Aerospace Materials Market worth 25.80 Billion USD by 2022
Wednesday 17 January 2018, Amsterdam
The report "Aerospace Materials Market- Global Forecast to 2022", 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.
This growth is fueled by the high demand for passenger transportation, which is expected to boost the aircraft production industry. This will further drive the demand for aerospace materials required for increasing aircraft production activities. The global demand for aerospace materials in Asia-Pacific, Europe, and North America is growing, due to high demand for aerospace materials from aircraft parts manufacturers.
Composite materials are the most preferred type of aerospace materials.
Composite materials is the most extensively used type segment of the 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 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.
Based on aircraft type, the business & general aviation is the fastest-growing segment in the aerospace materials market.
The business & general aviation segment is projected to lead the aerospace materials market from 2017 to 2022. The BGA segment involves the use of aircraft by high net worth individuals (HNIs) or for chartered flights for business trips. This segment is the second-largest consumer of aerospace materials after commercial and military aviation. The major growth factors for this segment are the increasing number of HNIs in emerging regions and growing demand for business jets in Asia-Pacific and the Middle East. According to Honeywell Aerospace (U.S.) and Bombardier Inc. (Canada), approximately 9,300 business jets worth USD 270 billion will be added to the global aircraft fleet by 2024. Thus, the increasing number of airplane deliveries is expected to drive the growth of aerospace materials market in this segment.
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 regional 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 increase in the 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.