Aero Engine Composite Material Market to Reach USD 5.17 Billion by 2029 | Fortune Business Insights™
According to Fortune Business Insights, the Global Aero Engine Composite Material Market Size is projected to reach USD 5.17 Billion by 2029, at CAGR of 8.76% during forecast period 2022-2029
Pune, India, Dec. 06, 2022 (GLOBE NEWSWIRE) — The aero engine composite material market size was valued at USD 2.53 billion in 2021. It is projected to grow from USD 2.87 billion in 2022 to USD 5.17 billion by 2029 at a CAGR of 8.76% during the forecast period. The market is anticipated to ramp up due to its excellent properties, such as high hardness and strength, without losing its superior heat treatment properties. Fortune Business Insights™ stated this in a report titled, “Aero Engine Composite Material Market, 2022-2029.”
COVID-19 Impact:
Supply Chain Disruption Hampered the Product Demand
The COVID-19 pandemic negatively impacted the demand for aircraft engines. During the initial stage of the pandemic, most airlines canceled their aircraft orders due to a deficiency in passenger demand, which, in turn, lowered the demand for aircraft and aircraft engines. For example, Boeing delivered a total of 157 aircraft in 2020 compared to 380 jets in 2019. Moreover, due to the supply chain disruption, the shortage of necessary parts was at its peak during the pandemic, which impacted the sales of aero engine composite material.
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List of the Companies Profiled in the Report:
- Solvay (Belgium)
- DuPont de Nemours, Inc. (U.S.)
- Safran SA (France)
- FACC AG (Austria)
- GE Aviation (U.S.)
- Hexcel Corporation (U.S.)
- Meggitt Plc (U.K.)
- Albany International (U.S.)
- Rolls Royce Holdings Plc (U.K.)
- Nexcelle LLC (U.S.)
| Report Attribute | Details |
| Market Size in 2022 | USD 2.87 Billion |
| 2029 Value Projection | USD 5.17 Billion |
| Growth Rate | CAGR 8.76% 2022-2029 |
| Base Year | 2021 |
| Historical Data for | 2018 – 2020 |
| Forecast Period | 2022 – 2029 |
| Segments Covered | By Application, By Component, and Composite type |
| Growth Driver | Growing Focus on Developing Advanced Composite Materials Techniques Fosters Market Growth |
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Segments-
Growing Air Passenger Traffic Spurs Commercial Aircraft Segment
On the basis of application, the market is classified into commercial aircraft, military aircraft, and general aviation aircraft. The commercial aircraft segment will dominate due to the growing air passenger traffic.
Increasing Demand for Lightweight Aircraft Surges Demand for Engine Casing Segment
In terms of components, the market is fragmented into guide vanes, shrouds, engine casing, engine nacelle, fan blades, and other cold end parts. The engine casing segment is expected to rule due to the rising benefits of lightweight aircraft in the aerospace industry.
Rising Benefits of Ceramic Fibers Will Augment the Product Need
Based on fiber type, the market is divided into ceramic fibers, glass fibers, and carbon fibers. The ceramic fibers segment will lead due to the high adoption of ceramics in turbines and jet engines for better efficiency.
The rising Adoption of Carbon Matrix Composites in Military and Commercial Aircraft Will Amplify Product Need
In terms of composite type, the market is segmented into carbon matrix composites, metal matrix composites, and polymer matrix composites. The carbon matrix composites segment will gain traction due to the growing adoption of carbon matrix composites in military and commercial aircraft.
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Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market’s growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market’s growth.
Drivers and Restraints
Growing Focus on Developing Advanced Composite Materials Techniques Fosters Market Growth
The growing demand for lowering the total weight of an airplane and improving aircraft’s operability in a wide variety of working situations has propelled the demand for the aero engine composite material to a great extent. Furthermore, manufacturers in this segment are considerably focused on developing advanced composite materials techniques to reduce CO2 emissions and improve engine fuel efficiency. Meanwhile, the high replacement and capital investment of such products could impede the aero engine composite material market growth.
Regional Insights
Presence of a Large Number of Engine Component Manufacturers Nurtures Growth in North America
North America held the leading aero engine composite material market share and is expected to lead the market during the projected period due to the presence of a large number of aircraft manufacturers and engine component manufacturers across the region.
Asia Pacific is expected to grow significantly due to the rising need for new aircraft and modern-generation engines.
The European market is likely to showcase significant growth due to large engine manufacturers across the region.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Mergers, Acquisitions and Partnerships in the Aero Engine Composite Material space
- Recent Initiatives taken by key players in the Aero Engine Composite Material market
- R&D initiatives (historically & at present) by major players manufacturing Aero Engines and Aero Engine Composites
- Latest composite materials being researched and developed for applications in Aero Engines
- Porters Five Forces Analysis of the Aero Engine Composite Material Market
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aero Engine Composite Material Market
- Impact of COVID-19 Pandemic on Global Aero Engine Composite Material Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Global Aero Engine Composite Material Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Application
- Commercial Aircraft
- Military Aircraft
- General Aviation Aircraft
- Market Analysis, Insights and Forecast – By Component
- Fan Blades
- Guide Vanes
- Shrouds
- Engine Casing
- Engine Nacelle
- Other Cold End Parts
- Market Analysis, Insights and Forecast – By Composite Type
- Polymer Matrix Composites
- Carbon Matrix Composites
- Metal Matrix Composites
- Market Analysis, Insights and Forecast – By Fiber Type
- Carbon Fibers
- Ceramic Fibers
- Glass Fibers
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
TOC Continued…
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Competitive Landscape
High Investments in Aero Engine Composite Material Processing Technologies to Bolster Product Demand
Key firms, such as GE Aviation, Rolls Royce Holdings Plc., Safran SA, and Meggitt Plc, will probably invest in upgrading their technologies to diversify their product portfolio. With high investments in aero engine composite material processing technologies, the key players are trying to develop efficient and sustainable products.
Key Industry Development:
- July 2021- A division of Raytheon Technologies Corporation, Pratt & Whitney, introduced Ceramic Matrix Composites (CMCs) development and engineering facility, with an aim to produce CMCs for aerospace applications.
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