According to the market research report released by Research and Markets in January 2021, the compound annual growth rate of the aerospace composite material market is expected to reach 10.5% from 2020 to 2025. By 2025, the global aerospace composite material market is expected to reach 410 One hundred million U.S. dollars.
Due to the excellent strength and heat resistance of composite materials, the demand for composite materials for aircraft components has surged, which is driving the growth of the aerospace composite materials market. At the same time, in view of the increasing use of composite materials in the military and defense fields to manufacture fighter jets and missiles, this has also promoted the growth of the market.
Increasing space and research activities have promoted the use of composite materials in the manufacture of fuel tanks and space launch vehicle structures. Composite materials can be used in space vehicles, satellites and payloads, as well as in launch vehicles used to send them into space. Solid rocket motors and pressure vessels used for fuel and gas storage are usually reinforced with composite materials due to their superior strength and ability to withstand extreme temperatures.
For the commercial aviation sector, more and more commercial aircraft are used to transport passengers and air cargo, and the increase in disposable income and the improvement of living standards have further promoted the growth of the commercial aircraft sector. Composite materials can be used to manufacture landing gears and turbine engines for civil aircraft.
The proliferation of polymer-based composites in commercial and high-performance aerospace applications is also driving market growth. According to Boeing data, by 2038, the aviation industry will need more than 44,000 new commercial aircraft worth 6.8 trillion U.S. dollars, which in turn will increase the growth of the aviation composites market.
Although composite materials are widely used in the aerospace industry, the difficulty of repairing composite materials compared with metal structures also limits the growth of the market. In addition, carbon fiber reinforced composite materials are not biodegradable and will not decompose in landfills. Recycling carbon fiber composite materials is very difficult and requires a lot of energy. Therefore, persistent composite waste can have a serious impact on the environment and limit the growth of the market.
Although composite materials are widely used in the aerospace industry, the high manufacturing cost of their production hinders the growth of the aerospace composite materials market. Compared with metal structures, the difficulty of repairing composite materials also restricts market growth.
In addition, carbon fiber reinforced composite materials are not biodegradable and will not decompose in landfills. The recycling of carbon fiber composite materials is very difficult and requires a lot of energy. Therefore, the long-term use of composite material waste has caused a serious impact on the environment and inhibited the development of the market.
COVID-19 has had a certain impact on the aerospace composite material market. Due to lack of manpower, many manufacturing companies have stopped production one after another, further hindering the development of the market. In addition, the outbreak of the COVID-19 virus has reduced the number of aircraft deliveries and reduced demand for aerospace composite materials.
