

Commercial Aircraft segment dominated the market and held the largest share of 34.7% in the year 2020
On the basis of aircraft type, the global aerospace composites market is segmented into business and general aviation, military aircraft, commercial aircraft, and a civil helicopter. Commercial Aircraft segment dominated the market and held the largest share of 34.7% in the year 2020. This growth is attributed to the increased fuel efficiency, reduced maintenance costs, and increasing demand for commercial aircraft. 

Thermosetting segment dominated the market and held the largest market share of 59.2% in the year 2020
On the basis of resin, the global aerospace composites market is segmented into thermoplastic and thermosetting. The thermoplastic segment is further sub-segmented into polysulfones, polyether ether ketone, polyetherimide, and others. The thermosetting segment is further segmented into phenolic, polyimides, epoxy, phenolic, and others. Thermosetting segment dominated the market and held the largest market share of 59.2% in the year 2020. This growth is attributed to the high tensile strength, high corrosion resistance, high mechanical strength, and low weight. From the thermosetting segment epoxy resin segment held the largest share due to low density, superior structural performance, and exhibits long fatigue life.

Exterior segment dominated the market and held the largest share of 64.6% in the year 2020
On the basis of application, the global aerospace composites market is segmented into exterior and interior. Exterior segment dominated the market and held the largest share of 64.6% in the year 2020. This growth is attributed to the better resistance, high stiffness, and excellent strength-to-weight ratio.

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Regional Segment of Aerospace Composites Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global aerospace composites market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the largest share of 39.8% in the year 2020. This growth is attributed to the increasing demand for aerospace composites from defence activities and commercial aircrafts, the rising production of aerospace parts, and the presence of many aircraft manufacturers. Europe region is expected to witness significant growth, owing to the rise in air passenger traffic and increasing demand from defence and aerospace manufacturers. Latin America is expected to project strong growth due to Brazil's rising demand and a growing number of low-cost carriers. 

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About the report:
The global aerospace composites market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.

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