Dublin, Jan. 11, 2021 (GLOBE NEWSWIRE) -- The "Aerospace Composites Market" report has been added to ResearchAndMarkets.com's offering.

The global aerospace composites market size is forecast to reach around $41 billion by 2025, after growing at a CAGR of 10.5% during 2020-2025. Composites are material made up of two or more substances with different physical and chemical properties. Surging demand of composites for making aircraft parts due to its exceptional strength and heat bearing capacity is driving the growth of aerospace composites market. Whereas, growing uses of composites in military & defense sector for manufacturing of fighter jets and missiles also boosts the growth of market. However, high fabrication and assembly costs of composite materials restraints the growth of aerospace composites market.

Key Takeaways

• Increasing environmental concerns and government restrictions on the disposal of carbon and aramid fibers has hampered the growth of aerospace composites market.
• China has shown significant growth in aerospace composites market, owing its use in manufacturing of aircrafts. Boeing forecasted that China's carriers will need 8,090 new planes through 2038 further raising the demand for aerospace composites.
• Increasing investment in the defense sector from developing country also drive the market growth.

Aerospace Composites Market Drivers

Growing demand from space and aeronautics industries

Increasing space and research activities boosted the use of aerospace composites in making fuel tanks and structural body of space launching vehicles. Composite find its applications in spaceflight vehicles, satellites and payloads, and the launch vehicles that are used to get these to space. Solid rocket motors and pressure vessels for fuel and gas storage are typically reinforced with composites due to its superior strength and ability to withstand extreme temperature. Government's spending on National Aeronautics and Space Administration (NASA) for research & space exploration increased from $ 19,519.8 in 2018 to $ 19,892.2 in 2019. Thus, huge expenditure of government and continuous enhancement by aerospace composite manufacturers such as Toray Industries, Ltd., Payload Aerospace S.L. boosts the use of aerospace composites for manufacturing of space crafts.

Growing use of composites in commercial aircrafts

Commercial aircrafts are used for transportation of passengers and air cargo. Rise in disposable income and increase in standard of living has boosted the growth of commercial aircraft sector. Air transportations are widely preferred in today's world, where the concept of luxury time has been truncated. Composites are used in fabrication of landing gears, turbine engines, winglets, and wall panels etc. in commercial aircrafts. Whereas, the surging uses of polymer matrices composites in commercial and high-performance aerospace applications is also driving the market growth. According to Boeing, airline industry will need more than 44,000 new commercial airplanes worth $6.8 trillion by 2038 which in turn augments the growth of aerospace composites market.

Aerospace Composites Market Challenges

High manufacturing cost and non-biodegradability of aerospace composites

Although composite materials are widely used in aerospace industries, high manufacturing cost for their production has hampered the growth of aerospace composites market. Difficulty in repairing composites compared to metallic structures is also restraining the growth of market. In addition, carbon fibers reinforced composites are non-biodegradable and won't decompose in the landfill. Recycling the carbon fiber composites is very difficult and requires lot of energy. Thus, long lasting composite scraps badly impact the environment and act as a restraint for the growth of market.

COVID-19 impact on the global Aerospace Composite market

COVID-19 proved to be a major challenge for the aerospace composites market. Lack of manpower has led many manufacturing companies to stop their production which further hampered the growth of market. Furthermore, outbreak of COVID-19 the pandemic resulting in a decrease in the number of aircraft deliveries along with reduced demand for aerospace composites. In addition, the travel restriction imposed by various countries has reduced air travel significantly that further hit hard to aerospace industry by lowering new aircraft deliveries. According to International Air Transport Association (IATA), global airline passenger revenues drop by US$314 billion in 2020, a 55% decline compared to 2019. Thus, decrease in airline revenues has impacted the growth of aerospace composites market.

Major players in the aerospace composites market are Toray Industries, Ltd., SGL Carbon SE, Solvay S.A, Owens Corning, Materion Corporation, Mitsubishi Rayon Co. Ltd., Renegade Materials Corporation, Hexcel Corporation, Teijin Ltd., Huntsman Corporation, and Boston Materials Inc., Payload Aerospace S.L among others.

