The global Market for Aerospace Materials is projected to reach USD 25.80 billion by 2022, at a CAGR of 6.9% from 2017 to 2022. Growing demand from the aerospace industry for high-grade aerospace materials is driving the aerospace materials consumption, globally.
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The increase in demand for next-generation, lightweight, and fuel-efficient aircraft is expected to be the major driver for the aerospace materials market in the near future. The aerospace industry has witnessed many changes in materials used for building aircraft. The introduction of new aircraft building materials has changed the industry significantly.
Presently, aircraft manufacturers use a high percentage of composite materials in new generation aircraft instead of metal and its alloys that were used previously. Composite materials offer several advantages, such as low weight and high strength-to-weight ratio, which help manufacture lightweight and fuel-efficient aircraft. The use of these materials also increases the manufacturing productivity (processing speeds). This is expected to fuel the growth of the aerospace materials market globally.
Commercial aircraft, military aircraft, civil helicopters, business & general aviation, and others are the aircraft type considered for the aerospace materials market report. Of these, the commercial aircraft segment was the largest aircraft type segment in 2016. Boeing Inc. (U.S.), the market leader in commercial aircraft manufacturing, is to deliver around 36,770 new aircraft in the next 20 years.
Strong economic growth in the emerging countries of Asia-Pacific and South America and the increase in air traffic and number of low-cost operators in these regions are also the major growth factors for the commercial aircraft segment.
Aluminum alloys, steel alloys, titanium alloys, super alloys, composite materials, and others are the types of the aerospace materials market. Composite materials is the fastest-growing segment, due to the rising demand for lightweight and fuel-efficient aircraft.
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Composites offer several advantages over traditional materials, such as low weight, increased manufacturing productivity (processing speeds), lower VOC emissions, and better corrosion resistance, among others. Increasing applications in new generation aircraft and rising environmental concerns offer significant growth opportunities for composites in the aircraft manufacturing industry.
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