Market Size of Aeroengine Composites Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.39 Billion |
| Market Size (2029) | USD 5.72 Billion |
| CAGR (2024 - 2029) | 11.02 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aeroengine Composites Market Analysis
The Aeroengine Composites Market size is estimated at USD 3.39 billion in 2024, and is expected to reach USD 5.72 billion by 2029, growing at a CAGR of 11.02% during the forecast period (2024-2029).
The outbreak of the COVID-19 pandemic in 2020 severely impacted the entire aviation industry. It has resulted in several aircraft operators filing for bankruptcy, which reduced the demand for aircraft and aircraft engines. Reducing future defense spending may also hamper future military aircraft procurement plans, as countries are more focused on enhancing healthcare infrastructure. The shutdown of industries in several countries in 2020 halted the manufacturing of components and materials and impacted the supply chain associated with aircraft and engine manufacturing. Although situations improved in 2021, the demand is expected to continue to remain lower than the pre-COVID-19 levels in the near future.
The substantial rise in passenger traffic and the imposition of new emission regulations led to a significant increase in demand for new-generation aircraft purchases over the last decade, before the pandemic. Aircraft manufacturers are developing new aircraft models in the commercial, military, and general aviation sectors, requiring newer engines with better performance and low weight. As a result, the emphasis on newer material technologies like composites is increasing.
With the major engine manufacturers emphasizing their own in-house composite material development capabilities, the dependency on outsourced materials is expected to reduce over the years.
