The latest research study “Aerospace Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global aerospace materials market size reached US$ 22.81 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 31.33 Billion by 2027 exhibiting a growth rate (CAGR) of 5.10% during 2022-2027.
Aerospace materials refer to metal alloys with superior temperature tolerance, high tensile strength, enhanced transparency, and hard surface, which are used for various aircraft purposes. They comprise aluminum and titanium alloys, high-strength steels, and composites. Aerospace materials are lightweight and consequently aid in reducing environmental pollution, global warming, and fuel consumption. They also improve flight performance through enhanced acceleration, higher structural strength and stiffness, and safety. As a result, aerospace materials find widespread applications in commercial, rotorcraft, military, and space aircraft.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Aerospace Materials Market Trends and Drivers:
The escalating demand for fuel-efficient and lightweight commercial aircraft to haul passengers and freight between selected airports is primarily driving the aerospace materials market. Besides this, the launch of several policies by the government bodies to invest in the defense industry to enhance the function and structure of airplanes and the rising need for composites in plane manufacturing to provide high structural strength are further augmenting the market growth.
Moreover, the growing popularity of unmanned aerial vehicles (UAVs) for site surveillance, real-time surveys, and making quick visits to collect data and information is also catalyzing the global market. Apart from this, the elevating requirement for single-aisle aircraft across countries and the expanding aerospace sector, owing to the increasing air traffic, are acting as significant growth-inducing factors.
Furthermore, the emerging trend of the internet of things (IoT) enabled sensing devices in aircraft components, functions, and the body is expected to bolster the aerospace materials market in the coming years.
|Aerospace Materials Market Report Scope|
|Market size value in 2021||US$ 22.81 Billion|
|Market forecast in 2027||US$ 31.33 Billion|
|Growth Rate||CAGR of 5.10% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Aircraft Type and Application|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||Allegheny Technologies Incorporated, Arkema S.A., BASF SE, DuPont de Nemours Inc., Hexcel Corporation, Kaiser Aluminum Corporation, Materion Corporation, Mitsubishi Chemical Holdings Corporation, Röchling SE & Co. KG, SGL Carbon SE, Solvay S.A., Sumitomo Bakelite Company Limited and Toray Industries Inc.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Type:
- Aluminium Alloys
- Titanium Alloys
- Super Alloys
- Steel Alloys
- Composite Materials
Breakup by Aircraft Type:
- Commercial Aircraft
- Business and General Aviation
Market Breakup by Application:
- Passenger Seating
- Interior Panels
- Propulsion Systems
- Air Frame
- Tail and Fin
- Windows and Windshields
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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List of Major Key Players:
The major players in the market are Allegheny Technologies Incorporated, Arkema S.A., BASF SE, DuPont de Nemours Inc., Hexcel Corporation, Kaiser Aluminum Corporation, Materion Corporation, Mitsubishi Chemical Holdings Corporation, Röchling SE & Co. KG, SGL Carbon SE, Solvay S.A., Sumitomo Bakelite Company Limited and Toray Industries Inc.
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