Global Aerospace Materials Market Takes Flight, Predicted to Reach $25.69 Billion by 2027

LANDON, GREATER LANDON, UK, November 14, 2023 /EINPresswire.com/ -- The market size for aerospace materials market is set to ascend from $19.68 billion in 2022 to $20.46 billion in 2023, registering a commendable compound annual growth rate (CAGR) of 3.9%. The market is poised for substantial growth, reaching $25.69 billion by 2027 at a CAGR of 5.9%.

Driving Force: Demand for Lightweight and Fuel-Efficient Aircraft

The increasing demand for lightweight and fuel-efficient aircraft emerges as a primary driver propelling the growth of the aerospace materials market. Stringent pollution control standards necessitate fuel-efficient aircraft, driving the demand for lightweight materials. Aerospace materials, characterized by lower weight and superior strength compared to traditional metals, contribute to weight reduction in aircraft. This, in turn, aids in meeting emission limits and enhances overall fuel efficiency. For example, the HondaJet, a light business jet, became the world's best-selling light aircraft for the fourth consecutive year, recording 31 deliveries in 2020. The rising demand for lightweight and fuel-efficient aircraft is a key contributor to the growth of the aerospace materials market.

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Major Players Leading the Way

Major players shaping the trajectory of the aerospace materials market include Toray Industries, Inc., DuPont de Nemours, Inc., Aleris International, Hexcel Corporation, Alcoa Corporation, Koninklijke Ten Cate BV, Arkema S.A., Cytec Solvay Group, Arconic Inc., SABIC, NOVELIS, Gurit, Constellium N.V, Cytec Solvay Group, WS Atkins plc, Teijin Limited, and Hyosung Advanced Materials.

Emerging Trend: Development of Carbon Fiber Composites

An emerging trend in the aerospace materials market is the development of carbon fiber composites for various aerospace structures and parts. Carbon fiber, known for its lightweight, durable, corrosion-resistant, and temperature-resistant properties, is gaining traction in the aerospace industry. Manufacturers are focusing on carbon fiber structures for diverse aerospace applications. Notably, in August 2021, Markforged introduced Onyx FR-A and Carbon Fiber FR-A based on fiber reinforcement technology, providing lightweight, fuel-efficient solutions for various aircraft interior components.

Market Segments
The global aerospace materials market showcases precise segmentation:

• By Type: Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composites
• By Aircraft Type: Commercial Aircraft, Business and General Aviation, Civil Helicopters, Military
• By Application: Aero Structure, Components, Cabin Interiors, Propulsion System, Equipment, System, and Support, Satellites, Construction and Insulation Components

Region Insights: Europe Takes the Lead

In 2022, Europe claimed the top spot as the largest region in the aerospace materials market. The comprehensive market analysis report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Aerospace Materials Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Aerospace Materials Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on aerospace manufacturing market size, aerospace materials market drivers and trends, aerospace materials market major players, competitors' revenues, market positioning, and market growth across geographies.The aerospace materials market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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