Composite Materials Aluminum Alloys Aerospace Materials Market Size, Trends, Revenue Share Analysis, 2020–2028
The Composite Materials Aluminum Alloys Aerospace Materials Market is forecast to reach USD 19.48 Billion by 2028, according to a new report by Reports and Data. The aerospace industry has been using composite materials for several decades, initially in non-safety critical applications such as fuselage and more lately as primary structures, and wing structures on modern aircrafts from Airbus, Boeing, and Bombardier. An ever-growing aerospace market presents significant opportunities to the composites sector to promote products and technologies for current and future platforms, with the ability of composite materials becoming more superior and suited to applications across the entire aerospace ecosystem.
Advancements in composite
certification, design, and manufacturing and life engineering services, as well
as steep changes in cost and variety of production systems, are providing
lucrative opportunities for the market to grow.
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Key participants include Toray Industries,
Solvay, Hexcel, Royal Ten Cate, Teijin, Renegade Materials, Owens Corning,
Materion, Mitsubishi Rayon, SGL Group.
The North American region is expected
to account for the largest share of 35.3% of the market in 2020. The region is
one of the significant contributors to the overall aircraft industry. Higher
consumer spending, along with the growing age of commercial aircraft are among
the key factors determining product penetration for the market. Conventional
innovations for reducing weight, coupled with a high demand for fuel efficiency,
will boost the overall product demand. Moreover, expanded defence spending in
the U.S. will boost the market growth in North America.
Further key findings from the report
suggest
- The shifting inclination toward
lightweight, cost-effective alternatives, & strong component demand
and processing performance will drive the industry growth.
- By application, the market is segmented
as commercial aircraft, military aircraft, business & general aviation
aircraft, and others.
- The commercial aircraft segment is leading
the overall market. The segment is valued at USD 6.92 Billion in 2020 and
is estimated to have a CAGR of 4.3% during the forecast period.
- The business and general aviation
aircraft type is anticipated to witness the highest CAGR of 4.6% during
the forecast period.
- The large-scale production of these
aircraft and an increase in air travel globally is the primary reason for
the highest growth.
- The carbon fibre product is anticipated
to grow at the highest CAGR of 4.4% during the forecast period.
- Carbon fibres in aerospace composites can
be short and fragmented or, lengthy and constant, and they can be oriented
directionally or randomly. Usually, short fibres are affordable.
- The products provide exceptional
stability at high temperature and more extended durability, which in turn
impact the overall industry demand positively.
- Technological advancements have resulted
in lower cycle time, decreased process time, which in turn reduces the
overall processing cost.
- Rising need for high lightweight and
performance composites due to the security concerns and stringent laws,
will encourage the growth of the market.
- The fixed-wing aircraft type is valued at
USD 6.65 billion in 2020 and is estimated to have the highest CAGR of
4.40% during the forecast period. It is designed and developed mainly for
travel purpose.
- Fixed wing aircraft for military purposes
usually have a long life span, but they need to improve continuously in
terms of power, speed, ejection, and stealth mode.
- The growth is accelerated by other
factors also, such as territorial integrity, national security, and a
sovereignty of the state.
- Various companies have adopted several
strategies, including mergers, acquisitions, and partnerships to hold
ongoing trials and come up with new developments in the market.
- The Asia Pacific region, led by India,
China, and Japan, is expected to witness the highest CAGR of 4.4% during
the forecast period. Growing demand for commercial aircraft along with the
rising number of flights is anticipated to encourage market demand.
- The growing population, coupled with
technological advancement are the major factors influencing the overall
market demand in this region.
- Also, several governments promoting the
private investments in defense and civil aerospace sector will spur the industry
growth.
To identify the
key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/composite-materials-aluminum-alloys-aerospace-materials-market
For the purpose of this report,
Reports and Data have segmented into the Composite Materials Aluminum Alloys
Aerospace Materials Market on the basis of Product, Type, Application, Aircraft
type, and Region:
Product Outlook
(Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Carbon Fiber Composite Materials
- Glass Fiber Composite Materials
- Aramid Fiber Composite Materials
- Others
Type Outlook
(Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Technical Grade
- Industrial Grade
Application
Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Commercial aircraft
- Military aircraft
- General aviation
- Others
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Aircraft Type
Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Fixed Wing
- Rotary Wing
- Others
Regional Outlook
(Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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