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.
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