Aerospace & Defense Materials Market Expected Growth Opportunities Forecast by 2027, Fortune Business Insights™
The global aerospace
& defense materials market size is projected to reach USD
23,825.45 million by 2027, exhibiting a CAGR of 4.21% during the forecast
period. Growing number of air passengers worldwide will steadily expand the
market, shares Fortune Business Insights™ in its new report, titled “Aerospace & Defense Materials Market
Size, Share & Industry Analysis, By Materials (Titanium Alloys, Aluminum
Alloys, Composites, Super Alloys, Steel and Others), By Aircraft (Commercial,
Military, Business & General Aviation and Others) and Regional Forecast,
2020-2027”. According to the International Air Transport Association
(IATA), the demand for air travel rose by 7.4% in 2018 from 2017 levels. Air
passengers accounted for 81.9% of the load factor on aircrafts, while freight
load was 49.3%, the IATA data reveals. Rising deployment of airplanes for
passenger and cargo transport necessitates the utilization of efficient
materials in building aircraft components. Any laxity shown in the quality of
materials used will endanger the lives of thousands of passengers and put at
risk highly valuable cargo. Thus, increasing air travel has escalated the
demand for next-gen aerospace & defense materials.
The report states that the market
value was at USD 18,411.83 million in 2019 and is projected to reach USD
23,825.45 million by 2027, exhibiting a CAGR of 4.21% during the forecast
period
COVID-19
Impact on the Market:
The COVID-19 pandemic has created
turmoil in the global economy. One of the worst-hit industries by this pandemic
is the aerospace & defense industry, with lockdowns and trade restrictions
choking supply-chains worldwide. In order to provide businesses with a detailed
impact analysis of this crisis on this market, we at Fortune Business Insights™
are offering comprehensive market research reports, developed by our expert and
experienced research team. To know more, click here.
The report states that the market
value and The other highlights of the report include:
·
In-depth evaluation of the market trends,
drivers, and restraints;
·
Detailed examination of the different market
segments;
·
Careful study of the regional and competitive
developments influencing the market growth; and
·
Panoramic overview of the overall industry
outlook.
Browse
Summary of This Research:
https://www.fortunebusinessinsights.com/aerospace-defense-materials-market-102980
Market
Driver
Rising
Adoption of Carbon Fiber Composites to Feed Market Growth
The aerospace & defense materials market growth is slated to
accelerate as airliners expand application of carbon fiber composites in their
aircraft fleet. Carbon fiber is known for its excellent lightweight and
enhanced durability properties, which make aircrafts more fuel-efficient.
Moreover, composites of this material are resistant to fatigue and corrosion,
which lowers maintenance costs of components. For example, Airbus tested the
new carbon fiber wings on its advanced A350 XWB in 2014 and found that the
wings displayed greater flex, strength, and rigidity compared its aluminum
predecessors. A more recent example is the introduction Sigrafil, a novel
carbon fiber with a high Young’s modulus developed by SGL Group, designed for
use in aerospace applications.
Regional
Analysis
North
America to Hold Lion’s Share in the Market Backed by Surging Commercial
Aircraft Production
North America, especially the US, has a robust domestic air
transport industry, with the country registering the second-highest passenger
journeys in 2018, as per IATA statistics. This, coupled with massive spending
on military aircrafts, will enable the region to dominate the aerospace &
defense materials market share in the coming years. The market size in North
America in 2019 was at USD 9,878.83 million.
In Europe, the market growth is based on France’s capacity to
produce large volumes of commercial as well as military aircrafts. The market
in Asia-Pacific is set to rise on the shoulders of the increasing investments
by India and China in enhancing their indigenous aircraft manufacturing and
development capabilities.
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Sample PDF Brochure:
Competitive
Landscape
COVID-19
Outbreak to Create Temporary Setbacks for Players
The coronavirus contagion has massively disrupted global
supply-chains, forcing players in this market to temporarily contracts and
agreements to wade through the crisis successfully. Prior to this pandemic,
some of the key players had acquired or merged with other companies to expand
their presence in the market and open new revenue streams.
Industry
Developments:
·
April
2020: Hexcel Corporation and Woodward, Inc. announced the mutual
termination of their agreement to merge the two companies, which was signed in
January 2020. But the two parties have now decided to end it due to the
COVID-19 pandemic, which has compelled both the companies to secure their place
in the aerospace & defense industry by focusing on their businesses.
·
August
2019: Japan-based Teijin Limited successfully completed its acquisition
of all shares of the US-based Renegade Materials Corporation. The acquisition
will allow Teijin to strengthen its production capacity for high-temperature
prepreg materials, which are used to make engine parts for next-gen airplanes.
List of
Companies Profiled in the Aerospace & Defense Materials Market Report:
·
Teijin Ltd. (Renegade Materials Corp.) (Japan)
·
Koninklijke
Ten Cate BV (Netherlands)
·
TATA
Advanced Materials Limited. (India)
·
Toray
Composite Materials America, Inc. (US)
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