Market Trends of Commercial Aircraft Materials Industry
Narrow-body Aircraft Segment to Witness the Highest Growth During the Forecast Period
The narrowbody aircraft segment currently dominates the passenger aircraft category, with 80% of the global share. It is expected to continue its dominance during the forecast period due to the increase in the utilization of low-cost carriers. This factor resulted in huge demand for newer generation narrowbody aircraft, with advantages such as low cost of operation and fuel efficiency in short-haul routes.
Airline companies are shifting from widebody aircraft to narrowbody aircraft as they have become particularly doable for airlines for short-haul routes. The surge in demand for narrowbody aircraft is driving OEMs to increase their production of aircraft. Composites such as ceramic and metal matrix composites, fiber-reinforced polymers, carbon-carbon composites, etc., are used in aircraft manufacturing companies because of their favorable properties.
Several airlines are implementing fleet expansion as part of their overall strategies to enhance their route coverage and market share. For instance, in June 2023, IndiGo orders 500 Airbus A320 family aircraft. The fuel-efficient A320NEO family aircraft will allow IndiGo to maintain its strong focus on lowering operating costs and delivering fuel efficiency with high standards of reliability. During 2023-2028, around 10,000 narrowbody aircraft are expected to deliver across the globe.
North America to Continue its Dominance During the Forecast Period
The commercial aviation industry in North America has long been a significant player in the global aviation market. The demand for commercial aviation activity in the region is driven by the rising number of passengers traveling by air annually. In 2022, the region's air passenger traffic stood at 6 billion. The US accounted for the largest share which is 83%, followed by Canada, Mexico, and the Rest of North America accounted for 8%, 6%, and 2% respectively.
Furthermore, with the increasing demand for composites, companies are opening new facilities to develop advanced composites. For instance, in July 2021, Pratt & Whitney, a division of RTX, announced the inauguration of a ceramic matrix composites (CMCs) engineering & development facility in Carlsbad, the US. The facility has an area of over 60,000 square feet. It will be used for developing, integrating engineering, and low-rate production of Ceramic Matrix Composites (CMCs) for aerospace applications.
The huge order book of airlines operating in the US and Canada as a part of their fleet modernization programs is driving the demand. In May 2023, Air Canada announced that it is planning to purchase up to 20 Boeing B787 Dreamliners. Such orders for new aircraft by major airlines in the region are expected to boost the demand for aircraft materials in the coming years.
