Advanced Space Composites Market Size Report, Industry Share, Analysis, Growth, 2030

Advanced Space Composites Industry Prospective:

The global advanced space composites market size was worth around USD 1500 million in 2022 and is predicted to grow to around USD 3500 million by 2030 with a compound annual growth rate (CAGR) of roughly 11.5% between 2023 and 2030.     

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Advanced Space Composites Market: Overview

The creation of lightweight and economically viable composite structures is made possible by the high specific strengths and stiffness of advanced composite materials and automated production techniques. In general, a structure's bulk may be reduced by 20–30% by swapping out metal alloys for sophisticated composite materials. These are referred to as "advanced composite materials" as opposed to the composite materials that are often employed, such as reinforced concrete or even concrete itself. While taking up a significant portion of the volume, the high-strength fibers are also low-density. The market for advanced space composites is expanding due to several factors such as future space stations and habitats, reusable launch vehicle systems, on-orbit manufacturing, and improved composites have the potential.

Key Insights

• As per the analysis shared by our research analyst, the global Advanced Space Composites market is estimated to grow annually at a CAGR of around 11.5% over the forecast period (2023-2030).
• In terms of revenue, the global Advanced Space Composites market size was valued at around USD 1500 million in 2022 and is projected to reach USD 3500 million, by 2030.
• The global Advanced Space Composites market is expected to be driven by several factors such as growing space exploration activities and satellite technology advancements.
• Based on the platform, the launch vehicles segment is expected to dominate the market during the forecast period.
• Based on the material, the carbon fiber segment is expected to hold a significant market share over the forecast period.
• Based on region, North America is expected to dominate the market over the forecast period.

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Advanced Space Composites Market: Growth Drivers

Satellite launches and deep space operation drives the market growth over the projection period

Several countries have launched small satellite constellations and deep space missions to enable global internet connectivity, real-time Earth observation, navigation, tracking, and monitoring. There is a sizable market for satellite constellations (EO) because of the growing need for real-time tracking and monitoring systems for commodities, ships, etc. that are speedier, more reliable, and more effective in addition to Earth observation. In addition, more than 1,100 satellites will be launched in 2022, according to the Union of Concerned Scientists (UCS).

These miniature satellites were put into orbit for use in governmental, military, and civic purposes. It is expected that ultimately small satellite constellations in a single orbit would take the role of enormous satellites. If the technology is available, small satellite constellation systems can perform better, cost less to launch, and operate similarly to conventional satellite systems. This is likely to increase demand for advanced space composites market globally throughout the forecasted period.

Advanced Space Composites Market: Restraints

High initial cost and complex manufacturing processes impede market growth

Compared to more conventional materials like metals, advanced space composites sometimes have greater starting prices. This can be a considerable barrier to entry for businesses with limited funds especially for newcomers to the space sector and smaller space missions. Additionally, intricate manufacturing procedures including resin infusion, autoclave curing, and precision machining are used in the fabrication of sophisticated composites. These procedures raise the total cost and complexity of manufacturing since they demand specialized tools and people. Thus, hampering the advanced space composites industry growth over the projection period.

Advanced Space Composites Market: Opportunities

Advancements in 3D printing offer a lucrative opportunity for market expansion

The SLV market is changing as a result of 3D printing, also known as additive manufacturing, which reduces the time and cost of the vehicle's materialization. 3D printing uses lighter materials including thermoplastic, composites, and metal alloys. It has excellent corrosion and wear resistance, making it useful in the space launch industry. Rocket parts created using 3D printing are stronger and more effective than those created using traditional manufacturing processes. Businesses are developing and using rocket engines based on 3D printing technology. Therefore, this is expected to offer a lucrative opportunity for the global advanced space composites market growth.

Advanced Space Composites Market: Challenges

Quality assurance and certification pose a significant challenge to the industry's growth

Advanced composite materials for space applications must undergo rigorous testing, inspection, and certification procedures to ensure their quality and safety. It can be time-consuming and expensive to meet the regulatory and certification criteria imposed by space authorities and industry standards. Therefore, acting as a major challenge to the market growth over the forecast period.

