Aerospace Materials Market Size to Reach USD 37.36 Billion in 2028 | Rising Demand for New Aircraft and Increase in Defense Spending for New Fighter Planes are Significant Factor Driving Industry Growth, says Emergen Research

VANCOUVER, BC, Dec. 30, 2021 /PRNewswire/ -- The global aerospace materials market size was USD 22.83 Billion in 2020 and is expected to increase significantly over the forecast period. Rising focus on improving aircraft fuel-efficiency, rising air passenger traffic, increasing investment in research & development of novel aerospace materials, advancements in technology, and increase in defense spending for new fighter planes are some key factors driving market revenue growth.

Drivers: Increasing demand for new aircraft

Increase in demand for new aircraft is among some of the primary factors driving revenue growth of the global aerospace materials market. According to the International Civil Aviation Organization, over 43,000 new aircraft would be produced for use by commercial airlines between 2020 and 2039, driven by completely new design configurations for aircraft such as strut-braced wing, double-bubble fuselage, blended wing body, and box-wing aircraft to significantly improve fuel-efficiency and reduce weight and carbon footprint. Recent developments have made it possible to design small blended wing bodies with capacity of 100 to 200 seats. In addition, rising demand for electric and hybrid propulsion aircraft is propelling demand for lightweight aerospace materials.

Free Sample PDF Copy of the Report Available@ https://www.emergenresearch.com/request-sample/819

Restraints: High cost of lightweight aerospace materials

Lightweight aerospace materials provide significant weight reduction advantages, but at a higher cost. For example, high-strength steel used in aircraft delivers a weight reduction of around 20.0% as compared to steel at a higher cost of around 15.0%, and aluminum is around 30.0% costlier than steel, but delivers 40.0% weight reduction. In addition, carbon fiber, which offers very high reduction in aircraft weight, is very cost-prohibitive, and thus its penetration is restricted in the market.

Growth Projections

The global aerospace materials market size is expected to reach USD 37.36 Billion and register a revenue CAGR of 6.3% in 2028, attributed to stringent air pollution control regulations and laws, rising emphasis on green aviation concept by aircraft manufacturers and airlines, and increasing disposable income of consumers, especially in developing countries. Also, rising cross-border tensions are supporting demand for fighter aircrafts, which in turn, is fueling market growth.

COVID-19 Direct Impacts

Aerospace materials market has been affected substantially by the COVID-19 pandemic due to imposed lockdowns and restriction and disruption of supply chain. These severely hampered activities related to raw material procurement for aerospace material production. In addition, halt in aircraft production, primarily due to major losses suffered by airlines during the pandemic as a result of air travel restrictions, led to a major slowdown in market revenue growth.

Current Trends and Innovations

Incorporation of sensing devices into aircraft body is integral to growth of Internet of Things (IoT) in the aviation sector. Several aerospace material providers are emphasizing on production of smart composite materials by incorporating sensors into materials being produced. For example, advanced fibers such as micro-fibrillated cellulose and nanocellulose possess very low fiber diameter, enabling implanting of Fiber Bragg grating sensors to measure internal strain. This technology helps in detecting any damage caused to the material in sensor proximity. Using smart composites in aircraft will enhance aircraft safety by delivering alerts related to material damage.

Buy your Exclusive copy @ https://www.emergenresearch.com/select-license/819

Geographical Outlook

Europe aerospace materials market revenue was significant large in 2020, owing to stringent regulations associated with environmental pollution and CO₂ such as the Air Quality Framework Directive 96/62/EC. Also, presence of major aircraft manufacturers such as Airbus is expected to continue to support revenue growth of the market in the region.

Strategic Initiatives

In December 2020, Toray Advanced Composites signed a supply contract with Joby Aviation to provide composite materials for use in aircraft production by Joby Aviation.  Also, the partnership would aid Joby Aviation in providing affordable, fast, and zero-emissions ridesharing via airways to its consumers.

