Aeroengine Composites Market is foreseen to garner a CAGR of 15.36% during the forecast period.
Composite materials have acquired a recognized image in the aerospace industry, due to their excellent track record of more than five decades. With such incredible properties of composites unlike other materials, companies like GE Aviation, Safran Aircraft Engines, Pratt & Whitney and Rolls-Royce have begun to scrupulously invest in the material of the critical section of an aircraft engine.
The commercial aircraft segment accounted for the largest share in the aerospace engine composites market in 2019. At the end of April 2020, Airbus had an order book for 7,645 jets, of which 88% were narrow-body aircraft of the A220 and A320ceo/neo family. Also, Boeing was ordering 5,314 aircraft homes, of which 4,298 were 737 NG / MAX jets. For Boeing, 2018 was the best year in terms of total deliveries. Boeing delivered 806 aircraft in 2018, while Airbus delivered 800 aircraft.
Solvay (United States) announced on July 19 that it had signed an agreement with Safran (Paris, France) for the supply of advanced structural compounds for the LEAP engine, manufactured by CFM International (United States).
Market Drivers and Restraints:
Aircraft manufacturers are developing new aircraft models in the commercial, military and general aviation sectors, which require new generation engines with better performance and low weight. As a result, the focus on new material technologies such as composites is increasing Innovations in the market are increasing, with many players investing large sums in R&D for the manufacture of aircraft engine components, using different types of composites.
The recent coronavirus outbreak has severely affected the entire aviation industry and has driven aircraft operators into bankruptcy, where demand for aircraft and thus aircraft engines can be reduced. Defense spending can also lower barriers to future military aircraft purchases.
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Report is segmented as:
Polymer Matrix Composites
Ceramic Matrix Composites
Metal Matrix Composites
Based on the geography, the global aeroengine composites market is divided into regions of Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these regions, North America is expected to remain the largest market during the forecast period, thanks to the presence of the world's largest aircraft manufacturer - Boeing.
Key market players:
The supply chain of this market consists of raw material suppliers, composite suppliers, aeroengine composite component manufacturers, tier player, aeroengine OEMs, airframers, airlines, and MRO companies. Some of the key players in the aeroengine composites market are Safran Aerospace Composites, Safran/Albany, CFAN, GE Aviation, Meggitt PLC, FACC AG, GKN Aerospace (Melrose Industries), and Triumph Group Inc. The key aircraft OEMs include Boeing, Airbus, Bombardier, Embraer, COMAC, Lockheed Martin, Dassault Aviation, and Gulfstream Aerospace.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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