Applications of composite materials in manufactured products are experiencing fast growth in recent years due to many of their property advantages over traditional materials in manufacturing industry. The success of using composite materials in producing automotive, aerospace or other products also depends, to large extent, on the competitiveness of their manufacturing and production costs. In this research, a cost analysis model is developed for aerospace product manufacturing using composites. Based on cost breakdowns for each step of the manufacturing process, an aggregate production plan was obtained to determine optimal production quantity and required workforce level. Sensitivity analysis was conducted to investigate the behavior of the model with varying parameter values. We also incorporated a stochastic programming model in the cost analysis procedure in dealing with uncertainty factors such as demands and raw material costs. An example of the model for the development and the analysis is based on the production of an aircraft wing box skin. This can be extended to production of other similar aerospace products.