The global aerostructure composite market size was worth around USD 15.70 billion in 2021 and is estimated to grow to about USD 25.90 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.70% over the forecast period.
Aerostructure Composites Market
The global aerostructure composite market size was worth around USD 15.70 billion in 2021 and is estimated to grow to about USD 25.90 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.70% over the forecast period. The report analyzes the aerostructure composite market drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the aerostructure composite market.
The fuselage, the wings, and the flight control surfaces are all examples of aerostructures, which are part of an aircraft's airframe. Recent developments in composite and additive manufacturing methods have changed the dynamics of international aftermarket and airframe requirements. Manufacturing of more lightweight, fewer-component aircraft is now possible because of the development of innovative composite solutions. Technology advancements have also allowed manufacturers to analyze an aircraft's construction using infrared light and computer modeling to determine its performance and longevity. These tests can be used to assess the aerostructures' integrity because they are crucial in guaranteeing that an aircraft can sustain aerodynamic forces. From helicopters and sophisticated combat aircraft to corporate jets and passenger flights, aerostructures are essential to various aircraft. Demand for military aircraft has been rising due to increased spending in the military and defense sector to improve the size of military aircraft fleets and their combat effectiveness in nations around the world. This is another important factor that is anticipated to fuel global aerostructure composite market revenue growth in the future.
Triumph Group Inc (US) and Leonardo S.P.A. (Italy) are in the aerostructures market. These players have expanded their business operations over many nations, including Latin America, North America, Europe, Asia Pacific, the Middle East, and Africa. Their businesses have been harmed by COVID-19 as well. According to industry experts, COVID-19 might have a 7–10% global impact on the manufacture and provision of aerostructures in 2020.
The 2020 airplane orders and deliveries have abruptly decreased due to the COVID-19 pandemic's negative effects on the end-use industries. In the medium term, this is anticipated to harm the aircraft market, with a gradual rebound anticipated in Q1 2021.
In its most recent Global Market Forecast, Airbus predicts that when air traffic starts to reach pre-crisis levels, demand for it will grow. The industry's growth had slowed during the COVID era, but now that passenger traffic has proven its resiliency, it is expected to resume growing at a rate of 3.9% annually. The business predicts that over the next 20 years, the fleet expansion will gradually give way to an accelerated replacement of older, less fuel-efficient aircraft. As a result, nearly 39,000 new passengers and freighter aircraft must be delivered over the next 20 years, 15,250 of which must be replacements for older, less fuel-efficient versions. The market for aerostructure is anticipated to boom as the rise of air travel also does. New materials are invented and developed in aerostructures to significantly reduce the airplane's weight. This lowers fuel consumption and lowers carbon emissions.
The initial cost of the aircraft is further increased by the fact that aerostructure composites are substantially more expensive than metal. Composites are also expensive and challenging to repair, which might hurt the business.
Equipment that is specialized and expensive must be used to find the flaws in the composite structure. Additionally, inspectors must receive specialized training to identify any flaw in the aircraft's composite components, which raises the maintenance expense in addition to expenses for additional tools like rivet guns, bucking bars, and epoxy glue. The aerostructure sector places the highest premium on fire and safety issues. The epoxy resin used in the composites must be carefully chosen and made to prevent the spread of fire in the event of a fire outbreak. Additionally, due to concerns about safety and durability, aerospace composites are less frequently used in long-haul flights, which limits the global aerostructure composite market's expansion.
The capacity to change shape is called morphing. In engineering, it is useful for various reasons, including adapting to changing external conditions, enhancing interaction with other bodies, and maneuvering in different media like water or air. At various stages of flight, an aircraft's conventional rigid wings cannot function at their maximum efficiency. Engineers may now produce new morphing aircraft wing designs that can change shape while flying, thanks to advances in morphing technology. The primary goal of aircraft designers is to produce a most rigid structure capable of safely withstanding flight circumstances, including elements like high speed, bad weather, and extremes of both hot and low temperatures. To maximize speed, range, and fuel efficiency, aircraft designers strive to make their designs as light as feasible.
Due to their high specific strength, stiffness, and material anisotropy, which may be employed to tune structural properties, advanced composite materials are widely used in major aircraft constructions. These composite materials' characteristics are not uniform and can change randomly inside big structures like wings and fuselage. The composite rotor and airframe structures' remaining useful lives are unpredictable due to the intricacy of failure processes and susceptibility to manufacturing flaws that could result in structural damage.
The global aerostructure composite market is segregated based on fiber type, aircraft, and region.
The market is segmented into carbon, glass, aramid, and other fiber types. Carbon fiber is reinforced in a suitable resin system to create a successful composite system. Low thermal expansion, good chemical resistance, high stiffness, low weight, high tensile strength, and high-temperature tolerance are just a few of the excellent qualities of carbon fiber that contribute to its growing popularity in the aerostructure composites business.
Based on the aircraft type, the global aerostructure composite market is segmented into business, general, military fixed-wing, commercial, jet engines, helicopters, and other products. Among these, fixed-wing aircraft led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Less than two-thirds of the aerostructure composites market is dominated by the commercial aerostructure segment. Due to major advancements in the civilian aerospace sector and the replacement of the fleet that is about to retire, the commercial aerospace segment is anticipated to maintain its position. As of January 2020, Boeing had already produced 945 Dreamliner, and over 900 more are still to be delivered to customers. Additionally, manufacturers are anticipated to come up with alternative designs, propelling the aerostructure composites business, given the surge in demand for mid-size commercial aircraft and the success of using composite in their construction. Furthermore, the market is anticipated to grow considerably during the forecast period due to the growing use of composite materials in military aircraft.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
North America dominates the global aerostructure composite market due to the presence of significant aircraft producers and the availability of cutting-edge technology needed to produce aerostructure components in the region. For instance, of the four fuselage portions of the Boeing 787, two are produced in the United States (the nose section in Kansa and the rear section in Charleston). In contrast, two mid-sections are produced in Italy, and one is produced by Kawasaki Heavy Industries in Japan. The United States city of Everett, Washington, is where all these pieces are brought together and connected.
The Asia Pacific is expected to have considerable growth in the future years due to the high growth of the aerostructure industry in the region. To support the expansion of the aerostructure industry in developing nations like China and India, the demand for mid-sized commercial aircraft has greatly expanded. In addition, the increasing spending on fighter jets and the military in nations like India is anticipated to open up attractive potential opportunities for market participants.
Key players functioning in the global aerostructure composite market include LMI Aerospace, Inc., Owens Corning, Hexcel Corporation , Solvay S.A., Toray Advanced Composites, Teijin Limited, SGL Carbon, Mitsubishi Chemical Corporation, VX Aerospace Corporation , Unitech Aerospace and Others.
By Fiber Type
The demand for fuel-efficient aeroplanes, as well as the booming space and defense industries, are major factors boosting the market for aerostructure composites.
The aerostructure composite market was worth around USD 15.70 billion in 2021 and is estimated to grow to about USD 25.90 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.70% over the forecast period.
North America leads the global market of aerostructure composites strongly backed by the presence of major aircraft manufacturers and the availability of technological advancement required for manufacturing aerostructure component in the region.
Key players functioning in the aerostructure composite market include LMI Aerospace, Inc., Owens Corning, Hexcel Corporation , Solvay S.A., Toray Advanced Composites, Teijin Limited, SGL Carbon, Mitsubishi Chemical Corporation, VX Aerospace Corporation , Unitech Aerospace and Others