Aerospace Materials Market Size to Reach USD 37.36 Billion in 2028 | Rising Demand for New Aircraft and Increase in Defense Spending for New Fighter Planes are Significant Factor Driving Industry Growth, says Emergen Research

Aerospace Materials Market Size to Reach USD 37.36 Billion in 2028 | Rising Demand for New Aircraft and Increase in Defense Spending for New Fighter Planes are Significant Factor Driving Industry Growth, says Emergen Research

PR Newswire

VANCOUVER, BC, Dec. 30, 2021

VANCOUVER, BC, Dec. 30, 2021 /PRNewswire/ -- The global aerospace materials market size was USD 22.83 Billion in 2020 and is expected to increase significantly over the forecast period. Rising focus on improving aircraft fuel-efficiency, rising air passenger traffic, increasing investment in research & development of novel aerospace materials, advancements in technology, and increase in defense spending for new fighter planes are some key factors driving market revenue growth.

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Drivers: Increasing demand for new aircraft

Increase in demand for new aircraft is among some of the primary factors driving revenue growth of the global aerospace materials market. According to the International Civil Aviation Organization, over 43,000 new aircraft would be produced for use by commercial airlines between 2020 and 2039, driven by completely new design configurations for aircraft such as strut-braced wing, double-bubble fuselage, blended wing body, and box-wing aircraft to significantly improve fuel-efficiency and reduce weight and carbon footprint. Recent developments have made it possible to design small blended wing bodies with capacity of 100 to 200 seats. In addition, rising demand for electric and hybrid propulsion aircraft is propelling demand for lightweight aerospace materials.

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Restraints: High cost of lightweight aerospace materials

Lightweight aerospace materials provide significant weight reduction advantages, but at a higher cost. For example, high-strength steel used in aircraft delivers a weight reduction of around 20.0% as compared to steel at a higher cost of around 15.0%, and aluminum is around 30.0% costlier than steel, but delivers 40.0% weight reduction. In addition, carbon fiber, which offers very high reduction in aircraft weight, is very cost-prohibitive, and thus its penetration is restricted in the market.

Growth Projections

The global aerospace materials market size is expected to reach USD 37.36 Billion and register a revenue CAGR of 6.3% in 2028, attributed to stringent air pollution control regulations and laws, rising emphasis on green aviation concept by aircraft manufacturers and airlines, and increasing disposable income of consumers, especially in developing countries. Also, rising cross-border tensions are supporting demand for fighter aircrafts, which in turn, is fueling market growth.

COVID-19 Direct Impacts

Aerospace materials market has been affected substantially by the COVID-19 pandemic due to imposed lockdowns and restriction and disruption of supply chain. These severely hampered activities related to raw material procurement for aerospace material production. In addition, halt in aircraft production, primarily due to major losses suffered by airlines during the pandemic as a result of air travel restrictions, led to a major slowdown in market revenue growth.

Current Trends and Innovations

Incorporation of sensing devices into aircraft body is integral to growth of Internet of Things (IoT) in the aviation sector. Several aerospace material providers are emphasizing on production of smart composite materials by incorporating sensors into materials being produced. For example, advanced fibers such as micro-fibrillated cellulose and nanocellulose possess very low fiber diameter, enabling implanting of Fiber Bragg grating sensors to measure internal strain. This technology helps in detecting any damage caused to the material in sensor proximity. Using smart composites in aircraft will enhance aircraft safety by delivering alerts related to material damage.

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Geographical Outlook

Europe aerospace materials market revenue was significant large in 2020, owing to stringent regulations associated with environmental pollution and CO2 such as the Air Quality Framework Directive 96/62/EC. Also, presence of major aircraft manufacturers such as Airbus is expected to continue to support revenue growth of the market in the region.

Strategic Initiatives

In December 2020, Toray Advanced Composites signed a supply contract with Joby Aviation to provide composite materials for use in aircraft production by Joby Aviation.  Also, the partnership would aid Joby Aviation in providing affordable, fast, and zero-emissions ridesharing via airways to its consumers.

Some Key Highlights From the Report

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/aerospace-materials-market

Emergen Research has segmented the global aerospace materials market on the basis of material type, application, aircraft type, and region:

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a. U.S.
b. Canada
c. Mexico

a. Germany
b. U.K.
c. France
d. Italy
e. Spain
f. Sweden
g. BENELUX
h. Rest of Europe

a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC

a. Brazil
b. Rest of LATAM

a. Saudi Arabia
b. UAE
c. South Africa
d. Israel
e. Rest of MEA

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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