Aerospace Composites Market Size, Share, Growth Analysis, By Fiber type (Carbon Fibre Composites), By Matrix type (Polymer Matrix, Ceramic Matrix) By Manufacturing Process (AFP/ATL, Lay-up), By Region - Industry Forecast 2024-2031

Aerospace Composites Market Drivers

Rising Demand for Composite Materials in the Aircraft Industry

• In the best-case scenario, after 2021, when aerospace businesses can operate at full capacity with no travel limitations or disruptions in the supply chain, demand for composite materials from the aerospace and defence industries will skyrocket. In the aerospace sector, composite materials are widely used as sandwich structures in both interior and exterior applications. Composites' light weight and high tensile strength improve fuel efficiency, save maintenance costs, and enable OEMs to meet tough environmental laws in Europe and North America. Newer advanced aircrafts, such as the Airbus A350 XWB and Boeing Dreamliner 787, have a composite airframe that is 50 percent lighter.

Aerospace Composites Market Restraint

Reduction in Number of Commercial Aircraft Deliveries

• The drop in aircraft deliveries would have a direct impact on the aerospace composites business. Because commercial aircraft consume more than 80% of composites material, a fall in demand for composites due to a decrease in aircraft orders would have a negative influence on the market. For example, the recent grounding of Boeing 737MAX aircraft due to accidents sustained by Malaysian and Ethiopian Airlines resulted in the cancellation of orders. Airbus and Boeing delivered 122 and 50 commercial aircraft globally in the first quarter of 2020.