Aerospace Composite Market to Reach $87.0 Billion, Globally, by 2032 at 11.5% CAGR: Allied Market Research
PORTLAND, Ore., Dec. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Aerospace Composite Market by Fiber Type (Carbon Fiber, Glass Fiber, Aramid Fiber, and Other), Manufacturing Process (ATL Or AFP, Filament Winding, Resin Transfer Molding, Hand Layup, and Other), Aircraft (Commercial Aircraft, Business &General Aviation, Civil Helicopter, and Other): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global aerospace composite market was valued at $29.6 billion in 2022 and is estimated to reach $87.0 billion by 2032, exhibiting a CAGR of 11.5% from 2023 to 2032.
- This is due to carbon fiber composites are employed in the construction of fuselage sections, reducing overall weight while maintaining structural integrity.
- This can include seat structures, interior panels, and other non-structural elements where weight reduction is a priority.
- However, the business and general aviation segment is projected to manifest the highest CAGR of 12.0% from 2023 to 2032.
- This is due the fact that the U.S. is a global leader in aerospace technology and innovation, and it heavily relies on aerospace composites.