AEROSPACE MATERIALS MARKET TO REACH USD 32.4 BILLION BY 2027 | CAGR 6.0% – FORENCIS RESEARCH

Global Aerospace Materials Market: Key Highlights

• According to the new market research report “Global Aerospace Materials Market by Type (Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys, and Composite Materials), Aircraft Type (Commercial Aircraft, Business & General Aviation, Helicopters), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)”, the global Aerospace Material market is estimated to reach USD 32.4 Billion by 2027 at a CAGR of around 6.0% during the review period.
• Aerospace materials are materials that are deployed for various aerospace purposes, as they offer enhanced properties such as high tensile strength, superior temperature tolerance, enhanced transparency, and hard surface
• The aerospace manufacturers are shifting their preference toward materials such as advanced plastics, carbon or glass-based fiber composites in the construction of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings, thereby replacing conventional metals
• Due to its incredible state of the art, lightweight, and affordable nature, aluminium was the most commonly used material in the early stage of the aerospace sector 

Global Aerospace Material Market: Key Market Dynamics

• Rising funds in defence sector in various countries across the globe is the major driving factor
• Demand for reducing weight for increasing fuel efficiency is flourishing the market growth
• Growing numbers of commercial aircraft drive the market growth
• However, complex requirement due to fewer material options hampers the market growth

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Global Aerospace Materials Market: Regional Overview

• North America

North America holds the largest share of the global aerospace materials market and is expected to maintain its dominance throughout the forecast period owing to the presence of a large number of aircraft manufacturers. The high demand for aerospace materials is primarily due to the presence of top aircraft manufacturers such as Boeing, Lockheed Martin, and others in the region.

• Asia-Pacific

Asia-Pacific is expected to be the fastest-growing regional market primarily led by the growing aerospace industry in China, India, and ASEAN countries. According to the International Air Transport Association (IATA), Asia-Pacific accounted for 36.3% share of the global air transport passengers in 2017 and is likely to be witness significant growth in the foreseen period driven by increasing consumer preference for air travel in the countries such as China, Japan, India, Indonesia, and Thailand.

Global Aerospace Materials Market: Key Players Overview

• Mitsubishi Chemical Holdings Corporation.:

Mitsubishi Chemical Holdings Corporation is a Japanese company formed in October 2005 from the merger of Mitsubishi Chemical Corporation and Mitsubishi Pharma Corporation. The company is based in Tokyo and is managed by Hitoshi Ochi. The company operates through major business segments, i.e., Performance Products, Chemicals, industrial gases, and healthcare. The company has more than 54,111 employees across the globe.

• Toray Industries, Inc

Toray Industries, Inc. is a multinational corporation headquartered in Japan that specializes in industrial products centered on technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. Its founding business areas were fibers and textiles, as well as plastics and chemicals.  

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