Access our comprehensive analysis of the aerospace materials market, including aluminium alloys, composites, and titanium alloys. Stay informed to make better decisions for your business.
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The global aerospace materials market size is expected to reach USD 37.36 Billion at a CAGR of 6.3% in 2028, according to latest analysis by Emergen Research.
The numerous materials and parts used in the construction of aeroplanes and spacecraft are referred to as aerospace materials. The industry is anticipated to expand significantly over the next several years as a result of rising military spending, rising demand for commercial aircraft, and technological developments. The rising demand for commercial aircraft is one of the key factors driving the aerospace materials industry. The size of the commercial aircraft fleet worldwide is anticipated to quadruple by 2038, which would lead to a rise in the demand for aerospace materials, according to the Federal Aviation Administration (FAA). The need for aerospace materials is also being driven by the expanding trend towards lightweight materials to decrease fuel consumption and boost efficiency.
The increasing military spending of different nations is another factor influencing the market for aerospace materials. The demand for aerospace materials used in the production of military aircraft and spacecraft is being driven by governments around the world raising their defined budgets to improve their military capabilities. The need for aerospace materials is also being fueled by the growing emphasis on the development of unmanned aerial vehicles (UAVs) and space research missions. The high cost of materials and the stringent rules established by regulatory authorities like the FAA and the European Aviation Safety Agency (EASA) are two issues that the market for aerospace materials must also contend with. The high cost of aerospace materials including titanium alloys, aluminium alloys, and carbon fibre composites can impede the market’s expansion. Furthermore, the certification procedure may be delayed due to the strict regulatory requirements for using aerospace materials in aeroplanes and spacecraft.
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In spite of these difficulties, the aerospace materials industry is anticipated to expand significantly during the next few years. The growing use of lightweight materials like titanium alloys and carbon fibre composites is one of the main development causes. In comparison to more conventional materials like aluminium alloys, these materials have a number of benefits, including better corrosion resistance and higher strength-to-weight ratios. Due to rising demand for commercial aircraft, rising military spending, and technological improvements, the aerospace materials market is anticipated to expand significantly over the next few years. However, the sector is also dealing with issues including high material costs and onerous regulatory requirements. However, the market is anticipated to rise due to the rising use of lightweight materials like titanium alloys and carbon fibre composites.
Aerospace Materials Market Segmentation:
The aerospace materials market can be segmented based on the type of material, application, and aircraft type. In terms of material type, the market is segmented into aluminum alloys, titanium alloys, steel alloys, super alloys, plastics, composites, and others. Among these, the composites segment is expected to register the highest growth rate over the forecast period due to their lightweight properties and increasing adoption in the aerospace industry. Based on application, the market is segmented into structural frame, cabin interiors, propulsion systems, and others. The structural frame segment is expected to hold the largest revenue share in 2028 due to the increasing demand for lightweight and durable materials for use in aircraft and spacecraft structural frames.
Finally, the market is segmented based on aircraft type, including commercial aircraft, military aircraft, rotorcrafts, general & business aircraft, and spacecraft. Among these, the general & business aircraft segment is expected to register the highest growth rate over the forecast period due to the increasing demand for private and business air travel. Looking at the regional outlook, the Asia Pacific aerospace materials market is expected to register the fastest CAGR over the forecast period due to the increasing demand for commercial and military aircraft in the region, the rising number of air passengers, and the growth of the aerospace industry in countries such as China, India, and Japan.
Overall, the aerospace materials market is expected to experience significant growth in the coming years due to the increasing demand for lightweight and durable materials for use in aircraft and spacecraft, as well as the growing focus on reducing fuel consumption and increasing efficiency.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights from the Report
· Among the material type segments, titanium segment revenue is expected to expand at a significantly rapid rate over forecast period due to its unique combination of high strength, low density, and excellent corrosion resistance, making it an ideal material for use in aerospace applications. Titanium is widely used in the manufacturing of aircraft components such as engine components, landing gears, and structural components due to its high strength-to-weight ratio and superior durability.
· Among the application segments, structural frame segment accounted for largest revenue share in 2020 due to the increasing demand for lightweight and durable materials for use in aircraft and spacecraft structural frames. Structural frames are essential components of aerospace vehicles and are responsible for supporting the weight of the aircraft or spacecraft, as well as withstanding the stresses of flight.
· Among the aircraft type segments, general & business aircraft segment revenue is expected to increase at a rapid rate over the forecast period due to the increasing demand for private and business air travel. General and business aircraft are typically smaller, lighter, and more agile than commercial aircraft, and are often used for personal travel, corporate flights, and emergency medical transportation.
· Asia Pacific aerospace materials market revenue is expected to register fastest CAGR over the forecast period due to several factors, including the increasing demand for commercial and military aircraft in the region, the rising number of air passengers, and the growth of the aerospace industry in countries such as China, India, and Japan.
· Major players in the market report include Alcoa Corporation, Huntsman International LLC, DuPont, Constellium NV, Teijin Ltd., Kobe Steel Ltd., Solvay Ltd., Hexcel Corporation, SABIC, and Materion Corporation.
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About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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