Composite Materials Aluminum Alloys Aerospace Materials Market Size is projected to reach USD 19.48 Billion by 2028, growing at A CAGR of 4.30%
A new report by Reports and Data predicts that the Composite Materials Aluminum Alloys Aerospace Materials Market will reach USD 19.48 Billion by 2028. Composite materials have been used by the aerospace industry for several decades, and their applications have expanded to include primary structures and wing structures in modern aircrafts from Airbus, Boeing, and Bombardier. The growing aerospace market presents significant opportunities for the composites sector to promote its products and technologies for current and future platforms.
Advancements in composite certification, design, and manufacturing, along with changes in cost and variety of production systems, are creating opportunities for the market to grow.
North America is expected to account for the largest share of the market in 2020, with a 35.3% share. The region is a significant contributor to the overall aircraft industry. The key factors determining product penetration for the market are higher consumer spending and the growing age of commercial aircraft. Conventional innovations for reducing weight and high demand for fuel efficiency will boost the overall product demand. Additionally, expanded defense spending in the U.S. will further boost the market growth in North America.
Other key findings from the report suggest that the industry growth will be driven by the shifting inclination toward lightweight, cost-effective alternatives, strong component demand, and processing performance. The market is segmented by application into commercial aircraft, military aircraft, business & general aviation aircraft, and others. The commercial aircraft segment leads the overall market. The report also highlights that the Asia Pacific region is expected to witness the highest CAGR of 4.4% during the forecast period, led by India, China, and Japan.
Key players in the market include Toray Industries, Solvay, Hexcel, Royal Ten Cate, Teijin, Renegade Materials, Owens Corning, Materion, Mitsubishi Rayon, and SGL Group.
The Composite Materials Aluminum Alloys Aerospace Materials Market is segmented by product, type, application, aircraft type, and region.
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Composite Materials Aluminum Alloys Aerospace Materials Market: Drive Factors
The Composite Materials Aluminum Alloys Aerospace Materials Market is being driven by several factors, including the increasing use of composite materials in the aerospace industry. This trend has been ongoing for several decades, with composite materials now being used for primary structures and wing structures on modern aircraft.
Advancements in composite certification, design, and manufacturing, as well as changes in production systems, are also driving market growth. In addition, the demand for lightweight, cost-effective alternatives, and strong component demand and processing performance is fueling the industry's growth.
The commercial aircraft segment is leading the overall market, driven by large-scale production of these aircraft and increased air travel globally. The carbon fiber product is anticipated to grow at the highest CAGR due to its exceptional stability at high temperatures and longer durability.
The fixed-wing aircraft type is also expected to have the highest CAGR, driven by a need for continual improvement in power, speed, ejection, and stealth mode in military aircraft. Finally, the Asia Pacific region is expected to witness the highest growth due to increasing demand for commercial aircraft and rising numbers of flights, coupled with government promotion of private investments in defense and civil aerospace sectors.
Composite Materials Aluminum Alloys Aerospace Materials Market: Notable Innovation
The composite materials aluminum alloys aerospace materials market has witnessed notable innovation in areas such as composite certification, design, and manufacturing, as well as life engineering services. There have also been significant advancements in production systems, resulting in cost reductions and increased production variety. These innovations have provided lucrative opportunities for the market to grow and meet the demand for high-performance composites in the aerospace industry.
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