The global Aerospace composites demand in 2018 was estimated to be about 40 kilo tons which has grown at an aggregate rate of 7.8% per annum between 2014 and 2018. Global demand is expected to grow at an annual average of 4.3%.The demand for Aerospace composites was affected in 2008-2009 with market contracting by an average of more than 5% - 10%, however, the demand recovered steadily after that and reached its pre-recession level by 2010. In 2010, global Aerospace composites industry demand exhibited strong growth, resulting in an improvement in the global Aerospace industry.
North America is the biggest market at a global level in 2018 and this can be attributed to the increase in global demand for both Aerospace and military aircraft. Composites are used in these aircraft in their exterior, interior and critical engine parts. Like other industries including automotive and chemicals, the region has not witnessed any significant shift be of composite manufacturers and aerospace industry base to Asia-Pacific.
North America is estimated to grow at a CAGR of 3.9% in the long-term forecast till 2025. USA is the largest consumer of aerospace composites in the worlds and the country is expected to witness significant growth during the forecast period. The already pre-booked orders by countries including China for Boeing, Airbus, GE and other players to meet the global demand will push the demand growth upwards in the region. At the same time there are several new players in the carbon fiber production plants and the players are expected to increase their production to keep in pace the growing demand from the aircraft and aircraft part manufactures.
Western Europe is the second biggest market and is estimated to grow at a high CAGR of 4.4% on account of increase in Aerospace activities in the region. The major countries within Western Europe are France, Germany and Spain. The major aircraft players in the region include Airbus, Pilatus and others.
The use of carbon fiber for various parts of aircraft as it is lightweight and strong will drive the growth of carbon fiber composites. In terms of fiber consumption, Carbon fiber composites are expected to witness high growth and will continue to be the biggest type both in terms of volume and value. In terms of reinforcement type, carbon fiber at a global level account for 76.8% followed by glass fiber composites at 18%. In terms of aerospace composites market by resin type, thermosetting account for 94% of the global aerospace composites market while thermoplastic accounts remaining market share.
The global aerospace composites market in terms of value was estimated to be around USD 1593.2 million of which North America region accounted for around USD 721.5 million mainly due to a large and strong Aerospace manufacturing base especially higher value Aircraft like Boeing and Airbus and other aerospace companies. The North America region is expected to be the largest market in the long-term forecast owing to strong Aerospace market and investments in USA. The Western European aerospace composites market was valued at USD 501 million in 2018 and this is expected to grow at a CAGR of 4.9% to reach USD 700.3 million by 2025. The Asia-Pacific market was estimated to account for around USD 150.5 million and it will witness the highest CAGR of 6.4%. The major Asian countries like Japan, China, India and South Korea in the Asia-Pacific region are the major countries in terms of aerospace composites consumption.