“Demand for modern aircraft is expected to be the major driver for the aerospace materials market.”
The global aerospace materials market is projected to reach USD 25.80 billion by 2022, at a CAGR of 6.9% from 2017 to 2022. The 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 global aerospace industry is experiencing an increase in the passenger air travel segment which is expected to boost aircraft production. This increase will directly influence the growth of the aerospace materials market globally. However, the decline in global defense expenditure and costly MRO services for advanced materials are identified as restraints for the growth of the aerospace materials market during the forecast period.
“Composite materials is the fastest-growing type of aerospace materials”
Composite materials are the most extensively used type of aerospace materials after aluminum. 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 fiber. 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.
“Asia-Pacific is projected to be the fastest-growing aerospace materials market during the forecast period.”
Asia-Pacific is projected to be the fastest-growing aerospace materials market, in terms of value and is expected to lead the aerospace materials market during the forecast period. Countries in this region such as China, Japan, and India are witnessing 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 labor at a lower price. The increasing air traffic and number of low-cost carriers in the region are expected to lead to an increased demand for new aircraft in the region during the forecast period. The aerospace materials market is served by various companies that are actively adopting various strategies such as new product development, acquisitions, and joint ventures & partnerships to increase their market shares.
This study was validated through primary interviews conducted with various industry experts globally. These primary sources were divided by company, designation, and region.
- By Company Type: Tier 1 - 45%, Tier 2 - 22% and Tier 3 - 33%
- By Designation: C Level - 50%, Director Level - 10%, Others - 40%
- By Region: Europe - 33%, Middle East & Africa - 25%, North America - 17%, Asia-Pacific - 17%, and South America - 8%
The report also includes company profiles and competitive strategies adopted by major market players such as Toray Industries, Inc. (Japan), Cytec Solvay group (Belgium), Alcoa Corporation (U.S.), Du Pont (U.S.), Kobe Steel Ltd (Japan), and others.
The report covers the aerospace materials market and aims at estimating the market size and future growth potential of this market across different segments such as material type, aircraft type, and region. Furthermore, the report also includes an in-depth competitive analysis of the key market players, along with their company profiles, DIVE, recent developments, and key market strategies. The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenues for the aerospace materials market.
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analyses ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss basic views on competitive landscape, emerging and high-growth segments of the aerospace materials market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on aerospace materials offered by the top players in the aerospace materials market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the aerospace materials market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for aerospace materials across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the aerospace materials market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the aerospace materials market