Global Aerospace Materials Market was valued at USD 17.50 Billion in 2021, and it is anticipated to gain a value of USD 26.66 Billion by 2028, recording a CAGR of 6.2% over 2021-2028.
Aerospace materials are materials, which are developed for various aerospace purposes; they offer properties such as superior temperature tolerance, hard surface, enhanced transparency, and high tensile strength. The aerospace manufacturers are commonly used aluminum alloys, titanium alloy, tungsten, and other metals to produce the parts. Manufacturing industries are shifting their preference toward composite materials such as advanced plastics, and carbon or glass-based fiber composites for the construction of aircraft parts like airframes, engine components, interiors, propulsion systems, and windows. The first aerospace materials are naturally occurring materials used to construct the first aircraft such as timber for wing structures and fabric and dope to cover the timber. According to Statista in 2021, the global military aircraft and aerospace manufacturing market was estimated at approximately 255.8 billion U.S. dollars, this shows the high growth in the market.
Download PDF Sample Copy @ https://introspectivemarketresearch.com/request/15929
Major Key Players for Aerospace Materials Market:
- Carpenter Technology Corporation (US)
- Constellium SE (France)
- Rio Tinto Group (UK)
- Toray Industries Inc. (Japan)
- Alcoa Corporation (US)
- Teijin Limited (Japan)
- Hexcel Corporation (US)
- AMG N.V. (Netherlands)
- NOVELIS (US)
- Hexcel (US)
- Aleris Corporation (US)
- Arconic Inc. (the US)
- Allegheny Technologies Incorporated (US)
- ATI Metals (US)
- Kaiser Aluminum (US) and major players.
Get 25% Discount on the global report- https://introspectivemarketresearch.com/discount/15929
Market Dynamics and Factors:
The aerospace materials market is driven by the large investment by government bodies in military aircraft. According to statistics during the recent two decades, global military spending increased exponentially, reaching over 1.9 trillion U.S. dollars in 2020. The U.S. aerospace and defense industry supplies the majority of the domestic and international demand for arms and military technologies. In 2020, the United States contributed some USD 80.9 billion in aerospace exports. The USA is a leading country in terms of aerospace exports. This shows the high demand for aircraft which ultimately affects the market for aerospace materials. The increasing export and high demand for the technology help to propel the growth of the aerospace material market. Moreover, the leading companies in this market including Boeing, Lockheed, and Northrop Grumman are constantly bringing new opportunities to the market for its growth. However, increasing composite material causes concern for aircraft in their maintenance, and repair which hampers the growth of the market.
Aerospace Materials Market Report Highlight:
- By type, the aluminum alloys segment is expected to have the maximum market share in aerospace materials during the projected period. Aluminum is used greatly in aerospace due to its high strength and less weight which propel the growth of the market.
- By application, the exterior segment is predicted to expand the most in the aerospace materials market during the forecast year. Exterior parts are like tail, infrastructure are consume large no of material hence the exterior segment has a large contribution to the aerospace materials market that boosts the growth of the market.
- By aircraft type, the commercial segment is anticipating the growth of the aerospace materials market during the upcoming analysis year. An increase in air passenger traffic boosts the demand for commercial aircraft across the globe which helps in the growth of the market.
- By region, Europe is expected to dominate the aerospace materials market, during the projected period. The high demand for commercial and business aircraft supports the growth of the aerospace materials market in Europe.
Key Industry Development:
- In May 2021, Arlington Capital Partners, a Washington, DC-area private equity firm, announced the acquisition of Triumph Group, Inc.’s composites business.
- In December 2020, Kaman Composites Wichita, Inc., an indirect subsidiary of Kaman Corporation, announced the expansion of its composite repair services to the business jet aftermarket with industry-leading MRO provider and distributor, C&L Aerospace, a C&L Aviation Group Company of Bangor, Maine.
Customized Report @ https://introspectivemarketresearch.com/custom-research/15929
Aerospace Materials Market Segmentation:
- Aluminium Alloys
- Titanium Alloys
- Composite Materials
By Aircraft Type
For this report, Introspective Market Research has segmented the Aerospace Materials Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM