Introduction:
With the rising demand for fuel-efficient aircraft models with robust structural integrity, many aerospace manufacturers have shifted towards composites to achieve weight reduction in the structural frame. Additionally, the rising demand for narrow-body aircraft and low-cost carrier segments has further boosted the demand for aerospace composite material.
According to the Univdatos Market Insights analysis, growing demand for high-end aircraft construction material with increased efficiency will drive the growth scenario of Aerospace Composites as per their “Global Aerospace Composites market” report, the global market was valued at USD 26,910.24 million in 2023, growing at a CAGR of 12.53% during the forecast period from 2024 - 2032 to reach USD million by 2032.
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Research & Development in Aerospace Composites Materials:
One of the key factors attributed to the growth of the aerospace composites market are higher usage of lightweight construction material that helps to reduce the comprehensive weight as well as offer a robust structural integrity to the airframe. In October 2024, Munich-based aviation company Lilium announced it secured USD 35 million from Baillie Gillford for the construction of its Lilium jets constructed with carbon fiber composites.
In another instance, in 2024, The Luxembourg Institute of Science and Technology (LIST), announced its partnership with Luxembourg company Gradel for the development and research of ultra-lightweight structures with the help of composite material for the construction of aircraft.
Considering the shifts the upcoming research and development on aerospace composites is further anticipated to rise as more and more companies are extensively investing in the technologies.
Considering the shifts many more companies are anticipated to invest in the research and development of composite materials for the construction of the aircraft. Additionally, with the financial constraints, the airlines are also focusing on adopting fuel-efficient aircraft to reduce their operational cost in the long run. Additionally, the extensive research and development on carbon fiber composites and thermostat composites would also promulgate the market growth and adoption of aerospace composites during forecasted years i.e., 2024-2032.
Rising Demand for 4.5 and 5th Generation Aircraft:
In recent years, the demand for military aircraft has been on the higher side. Some of the key factors attributed to the growth of the segment are rising geopolitical tension, the rise of 4.5 and 5th-generation aircraft, and growing military expenditure to acquire new fighter aircraft.
Rising geopolitical tensions such as the Russia-Ukraine conflict, Israel-Hamas conflict, tensions in the South China Sea, etc., have accentuated the demand for new generation military aircraft both in cargo and in the fighter jet category.
Additionally, new-generation aircraft use composite and carbon fiber to reduce the weight and improve the range as well as offering better radar-avoiding capabilities of the platform. For instance, according to the Joint Program Office (the US), Lockheed Martin is anticipated to produce 780 F35 during 2026-2030.
In another instance, in 2024, according to the French Defense Procurement Agency (DGA), an order for a total of 42 new Rafale Fighter jets was given to Dassault Aviation.
Considering the rising demand for upgraded 4.5 and 5th-generation aircraft across the globe the demand for carbon fiber and other composite fibers from the military aircraft segment is anticipated to rise during 2024-2032.
These updates, along with technological updates, would be further conducive to the adoption of Aerospace Composites in the coming period, i.e., 2024-2032.
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Conclusion:
The Global Aerospace Composites market is experiencing a transformative phase driven by technological advancements, sustainability aviation, digitalization, market dynamics, and implementation of government policies. Stakeholders across the industry are embracing these trends to enhance operational efficiency, integrating digital advancements, power-efficient systems, etc. As digitalization continues to play a strategic role in improving commercial and military aircraft, staying abreast of these trends and embracing innovation will be crucial for the Global Aerospace Composites market.
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