The aerospace composite market is projected to grow substantially by 2027 owing to consistently evolving defense sector across key regions. Composite materials play a vital role in weight reduction and are used across aerospace in a wide range of applications such as interiors, side body wings, propellers, rotors, and engine blades, among others.

Composite materials provide several structural advantages like high impact resistance, weight reduction, and corrosion resistance. Surging demand for fuel-efficient aircrafts has spurred extensive R&D activities worldwide, focusing on the development of improved composite materials.

Notably, prominent industry players have been focusing on launching products, establishing strategic partnerships, and acquisitions, to tap into the expanding space and aviation industry, which has favorably impacted market dynamics. For instance, in June 2020, Solvay Group's global composite materials business, entered into a five-year agreement with Leonardo Company, a leading technology company operating in defense, aerospace, and security.

According to the agreement, Solvay has agreed to supply a diverse range of materials including SURFACEMASTER 905 adhesives, thermoset composites CYCOM?(R) 970 and CYCOM?(R) 977-2, and thermoplastic composites APC-2 and APC. In addition to the supply agreement, Solvay has also inked a partnership with Leonardo Company, to collaborate on several R&D activities, aimed at developing innovative process technologies and materials.

The aerospace composite market has been segmented based on resin, fiber, application, aircraft, and region.

With respect to fiber, the market has further been divided into ceramic, glass, carbon, aramid, and others. The ceramic fiber segment is expected to expand at a CAGR of more than 6.5% over the forecast period. Ceramic fiber is extensively used across various applications including propulsion and exhaust, thermal protection, and in hot primary structure applications, which is likely to propel product demand.

Based on resin, the market has been bifurcated into thermoplastic and thermosetting. The thermoplastic sub segment is anticipated to account for around one-fourth of the overall market by the end of 2027, on account of fast-paced production cycles and recyclability.

In terms of aircraft, the market has been categorized into military aircraft, commercial aircraft, business aircraft, single engine piston, space, helicopters, and others. The space segment is foreseen to witness robust growth by 2027, progressing at a CAGR of almost 7.5% over the review period, due to the proliferating space industry. Favorable government funding to support the expansion of the space industry is estimated to boost segmental growth.

With respect to application, the market has been segregated into interior and exterior. The interior sub segment is predicted to garner significant gains, expanding at a 7.4% CAGR over the analysis time period.

From the regional point of view, the Latin America aerospace composite market is speculated to grow considerably at a CAGR of approximately 6.0% through the assessment period, on account of increasing FDI in the region. Low manufacturing wages and free trade is set to drive industry growth in the coming years.