According to The Business Research Company’s Aeroengine Composites, The aeroengine composites market size has grown rapidly in recent years. It will grow from $2.22 billion in 2023 to $2.6 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to weight reduction requirements, improved fuel efficiency demands, regulatory standards for emissions, increased emphasis on engine performance.
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The aeroengine composites market size is expected to see rapid growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to rise in demand for lightweight aircraft, continued development of advanced composite materials, stringent emission regulations, growing adoption of carbon fiber composites, increased focus on sustainable aviation.
Major trends in the forecast period include integration of 3d printing in composite manufacturing, advancements in nano-composites for aeroengines, application of hybrid composite structures, development of self-healing composites, emphasis on recycling and circular economy in composite production.The constant demand for low-fuel engines is expected to propel the growth of the aero-engine composites market. The aircraft engines with low fuel consumption will not only reduce carbon dioxide emissions but also reduce the operational costs of airline companies. The growing demand for oil across the globe and dwindling reserves are responsible for the increase in oil prices which triggers the need for fuel-efficient engines. Using less fuel through improved fuel efficiency helps in saving a considerable amount of money for the airlines. The use of aero-engine composites will reduce the overall weight of the aircraft and improve its fuel efficiency. For instance, The International Air Transport Association (IATA), a trade association that supports the aviation industry across the globe for airline security, safety, sustainability, and efficiency, adopted a set of ambitious targets to reduce 50% carbon dioxide emissions in net aviation by 2050. Therefore, the demand for low-fuel engines is driving the growth of the aero-engine composites market.
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The aeroengine composites market covered in this report is segmented –
1) By Type: Polymer Matrix Composites, Ceramic Matrix Composites, Metal Matrix Composites
2) By Component: Fan Blades, Fan Case, Guide Vanes, Shrouds, Other Components
3) By Application: Commercial Aircraft, Military Aircraft, General Aviation
AircraftTechnological advancement is a key trend gaining popularity in the aero-engine composites market. The aero-engine composites manufacturers are increasingly focusing on adopting advanced technologies to manufacture the aero-engine composites that enable high fuel efficiency in the engines and reduce CO2 emissions. For instance, in June 2021, GE Aviation, a US-based manufacturer of aircraft engines, and Safran S.A., a France-based manufacturer of aircraft engines, launched a bold technology development program that aims at increasing the fuel efficiency by more than 20% compared to today’s engines. The CFM RISE (Revolutionary Innovation for Sustainable Engines) program focuses on delivering new and disruptive technologies for the future engines that are expected to enter service by the mid-2030s. Though there is no specific mention of composites has been made, the comprehensive technology roadmap includes composite fan blades, heat-resistant metal alloys, and ceramic matrix composites (CMC), which suggests that composites will be critical to the engines that are developed.
The aeroengine composites market report table of contents includes:
- Executive Summary
- Aeroengine Composites Market Characteristics
- Aeroengine Composites Market Trends And Strategies
- Aeroengine Composites Market – Macro Economic Scenario
- Global Aeroengine Composites Market Size and Growth
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- Global Aeroengine Composites Market Competitive Benchmarking
- Global Aeroengine Composites Market Competitive Dashboard
- Key Mergers And Acquisitions In The Aeroengine Composites Market
- Aeroengine Composites Market Future Outlook and Potential Analysis
- Appendix
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