Global Aeroengine Composites Market Grows at a Staggering CAGR of 14.20%

Introduction

Aerospace composites are cutting-edge materials used to design and develop sturdy, lightweight, and fuel-efficient airplane parts. There has been a significant demand for next-generation aircraft acquisitions over the past ten years due to the substantial growth in passenger traffic and the implementation of stricter pollution regulations. Aircraft manufacturers are developing new aircraft types for the commercial, military, and general aviation markets that require more modern engines with better performance and lighter weight.

Market Dynamics

Technological Developments in Ceramic Matrix Composites (CMC) Drives the Global Market

The engine is the part of an airplane that requires the most intricate engineering because it has many different, complex pieces. The most recent advancements in engine performance have primarily been made possible by advanced composite materials, which are now widely utilized in many aspects of modern aircraft design. The development of next-generation aircraft toward a higher operating economy will depend heavily on the production of components and the advancement of engine technology.

The newest ceramic matrix composites (CMCs) promise to bring significant performance and emission control benefits and are starting to demonstrate that they are suitable for use in turbo-engine applications. The government's initiatives to reduce air pollution and improve fuel efficiency drive this innovation activity. Therefore, the producers are making an effort to make the engines lighter overall while maintaining their dependability and enhancing thrust per unit of fuel.

New-Generation Engine Development Supporting Composite Material Adoption Creates Tremendous Opportunities 

Since the beginning of commercial flight, airlines have worked on utilizing operational engines with improved fuel efficiency and lower overall operating costs. As a result, engine and aircraft OEMs are putting a lot of work into integrating their products to boost performance and extend aircraft range. Modern engines are technological marvels constructed of resilient, advanced materials that guarantee performance without shortening longevity. A composite fan blade, case, platforms, and spacers are just a few of the composite parts used by the more current CFM LEAP engines to reduce weight significantly compared to non-composite designs. Numerous aircraft models, such as the COMAC C919, the Airbus A320, and the Boeing 737, currently include these engines. Among other benefits, this weight reduction reduces fuel consumption and engine pollutants.

Regional Analysis 

Asia-Pacific is the most significant shareholder in the global aeroengine composites market and is anticipated to grow at a CAGR of 15.70% over the projection period. Significant progress has been made in China's commercial aviation sector, and new developments are expected in the following years. According to China's Civil Aviation Administration, 420 million passengers were transported there in 2020 due to the COVID-19 epidemic, a reduction of 36.7% from 2019. The average RPKs for 2021 may rise to at least the level of 2019 if China manages to prevent another pandemic outbreak. The need for new aircraft among Chinese carriers is increasing due to the expansion of the aviation sector.

North America is anticipated to increase at a CAGR of 13.55%, generating USD 2,292.47 million over the forecast period. The Bureau of Transportation Statistics reported that the number of scheduled service passengers carried by the US and foreign airlines in 2019 was 1,052.8 million, an increase of 3.9% over the previous year. In 2019, there were 811.4 million domestic passengers and 241.4 million foreign passengers, up 4.3% and 2.4%, respectively, from 2018. Since international flights resumed in the fourth quarter of 2020 after being suspended due to the COVID-19 pandemic, the number of passengers is expected to increase significantly in 2021. This is anticipated to drive market growth over the forecast period.

Key Highlights

• The global aeroengine composites market was valued at USD 3,055.60 million in 2021. It is projected to reach USD 10,094.65 million by 2030, growing at a CAGR of 14.20% during the forecast period (2022-2030).
• Based on application, the global aeroengine composites market is bifurcated into commercial aircraft, military aircraft, and general aviation aircraft. The commercial aircraft segment is the highest contributor to the market and is expected to grow at a CAGR of 18.95% during the forecast period.
• Based on components, the global aeroengine composites market is bifurcated into fan blades, fan cases, guide vanes, shrouds, and others. The fan blades segment owns the highest market share and is expected to grow at a CAGR of 15.40% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global aeroengine composites market and is anticipated to grow at a CAGR of 15.70% over the projection period.

Competitive Players

Competitive Players

The global aeroengine composites market’s major key players are GE Aviation, Rolls Royce PLC, Safran SA, General Dynamics Corporation, GKN Aerospace, FACC AG, Meggitt PLC, Hexcel Corporation, Solvay SA, and Albany Engineered Composites Inc.

Recent Developments

Market News

• In October 2022, GE Aerospace (Cincinnati, Ohio, U.S.) announced that its Indian aeroengine supply chain grew to 13 companies in October, plus GE’s Pune multimodal manufacturing facility.
• In October 2022, Honda Aircraft Company revealed the “HondaJet Elite II” at the 2022 National Business Aviation Convention and Exhibition (NBAA-BACE), a newly upgraded aircraft with a host of critical advancements in performance and comfort. The company also announced the introduction of automation technologies.

Segmentation

Global Aeroengine Composites Market: Segmentation

By Applications

• Commercial Aircraft
• Military Aircraft
• General Aviation Aircraft

By Components

• Fan Blades
• Fan Case
• Guide Vanes
• Shrouds
• Other Components

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA