Composite Structural Repairs Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global composite structural repairs market is anticipated to grow at a considerable CAGR of 4.5% during the forecast period (2022-2028). The rise in the government policies coupled with increasing investments in the aviation industry is one of the major factors in driving the growth of the market. According to the data published by the Indian Brand Equity Foundation (IBEF), under the union budget 2020-2021, the government lowered the custom duty from 2.5% to 0.0% on components, parts, including engines for the manufacturing of aircraft by public sector units of the ministry of defense. Further, foreign investment up to 49.0% is allowed under the automatic route. Moreover, the land allotment entities for maintenance, repair, and overhaul (MRO) facilities in India have been revised to a period of 30 years in September 2021, from 3-5 years as the Government of India aims to make India a ‘global MRO hub. Thus, such factors are anticipated to drive the growth of the global composite structural repairs market.

The rise in air traffic is one of the major factors driving the growth of the global composite structural repairs market. According to International Civil Aviation Organization (ICAO), the total number of passengers carried on scheduled services rose to 4.5 billion in 2019, which is 3.6% higher than in 2018, while the number of departures reached 38.3 million in 2019. The low-cost carriers carried an estimate of 1.4 billion passengers in 2019, which was approximately 31.0% of the global total scheduled passengers.

Looking toward the demand for composite structural repairs, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in March 2022, the groundbreaking ceremony for a new facility of Helicopter Engines MRO Pvt Ltd. (HE-MRO) and Safran was held in Goa. The facility is projected to be operational by the end of 2023 with a capacity to repair 50 engines a year and a full capacity goal of 150 engines in the forthcoming years.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- 3M Co., Henkel AG & Co. KGaA, and WichiTech Industries Inc. among others

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Composite Structural Repair Market Report by Segment

By Type

• Hand Lay-Up
• Vacuum Infusion
• Autoclave
• Others

By Application

• Aerospace & Defense
• Wind Energy
• Automotive Transportation
• Marine
• Construction
• Pipe & Tank
• Others