“Composite Materials Aluminum Alloys Aerospace Materials Market : Rising demand for lightweight and durable materials.”
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 including the 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 prevailing and future platforms, with the ability of composite materials becoming more superior and suited to applications across the entire aircraft manufacturing ecosystem.
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.
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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.
- Key participants include Toray Industries, Solvay, Hexcel, Royal Ten Cate, Teijin, Renegade Materials, Owens Corning, Materion, Mitsubishi Rayon, SGL Group.
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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
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
The Composite Materials Aluminum Alloys Aerospace Materials market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Composite Materials Aluminum Alloys Aerospace Materials market.
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Frequently Asked Questions Addressed in the Report:
- What is the estimated market revenue growth over the forecast period?
- What are the major factors driving the global Composite Materials Aluminum Alloys Aerospace Materials market revenue growth?
- Which regional market is expected to account for the largest revenue share in the global Composite Materials Aluminum Alloys Aerospace Materials market over the forecast years?
- Which are the leading players in the global Composite Materials Aluminum Alloys Aerospace Materials market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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