Demand for Aerospace Composites Market to Reach US$ 56 Bn by 2031

As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global market for aerospace composites was valued at US$ 32 Bn in 2020, and is projected to top US$ 56 Bn by 2031. Demand for carbon fiber composites is projected to reach a valuation of around US$ 22 Bn, surging at a CAGR of 9% through 2031.

Fact.MR anticipates significant surge in demand for aerospace composites attributable to factors such as growing number of air passengers, rise in tourism, emergence of low-cost carriers, and increasing need for aircraft fuel efficiency.

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Composite materials are used for different purposes in the aircraft industry. They can sustain their identities and do not join completely with each other. On mixing, these materials create a hybrid material that possesses better structural properties, which can be used for aerospace components.

The aerospace industry has broadly adopted carbon fiber composites for various applications, such as fuselage, floorboards, engine nacelles, fan casings, and interior parts of the aircraft.

Key Takeaways from Market Study

• Revenue from aerospace composites topped US$ 32 Bn in 2020, and is expected to reach a valuation of over US$ 56 Bn by 2031.
• Key factors driving demand for aerospace composites are growing aviation industry, rising demand for fuel-efficient aircraft, and propelling space exploration and defence industry
• North America, with the highest market share of 40%, will significantly contribute to revenue growth of aerospace composites over the coming years.
• China’s market for aerospace composites is estimated to expand at a CAGR of 8% across forecast period.
• Demand for aerospace composites in the U.S. was around US$ 9 Bn in 2020.
• Carbon fiber composites accounted for 40% market share.

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Key Market Segments Covered in Aerospace Composites Industry Analysis

On the Basis of Fibre:

• • Carbon Fibre Aerospace Composites
  • Ceramic Fibre Aerospace Composites
  • Glass Fibre Aerospace Composites

On the Basis of Matrix:

• • • Polymer Matrix
    • Ceramic Matrix
    • Metal Matrix

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Winning Strategy

Major players in the market are focused on adopting merger and acquisition (M&A) strategies to expand their product portfolios. Key manufacturers are also investing in research & development to innovate lightweight and cost-effective composites for the aerospace sector.

New and upcoming companies will be benefitted by investing in R&D projects involved in product innovation. Directing investments towards collaborative projects with major companies will prove to be beneficial in the long run.

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