Global Aeroengine Composites Market Soars, Predicted to Reach $3.23 Billion by 2027
The Business Research Company’s Aeroengine Composites Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LANDON, GREATER LANDON, UK, November 14, 2023 /EINPresswire.com/ — The market size for aeroengine composites market is set to surge from $1.81 billion in 2022 to $2.01 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 11.4%. The market is projected to witness robust growth, reaching $3.23 billion by 2027 at a CAGR of 12.6%.
Driving Force: Constant Demand for Low-Fuel Engines
The constant demand for low-fuel engines emerges as a key driver propelling the growth of the aero-engine composites market. Engines with low fuel consumption not only mitigate carbon dioxide emissions but also slash operational costs for airline companies. Amidst the growing global demand for oil and depleting reserves, rising oil prices stimulate the necessity for fuel-efficient engines. The utilization of aero-engine composites contributes to weight reduction in aircraft, enhancing overall fuel efficiency.
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Major Players Leading the Charge
Major players steering the course of the aeroengine composites market include Solvay SA, Meggitt PLC, Hexcel Corporation, Albany Engineered Composites Inc., FACC AG, General Dynamics Corporation, E.I. DuPont de Nemours, LMI Aerospace, BASF SE, Pratt & Whitney, Godrej Group, Triumph Group Inc., and ZOLTEK Corporation.
Technological Advancements Drive Innovation
Technological advancement emerges as a prominent trend gaining popularity in the aero-engine composites market. Manufacturers in this sector are increasingly adopting advanced technologies to manufacture composites that enhance fuel efficiency and reduce CO2 emissions. A noteworthy example is the collaboration between GE Aviation and Safran S.A., launching the CFM RISE (Revolutionary Innovation for Sustainable Engines) program, aiming to increase fuel efficiency by over 20% compared to current engines. The program emphasizes the role of composites, including composite fan blades, heat-resistant metal alloys, and ceramic matrix composites (CMC), as critical components in engines expected to enter service by the mid-2030s.
Market Segmentation
The global aeroengine composites market undergoes meticulous segmentation:
• By Type: Polymer Matrix Composites, Ceramic Matrix Composites, Metal Matrix Composites
• By Component: Fan Blades, Fan Case, Guide Vanes, Shrouds, Other Components
• By Application: Commercial Aircraft, Military Aircraft, General Aviation Aircraft
Region Insights: North America Leads, Asia-Pacific Takes the Lead
In 2022, North America claimed the top spot as the largest region in the aeroengine composites market. However, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The comprehensive market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Access the complete report for an in-depth analysis of the global aeroengine composites market:
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Aeroengine Composites Global Market Report 2023from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Aeroengine Composites Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on aeroengine composites market size, aeroengine composites market drivers and trends, aeroengine manifacturing market major players, aeroengine composites market competitors’ revenues, aeroengine composites market positioning, and aeroengine composites market growth across geographies.The aeroengine composites market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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