Aerospace Material - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Aerospace Material Market is accounted for $18.89 billion in 2018 and is expected to reach $38.08 billion by 2027 growing at a CAGR of 8.1% during the forecast period. Some of the key factors influencing the market growth include an increase in demand for lightweight and fuel-efficient aircraft, the rise in spending power and air passenger traffic and the introduction of new domestic and international routes. However, a limited range of material options owing to complex requirements is restricting the market growth.
Aerospace materials refer to materials used by the aircraft OEMs & component manufacturers for building various aircraft parts. The materials used in aeroplane design have been constantly evolving. These materials should possess properties such as heat resistance, strength, and lightweight. Furthermore, fatigue resistance and corrosion resistance are the must-have properties for these materials. Aluminium was the most widely used material during the early phase of the aerospace manufacturing industry due to its exceptional lightweight, state of the art, and inexpensive nature.
Amongst type, composite materials are the most extensively used type segment of the aerospace materials after aluminium. Composite materials are formed by combining two or more distinct materials to achieve superior properties, of which one is a binding material, known as the matrix and the other is a reinforcement material, generally a fibre. The wide use of composites in aerospace materials offers 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.
By Geography, Asia-Pacific is estimated to grow at a significant rate during the forecast period. Countries in this region, such as China, Japan, and India are witnessing a significant increase in the use of aerospace materials. This increase can be attributed to the growing aerospace industry, which is driving the demand for aerospace materials in the region. Japan and India are attracting investors to set up production facilities because of the ease of availability of raw materials and labour at a lower price. The increasing air traffic and a number of low-cost carriers in the region are expected to lead to an increase in the demand for new aircraft in the region.
Some of the key players in the global aerospace material market are 3M, Solvay Sa, BASF SE, SABIC, PPG Industries Inc., Toray Industries, Inc., Akzo Nobel N.V., Teijin Limited, Alcoa Corporation, DuPont, Röchling, Arkema Group, Mitsubishi Chemical Holdings Corporation, Henkel AG & Co. KGaA, Huntsman International LLC, Hexcel Corporation, Koninklijke Ten Cate NV, Sumitomo Bakelite Co. Ltd., and Tata Advanced Materials Limited.
Aircraft Types Covered:
• Small Wide Body
• Single Aisle
• Medium Wide Body
• Regional Jets
• Large Wide Body
End Users Covered:
• Business, General and Personal Aviation
• Military & Defence Aircraft
• Space Vehicles
• Commercial Aircraft
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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