Aero Engine Composite Material Market
Aero Engine Composite Material Market Forecasts to 2028 - Global Analysis By Component (Engine Nacelle, Shrouds, Fan Blades, Guide Vanes, Engine Casing, Fan Case and Other Components), Composite Type, Fiber Type, Aircraft Type, Application and By Geography
Years Covered |
2020-2028 |
Estimated Year Value (2022) |
US $2.8 BN |
Projected Year Value (2028) |
US $4.3 BN |
CAGR (2022 - 2028) |
7.4% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
Asia Pacific |
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Aero Engine Composite Material Market is accounted for $2.8 billion in 2022 and is expected to reach $4.3 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Composite materials have been utilized in the aerospace industry for many decades, initially in non-safety critical applications and more recently as primary structures, including fuselage and wing structures on the latest aircraft. Composite sector develop products and technologies for current and future platforms, with the capability of composite materials becoming more advanced and suited to applications across the entire aircraft environment.
According a recent survey in the year 1980, average fuel burn on commercial aircraft has fallen by 27% for a wide body and 35% for a narrow body. Airbus delivered a total of 566 jets in 2020 as compared to 863 deliveries in 2019. Similarly, the Boeing Company delivered a total of 157 aircraft in 2020 as compared to 380 deliveries in 2019.
Market Dynamics:
Driver:
High demand for composite materials
The increased desire for reducing an airplane's total weight and enhancing aircraft operability in a wide range of working scenarios has propelled the demand. Moreover, producers in this market are putting a lot of effort into creating sophisticated composite materials procedures to lower CO2 emissions and boost engine fuel economy. These factors are driving the market growth.
Restraint:
Raising safety concerns
Internal deterioration of the composite materials used in aircraft engines is concealed by the outside composite material, posing safety issues. Moreover, the inability to break aero-engine composite materials is one of their main drawbacks. In the meantime, the high replacement and capital investment costs of such products may restrain the market's expansion for composite materials used in aero engines.
Opportunity:
Technological advancements
Advanced aviation engine composite material manufacturing techniques that improve engine fuel economy and lower CO2 emissions are a major priority for manufacturers of aero engine composite materials. The development of the market for composite materials for aero engines is significantly fuelled by technological advancements in a range of composite mixes.
Threat:
High cost associated with composite materials
Despite the widespread usage of composite materials in the aerospace sector, their development has been stymied by their high manufacturing costs. The cost of structural composites, according to critics, is higher than that of its alloy-built competitors. Moreover, difficulty in repairing composites compared to metallic structures is the factor expanding the growth of the market.
Covid-19 Impact
The COVID-19 pandemic outbreak and strict lockdown measures had a significant impact on the aviation sector, including a temporary suspension of flights and delays in the supply chain for aircraft and engines. Due to a lack of passenger demand, the majority of airlines have cancelled their aircraft orders, which will also have an impact on the market for aircraft engines. The lockdowns caused by COVID-19 also impacted the supply chains for composite material used in aero engines, which slowed down the production of backlog orders.
The carbon matrix composites segment is expected to be the largest during the forecast period
The carbon matrix composites segment is estimated to have a lucrative growth, due to highly advanced in nature and exhibit high hardness and strength without losing their superior heat treatment properties of ceramic and glass. They have exceptionally high melting points and do not require cooling systems, thus they are employed to manufacture lighter, less complex engine parts, which is boosting segment growth.
The carbon fibers segment is expected to have the highest CAGR during the forecast period
The carbon fibers segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing demand for lightweight fan blades made up of carbon fiber to boost the segment growth. Moreover, these modern-generation carbon fiber fan blades are now advanced, lightweight, and made of sustainable material. Thus, higher growth numbers are expected during the forecast period.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to it is encouraging the need for new aircraft and modern-generation engines. Improving the economy and rising defence expenditure of emerging countries boost the market growth. In addition to the rising military budget, a surge in demand for new aircraft is expected to fuel the growth of the market.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the presence of a large number of players and the presence of aircraft manufacturers and engine component manufacturers. In addition, increasing defence investment in the procurement of combat aircraft, military helicopters, single-engine aircraft, and rescue helicopters is expected to drive the market in the region.
Key players in the market
Some of the key players profiled in the Aero Engine Composite Material Market include Hexcel Corporation, Rolls Royce Holdings Plc, Comtek Advanaced Structures Ltd, GE Aviation, Albany International, DuPont de Nemours, Inc., Meggitt Plc, Siemens AG, Nexcelle LLC, Alcoa Corporation, Issoire Aviation, Safran Aircraft Engines, IHI Corporation, Triumph Group and General Electric.
Key Developments:
In July 2022, Hexcel Corporation joined hands with Spirit AeroSystems at its Aerospace Innovation Centre (AIC) to develop more sustainable aircraft manufacturing technologies for future aircraft production.
In February 2022, Albany Engineered Composites (AEC) was selected by Sikorsky Aircraft to produce the complete CH-53K Aft Transition assembly in a competitively bid 10-year long-term agreement. This long term agreement is already underway to support the schedule, and the contract is expected to be finalized in the first quarter of 2022, with the first deliveries in 2023.
