Aerospace Composites Market Trends, Research Report, Growth, Opportunities, Forecast 2022-2028

The global market for aerospace composites is projected to have considerable CAGR of around 10.5% during the forecast period. The major factor that propels the market growth include growing demand of composite material such as ceramic fiber in the various aircraft applications owing to their properties, such as high strength, heat resistance, and wear resistance. The ceramic composites is widely utilized in jet engine components, including those from CFM International and Pratt & Whitney. Even Airbus and Boeing are doing their internal R&D regarding the ceramic composites use in jet engine parts. Therefore provides significant opportunity to the market.

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The ceramic matrix composites (CMC) allows building jet engines that could burn less fuel and take planes farther. It is considered as one-third the weight of metal and doesn’t require to be air-cooled for the development of more efficient and lighter engines. The first jet engine with static turbine “shrouds” are produced from CMCs is LEAP, developed by CFM International, a joint venture (JV) between GE Aviation and France’s Snecma (Safran). As per GE, it is the bestselling engine in GE history with 8,000 orders valued nearly $100 billion. The components of CMC are produced from silicon carbide ceramic fibers locked inside a ceramic matrix and covered with a thermal barrier coating. In November 2014, GE Aviation opened its first CMCs factory and declared a JV with Turbocoating, Italy’s coatings maker, to prepare for large-scale production of CMC components. Both plants are based in North Carolina, the US.

Further, GE is expanding its CMC production facility to meet the growing demand for jet engines. For instance, in March 2018, GE Aviation is investing an additional $105 million in its Asheville, North Carolina, production facility to meet the growing demand for the CMC components manufactured at the plant. As part of the investment, the company will increase its workforce that further support the development of next-generation engines. The company took the orders of their next generation of engines such as the GE9X and the CFM LEAP.

Therefore, the adoption of CMCs is estimated to grow significantly in the near future owing to the rising jet engine production rates. Each new LEAP engine, developed by CFM International has 18 CMC turbine shrouds, which are stationary parts in the high-pressure turbine that directs air and ensure turbine blade efficiency. The production of LEAP engine is accelerating rapidly and over 14,270 engines were on order up to March 2018. CMCs are also used in the high-pressure turbine section and combustor of the new GE9X engine under development for the Boeing 777X twin-aisle aircraft. Nearly 700 GE9X engines were on order up to March 2018. Therefore growing use of ceramic composites in aircraft significantly contributing in the growth of the market.

Global Aerospace Composites Market Segmentation

By Fiber Type

·         Ceramic Fiber

·         Carbon Fiber

·         Glass Fiber

·         Others (Aramid)

By Aircraft Type

·         General Aviation

·         Commercial Aviation

·         Military Aviation

·         Space

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Global Aerospace Composites Market – Segment by Region

North America          

·         United States

·         Canada

Europe

·         Germany

·         United Kingdom

·         France

·         Spain

·         Italy

·         Rest of Europe

Asia-Pacific   

·         China

·         Japan

·         India

·         Rest of Asia-Pacific

Rest of the World

·         Middle East & Africa

·         Latin America

Company Profiles

·         Albany International Corp.

·         Bally Ribbon Mills

·         DuPont de Nemours, Inc.

·         Gurit

·         General Electric Co.

·         Hexcel Corp.

·         Hyosung Advanced Materials

·         Kineco Kaman Composites India Pvt. Ltd.

·         Lee Aerospace, Inc.

·         Mitsubishi Chemical Holdings Corp.

·         Materion Corp.

·         Nippon Graphite Fiber Co., Ltd.

·         Owens Corning

·         Plastic Reinforcement Fabrics Ltd.

·         Rolls-Royce plc

·         Solvay Group

·         SGL Carbon SE

·         Toray Industries, Inc.

·         Teijin Ltd.

·         Victrex plc

 

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