VANCOUVER, BC, December 30, 2021 / PRNewswire / – The size of the global aerospace materials market was $ 22.83 billion in 2020 and is expected to increase significantly over the forecast period. The growing emphasis on improving the energy efficiency of aircraft, increasing passenger air traffic, increasing investment in research and development of new aerospace materials, technological advancements and increasing Defense spending for new fighter jets are some of the key factors driving the market revenue growth.
Engines: growing demand for new aircraft
One of the major drivers of revenue growth in the global aerospace materials market is increasing demand for new aircraft. According to the International Civil Aviation Organization, more than 43,000 new planes would be produced for use by commercial airlines between 2020 and 2039, thanks to completely new design configurations for planes such as the wing with legs force, double bubble fuselage, mixed wing body and square wing aircraft to significantly improve fuel efficiency and reduce weight and carbon footprint. Recent developments have made it possible to design small mixed wings with a capacity of 100 to 200 seats. In addition, the growing demand for electric and hybrid powered aircraft is driving the demand for lightweight aerospace materials.
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Constraints: High cost of lightweight aerospace materials
Lightweight aerospace materials offer significant weight reduction benefits, but at a higher cost. For example, the high strength steel used in airplanes offers a weight reduction of about 20.0% compared to steel at a higher cost of about 15.0%, and aluminum is about 30.0% more expensive than steel, but offers 40.0% weight reduction. In addition, carbon fiber, which offers a very strong reduction in the weight of the aircraft, is very prohibitively expensive, and therefore its penetration in the market is limited.
The global aerospace materials market size is expected to reach $ 37.36 billion and record a CAGR revenue of 6.3% in 2028, attributed to strict air pollution control laws and regulations, the growing emphasis on the concept of green aviation by aircraft manufacturers and airlines, and increase in the disposable income of consumers, especially in developing countries. Additionally, growing cross-border tensions are supporting demand for fighter jets, which in turn are fueling market growth.
Direct impacts of COVID-19
The aerospace materials market has been significantly affected by the COVID-19 pandemic due to imposed lockdowns and supply chain restrictions and disruptions. These activities have seriously hampered the activities related to the supply of raw materials for the production of aerospace materials. In addition, the shutdown of aircraft production, mainly due to the large losses suffered by airlines during the pandemic due to air travel restrictions, has resulted in a major slowdown in market revenue growth.
Current trends and innovations
Integrating sensing devices into the aircraft body is integral to the growth of the Internet of Things (IoT) in the aviation industry. Several aerospace materials suppliers are emphasizing the production of intelligent composite materials by incorporating sensors into the materials being produced. For example, advanced fibers such as microfibrillated cellulose and nanocellulose have a very small fiber diameter, allowing the implantation of Bragg grating sensors to measure internal stress. This technology helps detect any damage to material near the sensor. The use of smart composites in aircraft will improve aircraft safety by issuing alerts related to property damage.
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Europe Aerospace materials market revenue was significant in 2020, due to strict regulations associated with environmental pollution and CO2 such as the Air Quality Framework Directive 96/62 / EC. In addition, the presence of major aircraft manufacturers such as Airbus is expected to continue to support market revenue growth in the region.
In december 2020, Toray Advanced Composites has signed a supply contract with Joby Aviation to supply composite materials for use in the production of aircraft by Joby Aviation. In addition, the partnership would help Joby Aviation provide its consumers with affordable, fast and emissions-free carpooling via the airways.
Some highlights of the report
- Among the material type segments, the superalloy segment revenue is expected to register the fastest growth rate during the forecast period. Superalloys have exceptional heat resistance characteristics and retain strength, stiffness and dimensional stability at elevated temperatures compared to other aerospace structural materials. In addition, this type of material has good resistance to oxidation and corrosion and is therefore suitable for use in jet engines.
- Plastics are in high demand for the production of aircraft interiors. Plastics are effective in reducing the body weight of airplanes, thereby increasing passenger and cargo capacity.
- Composites exhibit high strength and can be designed to provide high stiffness in a particular direction. High-strength composite materials are essential for aircraft structural components, including wings, floor beams, and stabilizers.
- Some major companies in the market report include Alcoa Corporation, Huntsman International LLC, DuPont, Constellium NV, Teijin Ltd., Kobe Steel Ltd., Solvay Ltd., Hexcel Corporation, SABIC, and Materion Corporation.
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Emergen Research has segmented the Global Aerospace Materials Market Based on Material Type, Application, Aircraft Type and Region:
- Material Type Outlook (Revenue, USD Billion; 2018-2028)
- Aluminum alloys
- Titanium alloys
- Steel alloys
- Super alloys
- Composite materials
- Application Outlook (Revenue, USD Billion; 2018-2028)
- Structural framework
- Cabin interiors
- Propulsion system
- Aircraft Type Outlook (Revenue, USD Billion; 2018-2028)
- Commercial aircraft
- Military planes
- General and business aircraft
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
h. Rest of Europe
D. South Korea
e. Rest of APAC
b. Rest of LATAM
a. Saudi Arabia
b. United Arab Emirates
vs. South Africa
e. Rest of the MEA
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