The Global Aerospace Materials market was valued at USD 17.50 billion in 2021 and is expected to reach USD 26.66 billion by the year 2028, at a CAGR of 6.2%.
Aerospace materials are materials that are deployed for various aerospace purposes, as they offer enhanced properties such as high tensile strength, superior temperature tolerance, enhanced transparency, and hard surface. The aerospace manufacturers are shifting their preference toward materials such as advanced plastics, carbon or glass-based fiber composites in the construction of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings, thereby replacing conventional metals.
Moreover, rise in demand for new aircraft acts as a key driver of the aerospace materials market. However, availability of limited option for designing of complex structures hampers the aerospace materials market growth. On the contrary, rise in demand for commercial aircraft in emerging economies is resulting in increased production of such aircrafts, offering vast opportunities for the materials manufacturer.
The Major Players In the Aerospace Materials Market Include:
· 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)
The Aerospace Materials market is segmented by type and application. Growth between segments over the period 2022-2028 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value. This analysis can help you expand your business by targeting eligible niches.
The market has segmented the global Aerospace Materials market on the basis of type, application, and region:
By Type:
· Steel Alloys
· Titanium Alloys
· Aluminum Alloys
· Super Alloys
· Plastics
· Composites Materials
· Others
By Application:
· Structural Frames
· Cabin Interiors
· Propulsion System
· Others
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By Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
Covid-19 Impact and Recovery Analysis on Industry:
The COVID-19 pandemic has had devastating effects on several industry verticals globally. To constrain the number of cases and slow the coronavirus spread, various public health guidelines were implemented in different countries across the globe. COVID-19 protocols ranging from declaring national emergency states, enforcing stay-at-home orders, closing nonessential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders. With the growing vaccination rate, governments are uplifting the protocols to give a boost to the stagnant economy. Like other industries, Aerospace Materials Market have experienced slowdown the growth, however market is expected bounce back as restrictions are being lifted up by governments across the globe.
The research provides an up-to-date analysis of the current market scenario, as well as the current developments and drivers, and the market landscape. Furthermore, the growing demand for Aerospace Materials is expected to propel the industry forward. The Aerospace Materials market analysis is segmented into type, application, and geographic landscape.
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