According to the Data Bridge Market Research report, the aerospace part manufacturing market is expected to undergo a CAGR of 4.50% during the forecast period (2023 – 2030). This indicates that the market value would rocket to USD 1,265.41 million by 2023 compared with USD 889.81 million in 2022. The global aerospace parts manufacturing market is expected to grow significantly during the forecast period due to increasing demand for lighter, innovative, and efficient airplanes to reduce carbon emissions. The insulation segment is anticipated to be the fastest-growing product segment during the forecast period due to the growing airplane fleet and the periodic replacement and maintenance of aerospace parts.
The Global aerospace composites market was valued at USD 21.1 billion in 2022. The aerospace composites market industry is projected to grow from USD 24.12 billion in 2023 to USD 67.70 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.77% during the forecast period (2023 – 2032). The presence of aerospace composites in the aerospace sector is increasing, and utilizing the uses of aerospace composites in unusual components is the key market driver enhancing market growth.
The Asia-Pacific (APAC) is the fastest-growing region in the world of aviation activities. With air-passenger traffic multiplying and the airlines increasing their fleet size, the market for aerospace composites in the region is growing, and the growth is expected to continue during the forecast period (2023 – 2028). APAC region dominated the market and accounted for a revenue share of 45.4% in the global composites demand in 2022. The region is one of the most lucrative destinations for automotive, construction, aerospace, and electronics manufacturers, owing to critical manufacturers in the major economies, including China, India, and Japan.
In segmentation by country, China held the largest share of the market. Globally, China is one of the fastest-growing aviation markets. In 2019, commercial airports in China handled over 659 million passengers, compared to 611 million passengers in 2018, which demonstrates how the demand for air transport is increasing in the country. According to IATA, China has become the world’s largest aviation market since 2022. Air China, for example, placed an order for 20 Airbus A350-900 aircraft in 2019, successfully delivered between 2020 – 2022.
In addition, in the military segment, several nations in the region are procuring newer aircraft with a more significant percentage of composites. Several new aircraft developed by the players in the region are being built with increasingly higher compositions of composite materials. Reduced maintenance, longer design life, fewer parts, and reduced tooling and assembly costs are some of the reasons driving the adoption of composites in aerospace manufacturing.
The military aircraft segment is expected to be driven by the growth in the adoption of composites in various parts and components of the newer military aircraft. The composites used in military aircraft are lightweight, durable, chemical, and temperature-resilient. An essential use of composite materials is in developing stealth aircraft that use radar-absorbing composite materials to form most of the aircraft’s structure. Carbon-and-glass fiber-reinforced plastic laminates are used in Lockheed Martin F-35 lightning II in structures, like vertical stabilizers, tails, flaps, and wings’ skin, accounting for approximately 40% of the aircraft’s weight. Australia placed an order for 72 F-35 aircraft for its military, out of which 13 aircraft were delivered to the country by 2019. Also, HAL Tejas, the indigenous fighter jet developed by India, consists of 45% composites (mostly carbon-epoxy) by weight in its airframe, which made the aircraft the lightest Multi-Role Supersonic Fighter Aircraft of its class. As of May 2020, 123 Tejas aircraft are being ordered by the Indian Armed Forces in various configurations. Thus, the growing use of composites in the newer generation of military aircraft and the increasing procurement of such aircraft are currently driving the growth of the military segment.
Article By: Asst. Prof. Suwan Juntiwasarakij, Ph.D., Senior Editor & MEGA Tech