Aerospace Materials Market is expected to reach US$ 30.08 billion by 2026, expanding at a compound annual growth rate of about 7% from 2021 to 2026.
Aerospace materials refer to materials used by original equipment manufacturers (OEMs) and component manufacturers for the construction of various aircraft parts. The materials used in the design of aircraft have evolved continuously. Previous flights were mainly constructed of spruce and ash with muslin covering the wings, while today’s passenger aircraft are mostly made of aluminum with some steel structures. Aluminum is light, technically advanced in terms of formation and alloy, and has a relatively low cost, especially compared to other compounds; therefore, it offers efficient aerodynamic characteristics for the aircraft.
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Market growth and trends:
Souring Demand for Composites
The demand for aircraft is increasing worldwide, and the aerospace industry aims to introduce innovative solutions to improve manufacturing times and reduce costs. Manufacturers are focusing on composite solutions to meet the need to reduce weight and increase energy efficiency. Light compounds are required to mitigate traditional aluminum. The new generation of commercial airplanes and engines has a large number of critical composite structures, which will probably need a large number of adhesives and other materials. The use of thermoplastic compounds can reduce the weight of the support by up to 20%, as they help replace metal fasteners with adhesives. Each kilogram saved reduces fuel consumption and reduces operational costs and the ecological footprint of the aircraft. These factors are driving the demand for aerospace materials worldwide
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Growing demand for epoxy adhesives:
Epoxies have excellent resistance, do not produce volatile substances during hardening and have low shrinkage. However, they may have little resistance to peeling and flexibility and are fragile. Epoxy adhesives are available in one part, two parts and in the form of a film, and produce powerful, durable bonds with most materials. These are used to join aircraft structures and fuselage structures, such as structural components of the fuselage, fin and fin control surfaces, tail components, compound fairings, cargo liners, radomes, doors and landing gear floors.
Aerospace Materials Market Segmentation:
Depending on the type
• Aluminum Alloys
• Steel Alloys
• Titanium Alloys
• Superalloys
• Composite Materials
• Others
Of these, the aluminum alloys accounted for the dominant share in the global aerospace materials market in the review period and is foreseen to expand with a considerable CAGR in the forecast period. Nevertheless, the composite materials are predicted to develop exponentially in the coming years and may grab some of the aluminum alloy’s revenue share.
Depending on the type of aircraft:
• Military Aircrafts
• Commercial Airplanes
• Helicopters
• Business and General Aviation.
• Others
Among these, the commercial airplanes segment is projected to dominate the global aerospace materials business in the coming years with the rise in air passengers and demand for new aircraft.
Regional Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Geographically, North America aerospace materials market held the lion’s share in the global business in the previous years and likely to continue its reign in the foreseen years. The presence of key market players and a greater number of air travellers are primarily driving the industry growth in the North American market.
Key Market Players:
Few major competitors currently operating in the global aerospace materials market are Alcoa Corporation, Aleris Corporation, AMG Advanced Metallurgical Group, AMI Metals, Air Transport International, Inc., Avdel, Constellium, Solvay, DOW, Hexcel Corporation, Hindalco – Almex Aerospace Limited, Kaiser Aluminum, Kobe Steel, Ltd, Koninklijke Ten Cate bv., Lee Aerospace, Materion Corporation, PARK AEROSPACE CORP, Renegade Materials Corporation, SGL Carbon, TATA Advanced Materials Limited., and Sofitec Aero, SL.
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