Components Covered:
• Engine Nacelle
• Shrouds
• Fan Blades
• Guide Vanes
• Engine Casing
• Fan Case
• Other Components
Composite Types Covered:
• Carbon Matrix Composites
• Metal Matrix Composites
• Polymer Matrix Composites
• Other Composite Types
Fiber Types Covered:
• Ceramic Fibers
• Carbon Fibers
• Glass Fibers
• Other Fiber Types
Aircraft Types Covered:
• Wide Body Military Aircraft
• Regional Aircraft
• Narrow Body Aircraft
• Military and Helicopter Aircraft
• Other Aircraft Types
Applications Covered:
• Military Aircraft
• General Aviation Aircraft
• Commercial Aircraft
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Aero Engine Composite Material Market, By Component
5.1 Introduction
5.2 Engine Nacelle
5.3 Shrouds
5.4 Fan Blades
5.5 Guide Vanes
5.6 Engine Casing
5.7 Fan Case
5.8 Other Components
6 Global Aero Engine Composite Material Market, By Composite Type
6.1 Introduction
6.2 Carbon Matrix Composites
6.3 Metal Matrix Composites
6.4 Polymer Matrix Composites
6.5 Other Composite Types
7 Global Aero Engine Composite Material Market, By Fiber Type
7.1 Introduction
7.2 Ceramic Fibers
7.3 Carbon Fibers
7.4 Glass Fibers
7.5 Other Fiber Types
8 Global Aero Engine Composite Material Market, By Aircraft Type
8.1 Introduction
8.2 Wide Body Military Aircraft
8.3 Regional Aircraft
8.4 Narrow Body Aircraft
8.5 Military and Helicopter Aircraft
8.6 Other Aircraft Types
9 Global Aero Engine Composite Material Market, By Application
9.1 Introduction
9.2 Military Aircraft
9.3 General Aviation Aircraft
9.4 Commercial Aircraft
9.5 Other Applications
10 Global Aero Engine Composite Material Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Hexcel Corporation
12.2 Rolls Royce Holdings Plc
12.3 Comtek Advanaced Structures Ltd
12.4 GE Aviation
12.5 Albany International
12.6 DuPont de Nemours, Inc.
12.7 Meggitt Plc
12.8 Siemens AG
12.9 Nexcelle LLC
12.10 Alcoa Corporation
12.11 Issoire Aviation
12.11 Safran Aircraft Engines
12.13 IHI Corporation
12.14 Triumph Group
12.15 General Electric
List of Tables
1 Global Aero Engine Composite Material Market Outlook, By Region (2020-2028) ($MN)
2 Global Aero Engine Composite Material Market Outlook, By Component (2020-2028) ($MN)
3 Global Aero Engine Composite Material Market Outlook, By Engine Nacelle (2020-2028) ($MN)
4 Global Aero Engine Composite Material Market Outlook, By Shrouds (2020-2028) ($MN)
5 Global Aero Engine Composite Material Market Outlook, By Fan Blades (2020-2028) ($MN)
6 Global Aero Engine Composite Material Market Outlook, By Guide Vanes (2020-2028) ($MN)
7 Global Aero Engine Composite Material Market Outlook, By Engine Casing (2020-2028) ($MN)
8 Global Aero Engine Composite Material Market Outlook, By Fan Case (2020-2028) ($MN)
9 Global Aero Engine Composite Material Market Outlook, By Other Components (2020-2028) ($MN)
10 Global Aero Engine Composite Material Market Outlook, By Composite Type (2020-2028) ($MN)
11 Global Aero Engine Composite Material Market Outlook, By Carbon Matrix Composites (2020-2028) ($MN)
11 Global Aero Engine Composite Material Market Outlook, By Metal Matrix Composites (2020-2028) ($MN)
13 Global Aero Engine Composite Material Market Outlook, By Polymer Matrix Composites (2020-2028) ($MN)
14 Global Aero Engine Composite Material Market Outlook, By Other Composite Types (2020-2028) ($MN)
15 Global Aero Engine Composite Material Market Outlook, By Fiber Type (2020-2028) ($MN)
16 Global Aero Engine Composite Material Market Outlook, By Ceramic Fibers (2020-2028) ($MN)
17 Global Aero Engine Composite Material Market Outlook, By Carbon Fibers (2020-2028) ($MN)
18 Global Aero Engine Composite Material Market Outlook, By Glass Fibers (2020-2028) ($MN)
19 Global Aero Engine Composite Material Market Outlook, By Other Fiber Types (2020-2028) ($MN)
20 Global Aero Engine Composite Material Market Outlook, By Aircraft Type (2020-2028) ($MN)
21 Global Aero Engine Composite Material Market Outlook, By Wide Body Military Aircraft (2020-2028) ($MN)
22 Global Aero Engine Composite Material Market Outlook, By Regional Aircraft (2020-2028) ($MN)
23 Global Aero Engine Composite Material Market Outlook, By Narrow Body Aircraft (2020-2028) ($MN)
24 Global Aero Engine Composite Material Market Outlook, By Military and Helicopter Aircraft (2020-2028) ($MN)
25 Global Aero Engine Composite Material Market Outlook, By Other Aircraft Types (2020-2028) ($MN)
26 Global Aero Engine Composite Material Market Outlook, By Application (2020-2028) ($MN)
27 Global Aero Engine Composite Material Market Outlook, By Military Aircraft (2020-2028) ($MN)
28 Global Aero Engine Composite Material Market Outlook, By General Aviation Aircraft (2020-2028) ($MN)
29 Global Aero Engine Composite Material Market Outlook, By Commercial Aircraft (2020-2028) ($MN)
30 Global Aero Engine Composite Material Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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