The global market
for aerospace materials is projected to reach USD 25.80 billion by 2022, at a CAGR of 6.9% from 2017 to 2022.
Growing demand from the aerospace industry for high-grade aerospace materials
is driving the aerospace materials consumption, globally.
The increase in demand for next-generation,
lightweight, and fuel-efficient aircraft is expected to be the major driver for
the aerospace materials market in the near future. The aerospace industry has
witnessed many changes in materials used for building aircraft. The
introduction of new aircraft building materials has changed the industry
significantly.
Presently, aircraft manufacturers use a high
percentage of composite materials in new generation aircraft instead of metal
and its alloys that were used previously. Composite materials offer several
advantages, such as low weight and high strength-to-weight ratio, which help
manufacture lightweight and fuel-efficient aircraft. The use of these materials
also increases the manufacturing productivity (processing speeds). This is
expected to fuel the growth of the aerospace materials market globally.
Commercial aircraft, military
aircraft, civil helicopters, business & general aviation, and others are
the aircraft type considered for the aerospace materials market report. Of
these, the commercial aircraft segment was the largest aircraft type segment in
2016. Boeing Inc. (U.S.), the market leader in commercial aircraft
manufacturing, is to deliver around 36,770 new aircraft in the next 20 years.
Strong economic growth in the
emerging countries of Asia-Pacific and South America and the increase in air
traffic and number of low-cost operators in these regions are also the major
growth factors for the commercial aircraft segment.
Aluminum alloys, steel alloys,
titanium alloys, super alloys, composite materials, and others are the types of
the aerospace materials market. Composite materials is the fastest-growing
segment, due to the rising demand for lightweight and fuel-efficient aircraft.
Composites offer several advantages
over traditional materials, such as low weight, increased manufacturing
productivity (processing speeds), lower VOC emissions, and better corrosion
resistance, among others. Increasing applications in new generation aircraft
and rising environmental concerns offer significant growth opportunities for
composites in the aircraft manufacturing industry.
Asia-Pacific is projected to be the fastest-growing aerospace materials
market owing to the
rapid economic expansion in the region. India and Japan are attracting
investors to set up production facilities because of the ease of availability
of raw materials and labor at a lower price. The increasing air traffic and
number of low-cost carriers in the region have increased the demand for new
aircraft in the region. Growing population and urbanization, along with growing
industrial activities and per capita income, are some of the factors that are
expected to drive the aerospace materials market in the Asia-Pacific region
during the forecast period.
Major manufacturers such as Toray Industries, Inc. (Japan), Alcoa
Corporation (U.S.), Cytec Solvay Group (Belgium), Du Pont (U.S.), Teijin
limited (Japan), ATI Metals (U.S.) and Constellium N.V. (Netherlands) are
profiled in this report. These companies have adopted both organic and inorganic
growth strategies to grow in the market.
Toray Industries, Inc. (Japan), Alcoa
Corporation (U.S.), Cytec Solvay Group (Belgium) are identified as the major
players in the aerospace materials market. These companies have a strong
product portfolio as well as a robust business strategy to achieve continued
growth. For instance, Alcoa Corporation (U.S.) and Toray Industries, Inc.
(Japan) offer various types of aerospace materials. In 2011, Solvay S.A.
(Belgium) acquired Cytec (U.S.). This acquisition helped Solvay to become the
second-largest company in the aerospace composite materials market globally.
Du Pont (U.S.), Teijin Limited (Japan), ATI Metals (U.S.), Constellium
N.V. (Netherlands), AMG N.V. (Netherlands), Hexcel Corporation (U.S.),
ThyssenKrupp Aerospace (Germany), Koninklijke Tencate N.V. (Netherlands), SGL
Group (Germany), and VSMPO-AVISMA Corporation (Russia) are identified as
dynamic players in the aerospace materials market.
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