Some Key Highlights From the Report

• Among the material type segments, super alloys segment revenue is expected to register fastest growth rate over the forecast period. Super alloys have exceptional heat resistant characteristics and retain their strength, stiffness, and dimensional stability at elevated temperatures as compared to others aerospace structural materials. Also, this material type possesses good oxidation and corrosion resistance and hence is suitable for use in jet engines.
• Plastic materials are witnessing high demand for production of aircraft interiors. Plastics are efficient for reducing aircraft body weight, thereby enabling increased and passenger and cargo capacity.
• Composites exhibit high strength and can be engineered to provide high stiffness in a particular direction. Composite materials high strength is essential for aircraft structural components, including wings, floor beams, and stabilizers.
• Some major companies in the market report include Alcoa Corporation, Huntsman International LLC, DuPont, Constellium NV, Teijin Ltd., Kobe Steel Ltd., Solvay Ltd., Hexcel Corporation, SABIC, and Materion Corporation.

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/aerospace-materials-market

Emergen Research has segmented the global aerospace materials market on the basis of material type, application, aircraft type, and region:

• Material Type Outlook (Revenue, USD Billion; 2018–2028)
• Aluminum Alloys
• Titanium Alloys
• Steel Alloys
• Super Alloys
• Plastics
• Composites
• Others
• Application Outlook (Revenue, USD Billion; 2018–2028)
• Structural Frame
• Cabin Interiors
• Propulsion System
• Others
• Aircraft Type Outlook (Revenue, USD Billion; 2018–2028)
• Commercial Aircraft
• Military Aircraft
• Rotorcrafts
• General & Business Aircraft
• Spacecraft

Christmas & Year End Discount Available on Smart Buildings market report@ https://www.emergenresearch.com/request-discount/819

• Regional Outlook (Revenue, USD Billion; 2018–2028)
• North America

a. U.S.
b. Canada
c. Mexico

• Europe

a. Germany
b. U.K.
c. France
d. Italy
e. Spain
f. Sweden
g. BENELUX
h. Rest of Europe

• Asia Pacific

a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC

• Latin America

a. Brazil
b. Rest of LATAM

• Middle East & Africa

a. Saudi Arabia
b. UAE
c. South Africa
d. Israel
e. Rest of MEA

Explore Related Reports by Emergen Research:

Blockchain in automotive and aerospace and aviation market is expected to register a revenue CAGR of 66.5, Market revenue growth is expected to be driven by factors such as rising demand for better security and privacy and increasing need for reducing transaction costs and immutability in blockchain.

The global aerospace plastic market size reached USD 17.93 Billion in 2020 and is expected to reach USD 32.04 Billion in 2028 registering a CAGR of 7.7%. Aerospace plastic industry report classifies global market by share, trend, growth and on the basis of material type, applications, aircraft type, and region.

3D printing market size was valued at USD 10.71 Billion in 2019 and is anticipated to reach USD 28.23 Billion by 2027 at a CAGR of 13.7%. Tereolithography (SLA) technology segment dominated the 3D Printing market with USD 2.02 Billion in the year 2019.

Metamaterials market size was valued at USD 658.3 million in 2019 and is anticipated to reach USD 3.61 billion by 2027 at a CAGR of 23.6%.

Carbon nanotube market size was valued at USD 5,280.0 Million in 2019 and is forecasted to reach USD 16.22 Billion by 2027 at a CAGR of 14.9%. The carbon nanotubes find widespread application in automotive, mostly in fuel component systems, to improve fuel efficiency.

Global smart manufacturing market size was valued at USD 200.98 Billion in 2019 and is forecasted to reach USD 484.97 Billion by 2027 at a CAGR of 12.3%. Smart manufacturing report classifies global market by share, trend, and on the basis of information technology, enabling technology, industry, and region

About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com 
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com 
Explore Our Custom Intelligence services | Growth Consulting Services 
Facebook | LinkedIn | Twitter | Blogs 
Read Full Press Release@ https://www.emergenresearch.com/press-release/global-aerospace-materials-market

Logo: https://mma.prnewswire.com/media/1579538/Emergen_Research_Logo.jpg