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Aerospace Composites Market Size

Report ID: GMI1358
Published Date: Sep 2021
Report Format: PDF

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Aerospace Composites Market Size

Aerospace Composites Market size exceeded USD 10 billion in 2020 and is anticipated to exhibit a CAGR of over 7.3% from 2021 to 2027. Rising growth of aerospace composites applications in commercial and military aircraft, to meet lightweight and sturdy component requirements will boost the overall market growth. Factors including weight reduction and high impact resistance will support the aerospace composites market expansion. In addition, the extensive usage of interior and exterior applications will further enhance the overall product penetration. The expansion of commercial and defense industries is expected to witness strong growth during the forecast time frame. Moreover, increasing defense spending will influence the market progression in the coming years.

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Advancements in manufacturing techniques along with easy machinability will foster composite material demand. Composites can be manufactured in various complex shapes that offer reduced material wastage and corrosion resistance, in turn, further propelling product penetration. The high quality of the composites in outside airframe structures, such as undercarriage, fuel components, and wings, will stimulate the product demand. Strong product penetration in airframe structures will accelerate the industry growth. Aerospace composites market players are focusing on recycling composites for re-usage in the MRO industry, which will spur the product penetration.

The COVID-19 pandemic and grounding of Boeing 737 MAX have adversely impacted the aviation sector in 2020. Complete restrictions on international traveling in several economies across Europe and APAC during the first H1 of FY2020 have a severe impact on the aerospace composites market. Several airlines have dropped their plans to purchase new aircraft and some have postponed their plans. Furthermore, industry leaders have reported an adverse impact on revenue generation during FY 2020.

Aerospace Composites Market Report Attributes
Report Attribute	Details
Base Year:	2020
Aerospace Composites Market Size in 2020:	9,965.7 Million (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	7.3%
2027 Value Projection:	16,113.0 Million (USD)
Historical Data for:	2017 to 2020
No. of Pages:	550
Tables, Charts & Figures:	828
Segments covered:	Fiber, Resin, Aircraft, Application, Region
Growth Drivers:	Growing aviation industry coupled with rising demand for fuel-efficient aircraft Robust demand for high strength and lightweight composite materials Propelling space exploration and defense industry
Pitfalls & Challenges:	High material and manufacturing cost

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Authors: Suraj Gujar, Partha Paul

Frequently Asked Questions (FAQ) :

Market size of aerospace composites had surpassed USD 10 billion in 2020 and will witness a CAGR of over 7.3% through 2027.

Composites are used in aerospace industry to fulfill the lightweight and sturdy component requirements.

Carbon segment will capture a revenue share of 60% by 2027 owing to high product demand to create high-quality precision components in the manufacturing and treating of high-quality components.

Commercial aerospace composites market size was valued at USD 6 billion in 2020 on account of rising affordability of flights leading to increased air travel.

North America market will capture over 35% revenue share by 2027 owing to the availability of highest number of commercial and defense aircraft in the region.