Global Aerospace Composites Market Seen Soaring 12.53% Growth to Reach USD Million by 2032, Projects Univdatos Market Insights
- Vikas Kumar
- October 8, 2024
- Aerospace and Defence, NEWS
- 0 Comments
According to a new report by Univdatos Market Insights, Aerospace composites Market are expected to reach USD Million in 2032 by growing at a CAGR of 12.53%. With the rising demand for Aerospace composites from the military as well as commercial aircraft segment as well as the emerging trend of electric aircraft, the demand for Aerospace Composites is anticipated to grow exponentially.
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Growing Demand:
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.
Applications:
Considering the demand for making light-weight aircraft models the demand for aerospace composites across the globe has extensively enhanced. Additionally, with the upgrade of military aircraft further leading to enhance its range and combat effectiveness a large number of aircraft manufacturers have started using light-weight materials for the construction of fuselage.
Additionally, after the COVID-19 pandemic in 2020, a large number of aviation service providers have focused on integrating narrow-body jets that have only one aisle and offer better fuel economy as compared to the other wide-body jets.
Considering the burgeoning cost of travel per kilometer aviation companies are extensively focusing on adopting light-weight aircraft to minimize their operational cost.
Technological Innovation:
Growing demand for carbon fiber and thermostat fiber has improved the weight reduction measures by aircraft manufacturing companies. Carbon fiber is relatively low-weight and robust in construction as compared to other composites used for aerospace manufacturing. Furthermore, the usage of carbon-composite fiber in military jets to enhance its range and stealth capability is another factor due to which the demand for the particular category has notably grown.
Many of the current-age aircraft as F35, F16, FA-18, Tejas, Eurofighter Typhoon, Dassault Rafale, etc., extensively use carbon composite fiber in aircraft construction in order to improve its maneuverability, fuel-efficiency, stealth capability enhancements, etc.
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Conclusion:
The Global Aerospace market has further exhibited rapid growth across the globe as aviation companies are extensively focusing on improving fuel efficiency as well as meeting environmental sustainability through reduced usage of fuel. The reduced usage of fuel also leads to lower operational costs which is crucial to the fluctuating air traffic.
Additionally, many of the new aircraft propulsion systems as electric aircraft will also induce the demand for next-generation composite fiber materials for the robust and lightweight construction of the fuselage. Considering the shifts the demand for the global aerospace composites is anticipated to rise during 2024-2032.
