21-Apr-2021 | Market Research Store
Findings from Market Research Store report “Aerospace Materials Market By Type (Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composite Materials, and Others), By Composite Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), and By Aircraft Type (Military Aircraft, Commercial Aircraft, Helicopters, Business & General Aviation, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global demand for aerospace materials market in 2019 was approximately USD 20.8 Billion. The market is expected to grow at a CAGR of 6.9% and is anticipated to reach around USD 33.7 Billion by 2026.
Aerospace materials are metal alloys that have been well-known in the aerospace industry or that have been designed specifically for the industry. Strength, lightweight and heat resistance are some of the qualities that these materials may have. These components must also have fatigue and corrosion resistance.
The aerospace materials market is anticipated to propel in the upcoming years due to the growing demand for lightweight aerospace materials attributed to the increasing emphasis on the reduction of aircraft weight. In the aerospace industry, one of the most important considerations of structural design is weight reduction. With a substantial boost in fuel efficiency, lightweight materials provide a strong effect on airline profitability. As a result, lightweight materials are becoming increasingly popular in the aerospace industry to help with weight reduction. The growing air traffic is expected to drive the global aerospace materials market. Due to advancements in airport facilities as well as growing consumer demand, there has been a rise in air traffic passengers globally in the last few years. The increase in disposable income coupled with the increasing middle class has also contributed significantly to the growing demand. Globally, the commercial aircraft fleet is constantly expanding, particularly in the Asia-Pacific region, to meet rising demand. Furthermore, airlines are renewing their older aircraft fleets and replacing them with new facilities and technology, as the refreshed fleet would operate for almost the next 30 years.
The market for aerospace materials will rise as more composite materials are used in manufacturing aircraft. Composite materials are several times lightweight than metal equivalents without reducing toughness. Composites and plastics are being used in interior applications by manufacturers to increase aesthetics and optimize space inside aircraft interiors. Furthermore, its use as insulators in galleys would boost the product demand. Plastics are ideal for vacuum forming because they can be quickly transformed into a variety of shapes. Specific shapes and geometries can be conveniently molded out of materials. Plastic makers are working to improve the products' chemical composition as well as their mechanical properties. The aerospace materials industry would also benefit from the production of materials to replace aircraft doors and fuselages that can survive hydrolysis and radiation.
COVID-19 is putting a lot of strain on the aviation industry. Governments all over the world had halted air traffic to prevent the transmission of the novel coronavirus. When combined with the high operating expenses that airlines face on a daily basis, this ensures there is no money flowing in. COVID-19 has wreaked havoc on the aviation industry. Repatriation policies are another aspect that puts pressure on aviation industry players. Airlines had been commissioned by their governments to accommodate stranded residents in order to return them to their homes. Another part of aviation that would be harmed by COVID-19 is airport maintenance and routine activities. Airport officials are running out of cash reserves due to a loss of sales from concessions, parking, and duty-free. The United States recently passed a bill to provide financial assistance to keep airports operational. Pharmaceuticals, safety gear such as face masks, and medical supplies are transported via commercial routes. The majority of businesses are nearing the end of their cash balances, which would have a significant effect on recovery rates after COVID-19.
The global aerospace materials market is bifurcated into its type, composite type, aircraft type, and regions. Based on the type, the global market is divided into steel alloys, super alloys, aluminum alloys, titanium alloys, composite materials, and others. Based on composite type, the market is bifurcated into aramid fiber, carbon fiber, glass fiber, and others. Based on the aircraft type, the global market is divided into commercial aircraft, business & general aviation, military aircraft, helicopters, and others. Geographically, the global aerospace materials market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
North America region dominated the global aerospace materials market in 2019 and is anticipated to continue its dominance in the upcoming years. This is due to the growing corporate and commercial aviation industry in the country, which has the largest demand for aerospace and defense aircraft in the world. Furthermore, due to small profit margins and increasing fuel costs, the area is anticipated to see growing demands for fuel-efficient aircraft over the forecast period. The mature North American industry is being driven by a high replacement rate, mostly for regional aircraft. The need to upgrade or substitute obsolete planes with fuel-efficient planes is expected to boost the market growth in this region.
Asia Pacific aerospace materials market is expected to expand at a significant rate in the forecast period. The increased focus on the development of aircraft manufacturing facilities in the Asia Pacific region has contributed to the region's development. Government policies that encourage investment and the rising defense budget of developing countries are fueling the market's development. The market growth is projected to be fueled by the region's expanded commercial and military aircraft demand and acquisition programmes. The Boeing Company and the Commercial Aircraft Corporation of China, for example, formed a joint venture in December 2018 to develop the first 737 aircraft in China.
Browse the full “Aerospace Materials Market By Type (Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composite Materials, and Others), By Composite Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), By Aircraft Type (Military Aircraft, Commercial Aircraft, Helicopters, Business & General Aviation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/aerospace-materials-market-828579
Europe's aerospace materials market trailed that of North America in 2019, and it is predicted to expand at a healthy rate in the coming years. A professional workforce with experience in the design and construction of complex aerospace structures is needed by the industry. The engineering experience of European countries is projected to fuel regional demand growth over the forecast period. Furthermore, due to the high concentration of aerospace OEMs and related product manufacturers in the area, demand for aerospace materials has increased. Latest aircraft manufacturing developments, such as the addition of more appealing cabin designs, improved consumer safety, and fuel efficiency, all contribute to the region's expansion.
Some of the key players in the aerospace materials market are Teijin Limited, Toray Industries, Inc., Du Pont, Kobe Steel Limited, Avdel Private Limited, Kaiser Aluminum, AMG N.V, Koninklijke Ten Cate NV, Sofitec, AMI Metals, Inc., Tata Advanced Materials Limited, Renegade Materials Corporation, Park Electrochemical Corporation, Alcoa Corporation, ATI Metals, Cytec Solvay Group, Constellium N.V., Aleris, SGL Group, Vsmpo Avisma Corporation, Hexcel Corporation, Materion Corporation, Thyssenkrupp Aerospace, Hindalco Almex Aerospace Limited, and LEE Aerospace Inc. among others.
This report segments the aerospace materials market as follows:
Global Aerospace Materials Market: By Type Segmentation Analysis
Global Aerospace Materials Market: By Composite Type Segmentation Analysis
Global Aerospace Materials Market: By Aircraft Type Segmentation Analysis
Global Aerospace Materials Market: Regional Segmentation Analysis
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