Aeroengine Composites Market to Surpass $7.78 Billion by 2033, Driven by 12.4% Annual Growth

The aeroengine composites market size is anticipated to grow from USD 2.42 Billion in 2023 to USD 7.78 Billion in 10 years. The market ought to witness a positive growth rate owing to increasing adoption of aeroengine composites.

Newark, June 13, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global aeroengine composites market will grow from USD 2.42 Billion in 2023 to USD 7.78 Billion by 2033. Modern aircraft propulsion systems rely heavily on aeroengine composites, representing a game-changing alternative to conventional metal alloys. By significantly reducing weight while enhancing fuel efficiency and performance capabilities, these composite materials – typically made from polymer matrix-, carbon matrix- or metal-matrix materials – now form key components of various elements within turbine engines such as fan blades, guide vanes, shrouds engine casings & nacelles among others. The surge in demand for aeroengine composites can be attributed to multiple factors, such as the growing importance placed on fuel efficiency and environmental and operational sustainability within the aerospace sector. In efforts to enhance efficacy while reducing weight, aircraft manufacturers and operators have increased their need for lightweight composite materials.

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Key Insight of the Aeroengine Composites Market

Asia Pacific region is expected to grow at the highest CAGR during the forecast period.

During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global aeroengine composites market. The Asia Pacific region will significantly expand. The regional market growth and development are attributed to its rapidly expanding middle class, urbanization, and economic development. As such, numerous potentials exist for aircraft component manufacturers and service providers seeking opportunities in this lucrative market. Additionally, the region possesses favourable demographics and an increased skilled workforce and innovation start-ups geared towards advancing technological breakthroughs, thus disrupting conventional norms within the sector. In addition, the Asia Pacific region plays a crucial role in the worldwide aerospace industry due to its increasing dominance in producing, distributing and using aerospace materials, components and systems such as aeroengine composites. This aspect is evidenced by countries like China, Japan, and South Korea, which have invested notable resources towards enhancing their manufacturing capabilities for aerospace equipment alongside infrastructural development and research activities that aim to promote competitiveness within this field while expanding their global market share.

The carbon matrix composites segment is expected to grow at the highest CAGR during the forecast period.

The composite type segment includes polymer matrix composites, carbon matrix composites, and metal matrix composites. The carbon matrix composites segment is expected to grow at the highest CAGR during the forecast period. The global market for aeroengine composites is witnessing an emergence and rapid growth of carbon matrix composites owing to the progress in material science, manufacturing technology, and aerospace engineering. Carbon matrix composites are carbon-based matrices reinforced with ceramic materials or carbon fibers exhibiting superior mechanical strength, thermal stability, and wear resistance properties that make them ideal for high-temperature applications like turbine engine parts.

The military aircraft segment is expected to grow at the highest CAGR during the forecast period.

The aircraft type segment includes commercial aircraft, military aircraft and general aviation aircraft. The military aviation segment is expected to grow at the highest CAGR during the forecast period. The global aeroengine composites market includes military aircraft as an important category, whose growth is attributed to defense modernization programs and geopolitical tensions. As countries expand their defiance budgets in response to security concerns and technological advancements, military aircraft manufacturers are increasingly allocating resources towards the progression of advanced composite materials that will increase performance, survivability, and lethality. These new composite materials provide several advantages for military planes, such as decreased radar signature, greater maneuverability, and increased structural strength – all vital attributes required for successful missions within current combat environments.

The fan case segment is expected to grow at the highest CAGR during the forecast period.

The component segment includes fan blades, fan case, guide vanes, shrouds and other components. The fan case segment is expected to grow at the highest CAGR during the forecast period. A significant division of the aeroengine composites market worldwide is constituted by fan cases, which play an essential function in safeguarding and bolstering turbofan engines’ fan blades and supporting aerodynamic shaping to sustain structural integrity within the engine assembly. These complex structures envelop the fan blades while channelizing airflow throughout both core and bypass ducts for optimal propulsion system performance. Composite substitutes for these fans provide diverse advantages compared to metallic materials such as reduced weight reduction, corrosion resistance, and stress resistance all enhancing overall efficiency and depending ability of any involved engines.

Recent Developments:

• In October 2022: In addition to GE’s multimodal production plant in Pune, GE Aerospace (Cincinnati, Ohio, USA) reported that its Indian aeroengine supplier chain expanded to 13 firms.

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Market Dynamics

Driver: Growing Commercial Aviation across the Globe

The surge in global passenger travel has fuelled the exceptional growth of commercial aviation, which is a significant driving force for the aeroengine composites market. Aircraft companies continuously upgrade their fleets to meet ever-growing demand and cater to an expanding middle-class population. As such, there is a substantial need for advanced and fuel-efficient propulsion systems on new aircraft, creating ample opportunities within this industry. To comply with rigorous emissions regulations while maximizing efficiency and reducing operational costs across both narrow-body and wide-body aircraft, manufacturers have emphasized developing high-quality aeroengine composite materials that meet these demands.

Restraint: Stringent Regulations

Aeroengine composites manufacturers face ongoing challenges due to the constantly changing regulatory environment surrounding aerospace materials. As advancements in technologies and materials arise, governing bodies update regulations to minimize risks and guarantee seamless integration into evolving aviation systems. To remain compliant, manufacturers must stay informed about these changes and proactively adjust their practices accordingly – a demanding accomplishment given the industry’s global nature which requires them to navigate various regulatory frameworks across regions.

Opportunity: Growing R&D Activities

The ongoing research & development activities are anticipated to provide lucrative growth opportunities in the upcoming years. Manufacturers, in collaboration with material science experts and other research institutions, are focused on developing novel products which will transform the overall industry dynamics. The research and development activities mainly address the challenges of aeroengine composites, such as recyclability, improved thermal properties, stress resistance and other attributes.

Some of the major players operating in the Aeroengine composites Market are:

• SGL Carbon SE
• Albany International Corp.
• Solvay S.A.
• Comtek Advanced Structures Ltd.
• DuPont de Nemours, Inc.
• FACC AG
• Hexcel Corporation
• General Dynamics Mission Systems, Inc.
• General Electric Company
• GKN Aerospace Services Limited
• Godrej & Boyce Manufacturing Company Limited
• IHI Corporation
• Honeywell International, Inc.
• Rolls-Royce PLC
• LMI Aerospace, Inc. (Sonaca SA)
• BASF SE
• Safran S.A.
• Airbus SAS
• Spirit AeroSystems Inc.
• Teijin Limited

Key Segments Cover in the Market:

By Composite Type:

• Polymer Matrix Composites
• Carbon Matrix Composites
• Metal Matrix Composites

By Aircraft Type:

• Commercial Aircraft
• Military Aircraft
• General Aviation Aircraft

By Component:

• Fan Blades
• Fan Case
• Guide Vanes
• Shrouds
• Other Components

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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