The Aerospace & Defense Materials Market Research analysis presents estimations of growth, size, and projections for each market segment, accompanied by trends and forecasts based on revenue (in USD million). This report encompasses historical, current, and prospective analyses and appraisals for the Aerospace & Defense Materials Market. The global aerospace & defense materials market size stood at USD 18,411.83 million in 2019 and is projected to reach USD 23,825.45 million by 2027, growing at a CAGR of 4.21% during the forecast period.
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.
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”.
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 aircraft more fuel-efficient. Moreover, composites of this material are resistant to fatigue and corrosion, which lowers the 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 to its aluminum predecessors. A more recent example is the introduction of 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 aircraft, 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 aircraft. 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
Source-https://www.fortunebusinessinsights.com/aerospace-defense-materials-market-102980
Market Scope of the Report:
The market estimates presented in the report result from a comprehensive research approach involving various research channels such as primary research, secondary research, and subject-matter expert consultations. These market estimates consider the influence of existing market dynamics and a range of economic, social, and political factors on the Aerospace & Defense Materials Market. Additionally, the market data is shaped by regulations, government expenditures, and advancements in research and development. Both positive and negative market changes are factored into these estimations.
Market Segmentation:
The study offers detailed segmentation of the global Aerospace & Defense Materials market based on Type, End User, and region. The report provides in-depth discussions of these segments and their sub-divisions, supported by tables and figures. Market players and investors can strategize their approaches based on the high-revenue and rapidly growing segments highlighted in the report.
Research Approach:
The report incorporates primary information collected directly from key stakeholders through quantitative and qualitative analyses utilizing the Porter Five Force model’s parameters. The report emphasizes macroeconomic indicators, trends within the parent market, and growth drivers. A comprehensive understanding of the market is achieved through both primary and secondary research. Rigorous checks were performed on the data used in the report to ensure its authenticity and quality. The credibility of evaluations and market segments is established using both bottom-up and top-down methodologies.
Key Inquiries Addressed in the Aerospace & Defense Materials Market:
What is the global market size for the Aerospace & Defense Materials market?
Which screen size is most preferred by Aerospace & Defense Materials consumers?
What distribution channel is preferred by Aerospace & Defense Materials manufacturers?
Which age group is the target for Aerospace & Defense Materials manufacturers?
What factors drive or hinder market growth, and how do these factors impact the market?
How do regulations affect the growth of the Aerospace & Defense Materials market?
Which region or country leads in market growth?
How will emerging Aerospace & Defense Materials markets perform in the coming years, and how will consumption patterns evolve?
Who are the major players in the global Aerospace & Defense Materials market? What is their current market position? Who are the emerging players in this industry?