An aerated composite material produced from carbonatable calcium silicate compositions (carbonation cured AAC) that has a compressive strength equivalent to autoclaved aerated concrete (ordinary AAC) at substantially the same density and a process of production of the same are provided. The composite material of the present invention comprises: a plurality of bonding elements, each including a core comprising calcium silicate, a first layer which partially or fully surrounds the core and is rich in SiO2, and a second layer which partially or fully surrounds the first layer and is rich in CaCO3; a plurality of filler particles having their particle sizes ranging from 0.1 μm to 1000 μm; and a plurality of voids; wherein the plurality of bonding elements and plurality of filler particles together form a bonding matrix and are substantially evenly dispersed in the matrix and bonded together, the plurality of voids are bubble-shaped and/or interconnected channels, a pore volume with a radius of 0.004 μm to 10.0 μm in the plurality of voids is 0.30 ml/composite material 1 g or less, and a estimated compressive strength expressed by the following formula (1): estimated compressive strength (absolute dry density=0.50)=compressive strength×(0.50+absolute dry density)2 is 2.0 N/mm2 or greater.