The following article is an edited version of a release from Markets and Markets.

CHICAGO—The aerospace composites market, currently estimated at USD 29.1 billion, is projected to reach USD 52.1 billion in 2029, according to a report from the management consulting firm Markets and Markets™. The $23 billion expansion represents a compound annual growth rate (CAGR) of 12.3 percent from 2024 to 2029, Markets and Markets said in a May release.

The company’s report, “Aerospace Composites Market by Fiber Type – Forecast to 2029,” breaks down the market by fiber type (glass fiber, carbon fiber, ceramic fiber) and matrix type (polymer matrix composite, metal matrix composite, ceramic matrix composite). It also analyzes the market by manufacturing process, aircraft type, applications, and region.

A range of factors is seen as propelling the growth of the aerospace composites market. Among them are the pursuit of fuel efficiency through reduced aircraft weight; enhanced performance via superior strength-to-weight ratios; and decreased maintenance needs due to resistance to environmental degradation. Regulatory pressures for lower emissions and advancements in materials science and manufacturing technology are further driving the adoption of composites. Composites also offer design flexibility that facilitates aerodynamically superior aircraft structures, catering to rising global air traffic and robust military demands, according to the release.

Additionally, the industry’s shift towards sustainability, seeking materials that not only perform efficiently but also have a reduced environmental impact throughout their lifecycle, is said to be a significant influence on the expansion of composite applications in aerospace.

Glass fiber type segment expected to have third highest CAGR in aerospace composites market during forecast period

Glass fiber composites comprise a significant growth segment of the aerospace composites market and are expected to register the third highest CAGR in the market during the forecast period. They are used in a variety of aerospace applications, including commercial and military aircraft and rotorcraft.

According to Markets and Markets, their cost-effectiveness, desirable mechanical properties, and lightweight nature combine to make glass fiber a valuable material for various aerospace components. The growing demand for the materials is due to their superior physical properties and higher stiffness-to-density ratio, the company said.

Glass fiber composites offer a less expensive alternative to carbon fiber without compromising much on strength, durability, and weight reduction, which is crucial for enhancing fuel efficiency and meeting environmental sustainability goals. These factors are expected to boost growth of glass fiber composites in aerospace composites.

Ceramic matrix segment to be fastest-growing segment, in terms of value, in the global aerospace composites market

The ceramic matrix segment is projected to register the highest CAGR, in terms of value, during the forecast period. Adoption of ceramic matrix composites is driven by increasing demand for more efficient, high-performing aircraft and the ongoing pursuit of advancements in aerospace technology that meet stringent environmental and performance regulations. As such, these materials are becoming increasingly integral to the design and manufacture of next-generation aerospace components as they push the boundaries of what’s possible in high-temperature and high-stress applications in the aerospace sector, the release said.

Resin transfer molding manufacturing process expected to claim second largest share in terms of value and volume

The resin transfer molding manufacturing process has become a preferred method in the aerospace composites market due to its ability to produce structurally complex and reliable components that meet the stringent demands of the aerospace industry. The process is expected to garner the second largest share of the global aerospace composites market—in terms of value and volume—during the forecast period.

In aerospace applications, the key advantage of resin transfer molding is its ability to produce complex molded parts with high fiber volumes and consistent quality. The process allows for precise control over fiber placement and resin content, leading to parts that are strong, lightweight, and have excellent surface finish on both sides. This level of control and quality is crucial for aerospace components, which must withstand extreme operational conditions while maintaining structural integrity, according to Markets and Markets.

Military aircraft to be third fastest-growing aircraft type segment, in value and volume, within global aerospace composites market

Aerospace composites in the military aircraft segment have received considerable attention as a result of demand for aircraft that are lighter, more durable, and capable of higher performance under extreme conditions. Over the next five years, military aircraft are forecast to be the third fastest-growing segment—in value and volume—in the global aerospace composites market.

Composites, including carbon fiber and ceramic matrix composites, offer critical advantages for modern high-speed military aircraft. These advantages include reduced weight, which enhances fuel efficiency and flight range, and improved strength and heat resistance, essential for modern high-speed military aircraft. These materials also provide reduced radar signatures, which are  crucial for stealth capabilities.

Ongoing technological advancements in composite materials and manufacturing processes, such as automated lay-up and resin transfer molding, are expected to further bolster their adoption. In addition,  the growing focus on modernizing and expanding military fleets worldwide is likely to present substantial opportunities for the increased use of composites in developing new aircraft and upgrading existing aircraft, aligning with global defense strategies and operational requirements, the company said.

Asia Pacific region expected to register third-highest CAGR in terms of value and volume

Markets and Markets studied the aerospace composites market in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. According to its release, the Asia Pacific aerospace composites market is experiencing explosive growth, fueled by a potent mix of factors. The region is expected to register the third-highest CAGR—in terms of value and volume—during the forecast period.

China, reportedly the world’s largest aerospace composites producer and consumer, is driving the market with its booming domestic aircraft production. Overall, what Markets and Markets described as the “insatiable demand for lightweight and fuel-efficient materials” is driving the region’s aerospace composites market to new heights, the company said.

Japan and South Korea, with their established aerospace and defense industries, are also contributing significantly to the regional market growth. Their focus on technological advancements and sustainability goals is said to align perfectly with the advantages of aerospace composites, ensuring continued demand in the years to come.

More information on the report: