The Global Aerospace Materials Market is projected to reach a value of over USD 32.4 billion by 2027 at a CAGR of around 6.0%.
Aerospace materials are metal alloys which have acquired a popularity for the aerospace industry or have been created. These materials should have various properties such as strength, thermal resistance, and lightweight characteristics. In addition, strength to prevent corrosion and fatigue resistance is the characteristics that these materials must-have. Moreover, owing to its incredible state of the art, lightweight, and affordable nature, aluminum was the most commonly used material in the early stage of the aerospace manufacturing sector.
Market Driver:
The defense sector has sustained its growth in 2019 as security threats have intensified, requiring governments worldwide to continue increasing their defense budgets. Defense expenditure is expected to grow between 3 and 4% in 2020 to reach an estimated US$1.9 trillion, as governments worldwide continue to modernize and recapitalize their militaries. Most of the growth will likely be driven by increased defense spending in the United States, as well as in other regions, such as China and India. Therefore, these factors are indirectly spurring the growth of the aerospace materials market.
Market Opportunities:
The Aerospace materials market, which creates opportunities for small- & mid-sized companies to invest in this market. As the diversified players that dominate the aerospace industry have limited presence, stakeholders are planning to invest and expand their business by innovating new products. Thus, small and medium enterprises (SMEs) can take advantage of premium-priced aerospace materials.
The evolution and development of advanced materials and growing safety concerns are driving the need for the development of globally harmonized regulations and standards. The SAE International and the National Center for Advanced Materials Performance (NCAMP) have collaborated to develop globally harmonized aircraft materials and process specifications for advanced materials. In addition, in 2019, AZoNetwork launched a new generation technology Greene Tweed’s Fusion FKM 665. It has an ultra-low temperature and is a chemical resistant elastomer. It was manufactured to meet the demands of Aerospace Material Specification (AMS) 7379 and AMS-P-83461. Its low temperature does not compromise with the high performance of aircraft. This launch had expanded the product portfolio of the company.
The report on the Aerospace Materials market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
|
Report Features |
Specifics |
|---|---|
|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
|
Base Year for Market Calculation |
2020 |
|
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
|
Measured Units |
Value (USD Million) and Volume (Kiloton) |
|
Segments Included |
Type, Aircraft Type, and Region |
|
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
Key Companies Covered
For the scope of the report, In-depth segmentation is offered by Forencis Research
Aerospace Materials Market, by Type
Aerospace Materials Market, by Aircraft Type
Aerospace Materials Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE AEROSPACE MATERIALS MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
