Aero-engine Composites Market - Growth, Trends, and Forecast (2020 - 2025)

The Market is Segmented by Application (Commercial Aircraft, Military Aircraft, and General Aviation Aircraft), Component (Fan Blades, Fan Case, Guide Vanes, Shrouds, and Other Components), and Geography

Market Snapshot

Study Period:

2017-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

7 %

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Market Overview

The aeroengine composites market is expected to witness a CAGR of over 7% during the forecast period.  

  • With the increasing need to reduce the overall weight of the aircraft and to increase their operability for a wide range of environments, several manufacturers are increasing the use of composites in aircraft engines.  
  • The increasing demand for newer generation commercial aircraft has increased the aircraft production rates, which is also resulting in increased revenues for the market. 
  • Innovations in the market are increasing, with many players investing significant amounts in the R&D for manufacturing aircraft engine components, using different types of composites. 

Scope of the Report

This study includes the following aspects:

Application
Commercial Aircraft
Military Aircraft
General Aviation Aircraft
Component
Fan Blades
Fan Case
Guide Vanes
Shrouds
Other Components
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle-East & Africa
United Arab Emirates
Saudi Arabia
Egypt
Rest of Middle-East & Africa

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Key Market Trends

The Commercial Aircraft Segment to Dominate the Market during the Forecast Period

The commercial aircraft segment now has the highest share in the aeroengine composites market and the segment is expected to continue to hold the largest revenue share in the market in the years to come. The deliveries of commercial aircraft are currently higher, with narrow-body aircraft like the A320 and B737 family of aircraft being sold on a large scale. 386 A320neo family aircraft and 256 737 MAX jets were delivered in 2018. On the leap engines that power these two models, along with the upcoming MC-21, and C919 aircraft, composite structures including 3-D woven carbon fiber composite fan blades and fan case are being used. Also, Ceramic matrix composites (CMC) are being used to build the turbine shrouds of the engine. Further, many developments regarding the use of composites in commercial aircraft engines are underway. For instance, GE is working on the fourth generation of the composite blade for the GE9X. The new engine is the largest engine manufactured by General Electric Company and is designed exclusively for Boeing’s 777X aircraft. The company has already received several orders and commitments for more than 700 GE9X engines from several airlines like Emirates, Qatar, Etihad, Lufthansa, Cathay Pacific, British Airways and All Nippon Airways. With the deliveries of these aircraft being higher and the use of composites increasing on the commercial aircraft engines simultaneously, this trend is projected to continue, making the segment dominate the market in the years to come.

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Asia-Pacific to be the Fastest Growing Market for Aero-engine Composites, in the Years to Come

In terms of geography, the Asia-Pacific region is now the fastest growing Mmarket for aero-engine composites. The reason for this high growth rate in the region is the increasing procurement of engines that use these composites. In the commercial sector, more than one-third of the commercial aircraft deliveries of two aerospace giants, Airbus SE and The Boeing Company combined, will be to the customers in Asia-Pacific. Recently, in June 2019, AirAsia announced that they are converting an order for 253 A320-200neos to the larger A321-200neo aircraft. Following this, and the purchase of its first A321neo at the start of 2019, AirAsia will become the world’s largest customer of Airbus’ New Engine Option jetliner. The Leap Engines used in the aircraft uses a higher volume of composites compared to its predecessors. Even the engine of the new C919 aircraft from China, fitted with the Leap engine, has the engine's nacelle made of about 60% composite materials. India got the delivery of its first fighter jet from Rafale in October 2019 and the remaining 35 aircraft are expected to be delivered by mid-2022. These jets are powered by the M88 engines have the nacelles and nozzles made using thermostructural composites from Safran Ceramics. Likewise, many developments in terms of composites on the aircraft engines procured by the region are expected to make the Asia-Pacific the fastest growing market in the years to come.

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Competitive Landscape

General Electric Company, Safran SA, CFM International, Meggitt PLC, and Hexcel Corporation are some of the prominent players in the market. In the engine manufacturers, CFM International and General Electric Company are generating the highest demand for the aero-engine composites, whereas other manufacturers like Rolls-Royce Holding PLC and Pratt and Whitney (United Technologies Corporation) are expected to increase the volume of composite usage in their engine models in the years to come. Over the years, engine manufacturers have developed significant in-house composites manufacturing capacities. For instance, General Electric Company has its own composites manufacturing facilities in addition to various joint ventures (like Nexcelle with Safran SA). This trend may affect the market revenues of the composite suppliers for the engine OEMs. The usage of the composites is increasing in the aircraft. Along with this, the increase in overall engine production rates means that the forecast period is showing considerable growth impetus for the aeroengine composite part manufacturers and their respective supply chains. Simultaneously, material suppliers will need to expand their raw materials output to stay in the competition, which is currently higher than ever before in the market.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Commercial Aircraft

      2. 5.1.2 Military Aircraft

      3. 5.1.3 General Aviation Aircraft

    2. 5.2 Component

      1. 5.2.1 Fan Blades

      2. 5.2.2 Fan Case

      3. 5.2.3 Guide Vanes

      4. 5.2.4 Shrouds

      5. 5.2.5 Other Components

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Rest of Asia-Pacific

      4. 5.3.4 Latin America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Mexico

        3. 5.3.4.3 Rest of Latin America

      5. 5.3.5 Middle-East & Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Egypt

        4. 5.3.5.4 Rest of Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 General Electric Company

      2. 6.2.2 Rolls-Royce Holding PLC

      3. 6.2.3 Safran SA

      4. 6.2.4 Pratt and Whitney (United Technologies Corporation)

      5. 6.2.5 CFM International

      6. 6.2.6 General Dynamics Corporation

      7. 6.2.7 GKN Aerospace

      8. 6.2.8 FACC AG

      9. 6.2.9 Meggitt plc

      10. 6.2.10 Hexcel Corporation

      11. 6.2.11 Solvay SA

      12. 6.2.12 Albany International Corp.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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