Acquisitions/Technology Launches

• In March 2019, Boston Materials Inc., raised $1.75 million in seed funding to launch its Carbon Supercomposite. Carbon Supercomposite is a carbon fiber composite that uses a proprietary fiber alignment technology for enhancing the performance of existing carbon fiber materials.
• In February 2019, Kordsa acquired the US-based Axiom Materials. This acquisition has paved the way for Kordsa to be the worldwide qualified manufacturer of Oxide-Oxide ceramic matrix composites.
• In October 2018, PLD Space and RUAG Space signed a long-term collaboration and supply agreement regarding lightweight carbon composite structures for small launch vehicles. This agreement is related to PLD Space's Suborbital ARION 1 and Orbital ARION 2 launch vehicles.

Key Topics Covered:

1. Aerospace Composites Market- Market Overview
1.1 Definitions and Scope

2. Aerospace Composites Market- Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Fiber Type
2.3 Key Trends by Matrix Material
2.4 Key Trends by Application
2.5 Key Trends by Geography

3. Aerospace Composites Market- Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis

4. Aerospace Composites Market- Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Market Opportunities
4.4 Porters five force model
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining powers of customers
4.4.3 Threat of new entrants
4.4.4 Rivalry among existing players
4.4.5 Threat of substitutes

5. Aerospace Composites Market -Strategic analysis
5.1 Value chain analysis
5.2 Opportunities analysis
5.3 Market life cycle
5.4 Suppliers and distributors Analysis

6. Aerospace Composites Market- By Fiber Type (Market Size -$Million)
6.1 Carbon Fiber
6.1.1 PAN carbon Fiber
6.1.2 Pitch Carbon Fiber
6.2 Aramid Fiber
6.2.1 Para Aramid Fiber
6.2.2 Meta Aramid Fiber
6.3 Glass Fiber
6.4 Other

7. Aerospace Composites Market- By Matrix Material (Market Size -$Million)
7.1 Metal Matrix
7.1.1 Aluminium
7.1.2 Magnesium
7.1.3 Titanium
7.1.4 Others
7.2 Polymer Matrix
7.2.1 Thermoplastic
7.2.1.1 Polycarbonate
7.2.1.2 Polyvinylchloride
7.2.1.3 Nylon
7.2.1.4 Acrylics
7.2.2 Thermosets
7.2.2.1 Epoxies
7.2.2.2 Phenolic
7.2.2.3 Others
7.3 Ceramic Matrix Composite
7.4 Others

8. Aerospace Composites Market- By Application (Market Size -$Million)
8.1 Military Aircraft
8.2 Commercial Aircraft
8.3 Rotorcraft
8.3.1 Helicopter
8.3.2 Gyroplane
8.4 Space
8.5 Others

9. Aerospace Composites Market - By Geography (Market Size -$Million)
9.1 North America
9.1.1 U.S.
9.1.2 Canada
9.1.3 Mexico
9.2 South America
9.2.1 Brazil
9.2.2 Argentina
9.2.3 Colombia
9.2.4 Chile
9.2.5 Rest of South America
9.3 Europe
9.3.1 U.K
9.3.2 Germany
9.3.3 Italy
9.3.4 France
9.3.5 Russia
9.3.6 Spain
9.3.7 Netherland
9.3.8 Belgium
9.3.9 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 Australia & New Zealand
9.4.6 Rest of Asia Pacific
9.5 RoW
9.5.1 Middle East
9.5.1.1 Saudi Arabia
9.5.1.2 UAE
9.5.1.3 Israel
9.5.1.4 Rest of Middle East
9.5.2 Africa
9.5.2.1 South Africa
9.5.2.2 Nigeria
9.5.2.3 Rest of Africa

10. Aerospace Composites Market- Entropy
10.1 New Product Launches
10.2 M&A's, Collaborations, JVs and Partnerships

11. Aerospace Composites Market Company Analysis

For more information about this report visit https://www.researchandmarkets.com/r/mwmv01