Allied
Market Research published a report, titled, "Aerospace
Materials Market by
Type (Composite, Metal, and Plastic), Application (Interior and Exterior), and Type
of Aircraft (Commercial, Military, Rotorcraft, and Space): Global Opportunity
Analysis and Industry Forecast, 2019–2026." According to the
report, the global aerospace materials industry garnered $3.95
billion in 2018, and is estimated to reach $6.51 billion by
2026, growing at a CAGR of 6.5% from 2019 to 2026.
Prime determinants of growth
Surge
in demand for lightweight and fuel-efficient aircrafts, upsurge in air
passenger traffic in emerging regions such as Asia-Pacific, and increase
in demand for new aircraft drive the growth of the global aerospace materials
market. However, limited availability of options to design complex structures
hinders the market growth. On the other hand, increase in demand for commercial
aircraft in emerging countries that leads to increased production of aircrafts
provide numerous opportunities in the market.
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The composites segment to offer lucrative opportunities
Based
on type, the composites segment contributed to more than three-fourths of the
total share in terms of revenue of the global aerospace materials market in
2018, and is estimated to continue its lead position throughout the forecast
period. Moreover, this segment is estimated to register the fastest CAGR of
6.9% from 2019 to 2026. This is due to paradigm shift from metals to composite
materials in the aerospace industry as composites offer better chemical,
mechanical, and physical properties as compared to metals. The research also
analyzes segments including metals and plastics.
The commercial segment to maintain its leadership status during
the forecast period
Based
on type of aircraft, the commercial segment held the largest market share of
the global aerospace materials market, accounting for more than half of the
total market share in 2018, and will maintain its leadership status during the
forecast period. This is due to the shift from conventional metals to plastics
and composites in commercial aircrafts. However, the space segment is estimated
to grow at the highest CAGR of 8.2% from 2019 to 2026, owing to continuous
demand for heat resistant and lightweight materials.
Europe to grow fastest & contribute highest
revenue, North America to follow
Based
on region, Europe accounted for the highest share in terms of
revenue, contributing to more than one-third of the global aerospace materials
market in 2018, and is expected to maintain its dominant position by 2026.
Moreover, this region is estimated to grow at the fastest CAGR of 7.1% from
2019 to 2026, owing to huge concentration of aerospace manufacturers and
related parts & components market players. North America held the
second-highest position in the market in terms of revenue in 2018. The research
also analyzes Asia-Pacific and LAMEA.
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Leading market players
- Mitsubishi
Chemical Holdings Corporation
- PPG
Industries Inc.
- DuPont
- Solvay
- SABIC
- Sumitomo
Bakelite Co. Ltd.
- Toray
Industries Inc.
- Röchling
- Hexcel
Corporation
- SGL
Carbon
About Us
Allied
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