Aerospace Composites Market: Current Analysis and Forecast (2024-2032)

With the rising demand for fuel-efficient aircraft models with robust structural integrity, many aerospace manufacturers have shifted towards composites to achieve weight reduction in the structural frame. Additionally, the rising demand for narrow-body aircraft and low-cost carrier segments has further boosted the demand for aerospace composite material.

The Global Aerospace Composites was valued at USD 26,910.24 million in 2023 and is expected to grow at a strong CAGR of around 12.53% during the forecast period (2024-2032). One of the key factors attributed to the growth of the aerospace composites market are higher usage of lightweight construction material that helps to reduce the comprehensive weight as well as offer a robust structural integrity to the airframe. In October 2024, Munich-based aviation company Lilium announced it secured USD 35 million from Baillie Gillford for the construction of its Lilium jets constructed with carbon fiber composites.

In another instance, in 2024, The Luxembourg Institute of Science and Technology (LIST), announced its partnership with Luxembourg company Gradel for the development and research of ultra-lightweight structures with the help of composite material for the construction of aircraft.

Considering the shifts the upcoming research and development on aerospace composites is further anticipated to rise as more and more companies are extensively investing in the technologies.

Considering the shifts many more companies are anticipated to invest in the research and development of composite materials for the construction of the aircraft. Additionally, with the financial constraints, the airlines are also focusing on adopting fuel-efficient aircraft to reduce their operational cost in the long run. Additionally, the extensive research and development on carbon fiber composites and thermostat composites would also promulgate the market growth and adoption of aerospace composites during forecasted years i.e., 2024-2032.

Based on fiber type the global aerospace composites market has been segmented into carbon fiber composites, ceramic fiber composites, glass fiber composites, and others. Of these Carbon fiber composites have held a sizable market share due to their high durability as well as their property of being used as a lightweight and robust material, suited for the construction of interior components such as seats, overhead cabins, cabin panels, etc. Additionally, in recent years, the demand for carbon fiber composites for the construction of fuselage has been on the higher side owing to its cost-effective nature due to extensive research and development leading to its mass production.

Based on Matrix Type, the global aerospace composites market has been segmented into polymer matrix, ceramic matrix, and metal matrix. Of these Polymer Matrix segment is anticipated to hold the major market share due to its usage by the manufacturers to reduce the overall weight of the aircraft as well as its durability and environment-friendly nature. Additionally, the segment is also receiving enhanced focus from the industry manufacturers in terms of research and development.

For a better understanding of the market adoption of Aerospace Composites, the Global Aerospace Composites is analyzed based on its worldwide presence in regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Of these, the North American region held the largest share in 2023. North America has a sizable aviation industry, and it is looking forward to a shift towards cleaner lightweight materials in its aircraft to use less fuel. Additionally, the region is also home to the largest manufacturers of commercial and military jets across the globe. Considering the high volume of production and its extensive domestic demand and foreign exports, the region is further anticipated to dominate the demand for Aerospace Composites in the coming period.

Some of the major players operating in the market include Syensqo, Hexcel Corporation, Toray Advanced Composites, Mitsubishi Chemical Group Corporation, Teijin Limited, SGL Carbon, Materion Corporation, Spirit Aerospace Inc., Lee Aerospace, and General Dynamics Mission System Inc.