What is the future of Aeroengine Composites Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aeroengine Composites Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Composites Market but it is expected to grow at an impressive rate over the next five years. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Aeroengine Composites Market Segment Insights:
By Aircraft Type:
The global 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. The narrow-body aircraft segment is driven by LEAP-1A empowering A320neo family, LEAP-1B empowering B737 max, and LEAP-1C empowering C919.
By Application Type:
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.
By Composite Type:
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.
By Region:
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.
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. 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.