Market Size of Asia-Pacific Aerospace Composites Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.18 Billion |
| Market Size (2029) | USD 11.24 Billion |
| CAGR (2024 - 2029) | 9.40 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Aerospace Composites Market Analysis
The Asia-Pacific Aerospace Composites Market size is estimated at USD 7.18 billion in 2024, and is expected to reach USD 11.24 billion by 2029, growing at a CAGR of 9.40% during the forecast period (2024-2029).
Asia-Pacific is the fastest-growing region in the world for aviation activities. With the air-passenger traffic growing rapidly and the airlines increasing their fleet size, the market for aerospace composites in the region is growing rapidly, and the growth is expected to continue during the forecast period. In addition, in the military segment, several nations in the region are procuring newer generation aircraft which have a greater percentage of composites.
Several new aircraft developed by the players in the region are being built with increasingly higher compositions of composite materials. Reduced maintenance, longer design life, fewer parts, and reduced tooling and assembly costs are some of the reasons that are driving the adoption of composites in aerospace manufacturing. However, factors such as supply chain disruptions and liquidity crunch can hinder the growth of the market.
Asia-Pacific Aerospace Composites Industry Segmentation
Aerospace composites are chosen for their ability to provide a combination of lightweight, high strength, corrosion resistance, and fatigue resistance. These characteristics make composites particularly suitable for applications where traditional materials like metals might be less efficient due to their weight or susceptibility to corrosion.
The Asia-Pacific Aerospace Composites Market is segmented by Application (Commercial Aircraft, Military Aircraft, General Aviation Aircraft, and Space) and Geography (China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific). The report offers the market size in value terms in USD for all the abovementioned segments.
| Application | |
| Commercial Aircraft | |
| Military Aircraft | |
| General Aviation Aircraft | |
| Space |
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Asia-Pacific Aerospace Composites Market Size Summary
The Asia-Pacific aerospace composites market is experiencing rapid growth, driven by the region's burgeoning aviation activities and increasing demand for new aircraft. This growth is fueled by the expansion of air-passenger traffic and the expansion of airline fleets, which necessitate the use of advanced materials like composites. These materials are favored for their benefits, including reduced maintenance, longer design life, and cost efficiency in tooling and assembly. The military segment is also contributing to market expansion, with countries in the region procuring newer generation aircraft that incorporate a higher percentage of composites. These materials are essential for developing lightweight, durable, and stealth-capable military aircraft, such as the Lockheed Martin F-35 Lightning II, which utilizes carbon- and glass fiber-reinforced plastics in significant structural components.
China holds a dominant position in the Asia-Pacific aerospace composites market, supported by its rapidly growing aviation sector. The demand for new aircraft in China is bolstered by orders from major airlines for aircraft models like the Airbus A320 family, which use composites to enhance performance and reduce maintenance costs. The market is semi-consolidated, with key players like Toray Industries Inc., Harbin Hafei Airbus Composite Manufacturing Centre Co. Ltd, and Mitsubishi Chemical Carbon Fiber and Composites Inc. leading the charge. These companies are increasingly partnering with local players and aircraft OEMs to develop indigenous components, thereby reducing manufacturing costs and opening new market opportunities. Additionally, investments in advanced composites for space-based applications are expected to further enhance market presence in the region.
Asia-Pacific Aerospace Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Commercial Aircraft
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2.1.2 Military Aircraft
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2.1.3 General Aviation Aircraft
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2.1.4 Space
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Australia
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2.2.1.6 Rest of Asia-Pacific
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Asia-Pacific Aerospace Composites Market Size FAQs
How big is the Asia-Pacific Aerospace Composites Market?
The Asia-Pacific Aerospace Composites Market size is expected to reach USD 7.18 billion in 2024 and grow at a CAGR of 9.40% to reach USD 11.24 billion by 2029.
What is the current Asia-Pacific Aerospace Composites Market size?
In 2024, the Asia-Pacific Aerospace Composites Market size is expected to reach USD 7.18 billion.
