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.
Rising environmental awareness, technological advancements in various chemical products, development of organic chemicals and materials, growing use of high-performance agrochemicals and specialty chemicals are other major factors bolstering the growth of this industry.
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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.
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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
Aircraft Type Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
Fixed Wing
Rotary Wing
Others
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Regional Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
North America
Europe
Asia Pacific
MEA
Latin America
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