Acumen Research and Consulting estimates that global Aerospace Materials market is expected to reach the market value of around US$ 7 Bn by 2027 and is anticipated to grow at a CAGR of around 6.7% in terms of revenue during the forecast period 2020 – 2027.
Aerospace materials are components used for the production of the various aircraft parts by the aircraft OEMs & product manufacturers. There have been ongoing advances in the components used for aircraft construction. Earlier airlines were mostly constructed from spruce and wood, and the muslin wings are covered by fat, although the airlines today are mostly built of metal, with some steel construction. Aluminum is light, technologically sophisticated and fairly cost-effective, and thus aerodynenic features to the aircraft are comparatively small compared to other composites.
The report provides analysis of global Aerospace Materials market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Increased demand for lightweight and fuel-efficient aircraft is a catalyst that drives the development of the global aviation industry. As the reduction in aircraft weight greatly impacts the flight operating costs and also increases fuel performance in the interest of the operators of the aircraft. Growing air traffic in developing regions like Asia Pacific often contributes to rising fleet size, resulting in increased demands for aerospace materials. In fact, growing competition for new aircraft is the biggest driver of the market in aerospace materials. The restricted choice for constructing complex structures hampers the development of the aerospace materials industry. In comparison, the growing demand in developing markets for commercial aircraft contributes to expanded production of these aircraft and provides the producer with massive opportunities.
Asia Pacific region is anticipated to dominate the market led by China. China's GDP economy is the one of the highest in the world. China is one of the fastest growing markets and is also one of the world's biggest producers. One of the biggest contributors to the country's economy is the automotive sector.
In the last five years, China has played a significant role in the development of global air traffic. The average growth rate of passengers per year was over 10 percent. This increase is driven mainly by increased transport of passengers because of higher expenditure and better air connectivity. As a result, the market for planes will rise with an increasing number of passengers.
Boeing further estimated that, over the next 10 years, China's national average passenger-kilometer revenue will grow at an annual rate of 6.1 per cent.
The overall civilian aircraft fleet in the world has steadily risen over the last five years. In fact, the Chinese firms are expected to purchase nearly 7,690 new aircraft in the next 20 years, worth approximately USD 1.2 trillion. The aerospace industry in China is one of the country's leading industries and the government spends heavily to expand its domestic manufacturing capacity. The government also aims to construct new airports while upgrading existing airports' maintenance capacity.
The market research study on “Aerospace Materials Market (Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composite Materials, Others; Aerospace Materials Market By Aircraft type: Business & General Aviation, Commercial Aircraft, Military Aircraft, Helicopters, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Aerospace Materials market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Aerospace Materials market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Aerospace Materials market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Aerospace Materials market is segmented as below:
Aerospace Materials Market By Material
Aerospace Materials Market By Aircraft type
Business & General Aviation
Aerospace Materials Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Aleris Corporation, Alcoa Corporation, AMG Advanced Metallurgical Group, Air Transport International, Inc., AMI Metals, Avdel, DOW, Hexcel Corporation, Constellium, Solvay, and Others.
Aerospace materials are components used for the production of the various aircraft parts by the aircraft OEMs and product manufacturers.
Growing competition for new aircraft is the biggest driver of the market in aerospace materials.
The aerospace materials market value is anticipated to be worth around US$ 7 Billion in 2027.
The aerospace materials market is anticipated to grow around 6.7% CAGR amid the forecast period 2020-2027.
China is one of the fastest growing markets and is also one of the world's biggest producers.
Some of the players considered in the report scope are Aleris Corporation, Alcoa Corporation, AMG Advanced Metallurgical Group, Air Transport International, Inc., AMI Metals, Avdel, DOW, Hexcel Corporation, Constellium, Solvay, and Others.
Aerospace materials market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.