Advanced Space Composites Market: Segmentation

The global Advanced Space Composites industry is segmented based on platform, component, material, manufacturing process, service, and region.

Based on the platform, the global market is bifurcated into satellites, launch vehicles, and deep space probes and rovers. The launch vehicles segment is expected to dominate the market during the forecast period. Advanced composite materials have made considerable breakthroughs in launch vehicles, providing several advantages such as weight reduction, higher payload capacity, improved structural integrity, improved fuel efficiency, and improved performance. Because of the rise of small satellites, launch vehicle makers are currently concentrating on creating and building more affordable, reusable, and compact launch vehicles. Thereby, driving market growth.

Based on the component, the global advanced space composites industry is bifurcated into payloads, structures, antennae, solar array panels, propellent tanks, spacecraft modules, sunshade doors, thrusters, and thermal protection.

Based on the material, the global advanced space composites market is bifurcated into carbon fiber, glass fiber, thermoset, thermoplastic, nanomaterials, and others. The carbon fiber segment is expected to hold a significant market share over the forecast period. Since many years ago, the space industry has been using carbon fiber composites for a variety of space applications, such as launch vehicles, satellites, experimental systems, suborbital vehicles, and deep space missions.

New carbon fiber varieties with greater modulus and strength specifically designed for space system applications have been introduced as a consequence of recent improvements in carbon fiber production processes that have increased their flexibility. Thus, driving the segment growth.

Based on the manufacturing process, the global advanced space composites industry is bifurcated into automated fiber placement, compression molding, additive manufacturing, and others.

Based on the service, the global market is bifurcated into repair and maintenance, manufacturing, design, and modeling.

Advanced Space Composites Market: Report Scope

Advanced Space Composites Market: Regional Analysis

North America is expected to dominate the market over the forecast period

North America is expected to dominate the global advanced space composites market over the forecast period. The region is home to some of the world's leading aerospace companies, including Boeing, Lockheed Martin, Northrop Grumman, SpaceX, and NASA (the National Aeronautics and Space Administration).

These organizations are at the forefront of space exploration and satellite technology, driving the demand for advanced composites. Moreover, the American space agency NASA has a lengthy history of space exploration. To enhance the performance of spacecraft and launch vehicles, it continues to invest in cutting-edge materials like composites. The Artemis program, which aims to send people back to the Moon, has significantly accelerated space composites research and development. Thus, this is expected to drive the market growth in the region.

The Asia Pacific is expected to grow at the highest CAGR over the forecast period. The market growth in the region is driven by several factors such as the rapidly growing space industry, increasing government initiatives, and increasing collaboration. The Asia-Pacific nations have significantly developed their space programs, particularly China and India. Particularly China has achieved major advancements in satellite technology, space missions, and space exploration.

The need for sophisticated space composites in the region has increased as a result of these advances. Moreover, Asia-Pacific nations are making significant investments in their space programs. Examples include China's planned lunar and Mars rover missions and satellite constellations. Advanced composite research and development activities have risen as a result of these endeavors. Thereby, driving the market growth in the region.

Advanced Space Composites Market: Competitive Analysis

The global Advanced Space Composites market is dominated by players like:

• CRP Technology S.r.l
• Opterus Research and Development
• Airborne
• EURO-COMPOSITES
• Hexcel Corporation
• Hanwha Cimarron
• MT Aerospace AG
• Beyond Gravity
• Rock West Composites Inc.
• Teijin Limited
• Toray Advanced Composites

The global Advanced Space Composites market is segmented as follows:

By Platform

• Satellites
• Launch Vehicles
• Deep Space Probes and Rovers

By Component

• Payloads
• Structures
• Antenna
• Solar Array Panels
• Propellent Tanks
• Spacecraft Module
• Sunshade Door
• Thrusters
• Thermal Protection

By Material

• Carbon Fiber
• Glass Fiber
• Thermoset
• Thermoplastic
• Nanomaterials
• Others

By Manufacturing Process

• Automated Fiber Placement
• Compression Molding
• Additive Manufacturing
• Others

By Service

• Repair and Maintenance
• Manufacturing
• Design and Modeling

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa