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Reduction of cost of carbon fibers is an excellent opportunity in the aerospace composites market

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Reduction of cost of carbon fibers is an excellent opportunity in the aerospace composites market

April 06
19:35 2021
 Reduction of cost of carbon fibers is an excellent opportunity in the aerospace composites market

Browse 180 market data Tables and 51 Figures spread through 210 Pages and in-depth TOC on “Aerospace Composites Market”
Aerospace Composites Market by Fiber Type (Carbon, Ceramic, Glass), Matrix Type, Application, Manufacturing Process, Aircraft Type (Commercial Aircraft, Business & General Aviation, Civil Helicopter, Military Aircraft), and Region

The global aerospace composites market size is projected to grow from USD 23.8 billion in 2020 to USD 41.4 billion by 2025, at a CAGR of 11.7% during the forecast period. The market is growing due to the superior performance properties of aerospace composites and their ability to survive in harsh conditions.

The main raw materials used for the production of carbon fiber composites are polymeric resins and carbon fibers. The cost of carbon fibers is directly proportional to the cost of precursor raw materials from which they are obtained. Carbon fibers are currently obtained from polyacrylonitrile (PAN), whose cost in aerospace applications is approximately USD 90 per kilogram. The development of low-cost and high-yield precursors for making aerospace grade carbon fibers would significantly reduce the cost of carbon fibers. These low-cost precursors for carbon fibers would bring down the cost of aerospace-grade carbon fibers. The reduction in the cost of carbon fibers would reduce the cost of carbon fiber aerospace composites, thereby driving the market.

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Commercial aircraft to account for the largest revenue share of the global aerospace composites market

Aerospace composites are extensively used materials in interior and exterior applications of aircraft. The low weight, combined with high tensile strength of composite materials, increases the fuel efficiency, reduces maintenance costs, and allows OEMs to comply with the stringent environment regulations stipulated in Europe and North America. New aviation programs of major players, such as Boeing for top commercial aircraft, such as 787, 777X, and A350XWB, are using a significant amount of carbon fiber composites (about 50% of structural weight) for their airframe structures. A large number of commercial airplane deliveries in the single-aisle, widebody, twin-aisle, and regional jet segments are expected to increase the demand for carbon fiber composites during the forecast period.

The COVID-19 pandemic has impacted air travel as most of the airlines grounded their flights in the first quarter of 2020 and reduced flights. There are travel restrictions imposed by many countries. These factors have reduced new airplane demand as many airlines have postponed new aircraft delivery due to liquidity crunch. The reduced demand for new aircraft in 2020 is expected to reduce composite consumption in aerospace applications.

Europe is expected to account for the largest share in the aerospace composites market 

Europe accounted for the largest market share in the aerospace composites market due to high demand from commercial aerospace industries. Moreover, it is home to many key aerospace composite manufacturers, such as SGL Carbon, Solvay, and TenCate. Increased deliveries of Airbus aircraft primarily drives the composites material demand in Europe. Apart from this, the region develops military aircraft and helicopters.  The European region is one of the worst affected by the COVID-19, resulting in decreased industrial and economic activities across all major countries such as Germany, France, the UK, Italy, and France. In the first quarter, the number of aircraft deliveries of Airbus has reduced, resulting in less demand for composite materials.

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