Aerospace Materials Market Gaining Momentum with Positive External Factors

Factors such as the growing demand for lightweight and fuel-efficient aircraft, increased air passenger traffic, especially in Asia-Pacific.

WILMINGTON, DELAWARE, UNITED STATES, February 23, 2024 /EINPresswire.com/ — The aerospace materials industry saw $3.95 billion in revenue in 2018, a number that is projected to reach $6.51 billion by 2026, marking a 6.5% Compound Annual Growth Rate (CAGR) from 2019 to 2026. The report provides an exhaustive analysis of driving factors, changing market trends, the competitive landscape, key market segments, and market size and estimations.

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Factors such as the growing demand for lightweight and fuel-efficient aircraft, increased air passenger traffic, especially in Asia-Pacific, and a rise in the demand for new aircraft are driving the growth of the global aerospace materials market. However, the limited availability of options to design complex structures acts as an impediment to market growth. Conversely, the rise in demand for commercial aircraft in emerging markets presents lucrative opportunities in the market.

The aerospace materials market is divided into composites, metals, and plastics. The composites segment contributed more than three-fourths of the total revenue of the global aerospace materials market in 2018 and is expected to continue leading throughout the forecast period. Moreover, this segment is projected to grow the fastest, with a CAGR of 6.9% from 2019 to 2026.

Based on the type of aircraft, the market is segmented into commercial, military, rotorcraft, and space. The commercial segment held the largest market share, accounting for over half of the total market share in 2018 and is expected to maintain its dominance during the forecast period. The space segment is expected to grow at the highest CAGR of 8.2% from 2019 to 2026.

Regionally, 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 expected to grow at the fastest CAGR of 7.1% from 2019 to 2026.

Major market players include DuPont, Mitsubishi Chemical Holdings Corporation, Sumitomo Bakelite Co. Ltd, Toray Industries Inc., PPG Industries Inc., Solvay, SABIC, