Aeroengine currently represents a small share of the total aircraft composites market but it is expected to grow at an impressive rate over the next five years.
February 14, 2020
Aeroengine Composites Market Overview:
Aeroengine currently represents a small share of the total aircraft composites market but it is expected to grow at an impressive rate over the next five years. Increasing composite penetration in the latest aeroengines, such as LEAP, GEnx, GE9x, and passport 20 coupled with increasing production rates of the next-generation composite-rich aircraft A350XWB, B787, and F-35 is the major growth driver of the market. The incessant demand for fuel-efficient engines, increasing fan diameters of newer variants engines, and introduction of fuel-efficient variants of the best-selling aircraft with a greater composites content: A320neo and B737 max are further corroborating the growth of composites in aeroengines.
Airbus and Boeing, the two aircraft industry giants, are enjoying a huge order backlog of their major aircraft platforms. Boeing and Airbus had a combined total order backlog of 13,114 commercial aircraft by the April 2019. These huge pile of order backlogs of commercial aircraft will allow both airframers to roll out their aircraft continuously for about the next eight years at current build rates. Also, they have been strategically raising the production rates of their key commercial aircraft programs in order to deliver aircraft to their widespread clients at a shorter period; however, recent crashes of two Boeing’s B737 max (Ethiopian Airlines Flight 302 and Lion Air Flight 610) have temporarily impacted the production of its best-selling model due to the aircraft grounding by many airlines, which, in turn, forced the airframer to reduce the monthly production from 52 per month to 42 per month.
Report Overview:
This new report from Stratview Research analyses the Aeroengine Composites Market over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Aeroengine Composites Market Segment Insights:
Wide-body aircraft: The growth engine
The aeroengine composites market is segmented based on the aircraft type as Narrow-Body Aircraft, Wide-Body Aircraft, Regional Aircraft, Helicopter, and Others. Wide-body aircraft is likely to remain the growth engine of the market during the forecast period. Increasing production rates of the next-generation aircraft programs A350XWB and B787 and increasing penetration of composites in newer variants of aircraft, such as B777x, are driving the wide-body aircraft segment. The narrow-body aircraft segment is driven by LEAP-1A empowering A320neo family, LEAP-1B empowering B737 max, and LEAP-1C empowering C919.
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https://www.stratviewresearch.com/toc/485/aeroengine-composites-market.html
Dominance of: Fan Blade & Fan Case and PMC
Based on the application type, the aeroengine composites market is segmented as Fan Blades, Fan Case, Outlet Guide Vanes, Shrouds, and Others. Fan blades and fan case together account for most of the aeroengine composites market and are likely to remain the dominant applications in the coming five years too. New-generation engine models, such as GEnx, GE9X, Pratt GTF, LEAP-1A, LEAP-1B, and LEAP-1C, contain both fan blades and fan case made of composites, which has led to a colossal share of both segments in the market. Development of new composite applications in engines by replacing traditional metallic components is further substantiating the growth of the aeroengine composites market. In the last decade, a sheer interest has been recorded for the use of ceramic matrix composites in various engine applications, such as shrouds, combustor liners, and nozzles.
Based on the composite type, the aeroengine composites market is segmented as Polymer Matrix Composites (PMC), Ceramic Matrix Composites (CMC), and Metal Matrix Composites (MMC). PMC is projected to remain the most dominant composite type in the global aeroengine composites market over the next five years. PMC is majorly being used to develop all the major composite components of the engine, such as fan blades and fan cases. Carbon-epoxy composite is the perennial choice of PMC, used majorly in the market. The CMC segment is likely to depict the highest growth in the global aeroengine composites market over the next five years. Much of this growth is attributed to the significant growth in LEAP engines, which incorporate various CMC components.
A highly/moderately/fragment consolidated Market
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. Development of new applications, in-house manufacturing of composite parts, and formation of JV and M&As are some of the major strategies adopted by the major players in order to gain a competitive edge in the market.
The supply chain of this market comprises raw material suppliers, composite suppliers, aeroengine composite component manufacturers, tier player, aeroengine OEMs, airframers, airlines, and MRO companies.
Regional Hegemony of North America
Based on the regions, North America is projected to remain the largest market during the forecast period, driven by the presence of the world’s largest aircraft OEM: Boeing. The USA is likely to remain the growth engine of the region’s market during the forecast period, propelled by the presence of the major engine manufacturers, such as GE Aviation, CFM International, and Pratt & Whitney. Asia-Pacific currently represents a relatively small opportunity; however, is subjected to grow at a handsome rate in the coming years, largely driven by China. China is projected to be the new growth engine in the region. Presence of assembly plants of A320neo and B737max coupled with the upcoming C919 aircraft is expected to drive the market in the country.
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