Aerospace Composites Global Market Report 2024

Aerospace composites, superior materials used to enhance the performance of aircraft components in both commercial and military applications, exhibit exceptional physical properties such as strength and stiffness-to-density ratios. These composites are versatile in shape, reducing corrosion resistance and minimizing material wastage.

The primary types of aerospace composites include carbon fiber composites, ceramic fiber composites, glass fiber composites, and others. Carbon composites, characterized by carbon structures dispersed throughout a material, offer a balance of strength, stiffness, and lightweight properties. Ceramic composites excel in temperature stability, damage-tolerant fracture behavior, low density, corrosion resistance, high hardness, and wear resistance. Glass fiber composites provide flexibility, high strength, stiffness, and durability. Aerospace composites find applications in commercial aircraft, business and general aviation, civil helicopters, military aircraft, and other areas, serving both interior and exterior purposes. Various manufacturing processes, such as AFP/ATL, the lay-up process, resin transfer molding, and filament winding, contribute to producing aerospace composites. Resins employed in aerospace composites include benzoxazine, cyanate ester, bismaleimide, ceramic and metal matrix, thermosetting resins, polyester, and others.

The aerospace composites market research report is one of a series of new reports that provides aerospace composites market statistics, including aerospace composites industry global market size, regional shares, competitors with an aerospace composites market share, detailed aerospace composites market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace composites industry. This aerospace composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The aerospace composites market size has grown rapidly in recent years. It will grow from $31.08 billion in 2023 to $36.27 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period of aerospace composites can be attributed to regulatory changes, environmental concerns, globalization, an aging aircraft fleet, and an increase in the number of both commercial and defense aircraft.

The aerospace composites market size is expected to see rapid growth in the next few years. It will grow to $63.75 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. In the forecast period, the growth of aerospace composites can be attributed to economic growth, aircraft fleet modernization, recycling and sustainability initiatives, aerospace industry consolidation, and an increasing demand for passenger and cargo aircraft production. Some major trends to watch out for include the adoption of digital twin and simulation, the use of additive manufacturing, engineered fiber architectures, sustainable and eco-friendly composites, as well as advancements in composite materials.

In response to a surge in demand for high-strength, lightweight composite materials, the aerospace composites market is anticipated to experience significant growth. The adoption of such materials contributes to enhanced energy efficiency, reduced fuel consumption, and decreased aircraft mass. This, in turn, lowers lift force and thrust requirements during flight, resulting in a positive environmental impact through reduced carbon footprint. Notably, as of May 2023, the global composites sector saw a volume of 12.7 million metric tons in 2022, marking an increase from the previous year, as reported by Composites United e.V. Germany.

The aerospace composites market is poised for growth, driven by an escalating demand for commercial aircraft. Commercial airliners, designed for passenger and cargo transportation, extensively incorporate aerospace composites to optimize performance, decrease weight, improve fuel efficiency, and ensure adherence to rigorous safety and environmental standards. Reports from July 2023, published by Gulf Industry, indicate a projected 33% growth in the global commercial aviation fleet by 2033, reaching over 36,000 aircraft - an increase from the 27,400 operational aircraft in 2020.

Companies within the aerospace composites market are strategically focusing on technological advancements to propel the development of composite material and process technologies. This forward-looking approach aims to support the next generation of energy-efficient aircraft and advancements in future mobility. Notably, in March 2021, GKN Aerospace, a UK-based entity in the automotive and aerospace components sector, introduced the ASCEND consortium. This initiative positions the UK as a technology leader in lightweight structures, contributing to reduced carbon emissions and energy consumption in the aerospace industry.

Key players in the aerospace composites market are actively pursuing innovative technologies, such as rapid integrated press molding technology designed for carbon fiber reinforced plastic (CFRP) mobility components. This advanced manufacturing method boasts significantly increased speed compared to traditional techniques, enabling the production of CFRP components with heightened quality and consistency. Notably, in February 2023, Toray Industries Inc., a Japan-based industrial products specialist, successfully developed and implemented rapid integrated press molding technology. The technology's benefits, including faster molding times, reduced costs, and enhanced quality, have the potential to contribute to the production of more fuel-efficient aircraft with extended flight ranges.

In a strategic move in June 2022, Applied Composites Engineering Inc., a US-based aerospace and defense company, completed the acquisition of North Coast LLC for an undisclosed sum. This acquisition aligns with Koura's objectives to broaden its product portfolio, reinforce capabilities, extend its market reach, and achieve synergies. North Coast LLC, a US-based manufacturer specializing in resin-transfer-molded composite structures and tooling for aerospace applications, becomes an integral part of Koura's expansion strategy.

Major companies operating in the aerospace composites market include Solvay SA, Toray Industries Inc., Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon SE, Materion Corporation, Owens Corning, Spirit AeroSystems Inc., LEE Aerospace Inc., Gurit Holding AG, General Electric Corporation, Rolls-Royce Motor Cars Ltd., Kineco-Kaman Composites, Nippon Graphite Fiber Corporation, Lockheed Martin Corporation, Raytheon Technologies Corporation, The Boeing Company, Airbus SE, Northrop Grumman Corporation, Safran SA, Leonardo S.p.A., Honeywell International Inc., L3Harris Technologies Inc., Dassault Aviation SA, Arconic Corporation, Aviation Industry Corporation of China, Triumph Group Inc., Harris Corporation

North America was the largest region in the aerospace composites market in 2023. Asia-Pacific is expected to be the fastest-growing region in the aerospace composites market share during the forecast period. The regions covered in the aerospace composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the aerospace composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The aerospace composites market consists of sales of aramid-reinforced epoxy, and boron-reinforced aerospace composites. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.