Market Trends of Aeroengine Composites Industry
This section covers the major market trends shaping the Aeroengine Composites Market according to our research experts:
The Commercial Aircraft Segment Held the Highest Market Share in 2021
The commercial aircraft segment accounted for the highest market share in the aeroengine composites market in 2021. One of the main drivers for the market from the commercial sector is the demand for narrowbody aircraft. By the end of 2021, Airbus' aircraft order backlog stood at 7,082 aircraft, out of which over 88% were A220 and A320ceo/neo family narrowbody aircraft. Likewise, Boeing's year-end 2021 backlog was 4,250 aircraft, of which 3,414 were 737 family narrowbody jets. After two years of being grounded, the Boeing 737 Max has been cleared to return to the skies in several countries around the world in 2021, helping the growth of the overall narrowbody orders in 2021. Also, two new narrowbody aircraft models, the MC-21 and C919 aircraft, are expected to enter service in 2022. On the leap engines that power the A320 family of aircraft, along with the upcoming MC-21 and C919 aircraft, composite structures, including 3-D woven carbon fiber composite fan blades and fan cases, are used. Also, ceramic matrix composites (CMC) are used to build the turbine shrouds of the engine.
Many developments regarding the use of composites in commercial aircraft engines are underway. For instance, GE is working on new composite blades for the GE9X. The new engine is the largest manufactured by General Electric Company and is designed exclusively for Boeing's 777X aircraft. The company has already received several orders and commitments for more than 700 GE9X engines from several airlines like Emirates, Qatar, Etihad, Lufthansa, Cathay Pacific, British Airways, and All Nippon Airways. With the deliveries of these aircraft being higher and the use of composites increasing on the commercial aircraft engines simultaneously, this trend is projected to continue, making the segment witness a healthy CAGR during the forecast period.
Asia-Pacific Expected to be the Fastest-growing Market for Aeroengine Composites During the Forecast Period
The Asia-Pacific region is now the fastest-growing market for aero-engine composites in terms of geography. This high growth rate is the increasing procurement of aircraft with engines that use these composites. In the commercial sector, more than one-third of the commercial aircraft deliveries of two aerospace giants, Airbus SE and The Boeing Company combined, are to the customers in Asia-Pacific. In May 2021, IndiGo, a major low-cost airline, announced that it selected CFM International 'LEAP-1A' engines to power its fleet of 310 new Airbus family of aircraft delivered from 2023. The aircraft belong to different categories, including A320neo, A321neo, and A321XLR. The agreement includes 620 new installed engines and associated spare engines and a long-term, multi-year service agreement. The Leap Engines used in the aircraft use a higher volume of composites than its predecessors.
On the other hand, in November 2021, the Royal Australian Air Force (RAAF) received three new Lockheed Martin-built F-35A Lightning II aircraft, taking the total size of the fleet to 44. GKN and Meggit supply several composite components for the F-135 engines that power the F-35 aircraft. Likewise, many developments in terms of composites on the aircraft engines procured by the region are expected to make the Asia-Pacific region the fastest-growing market in the years to come.
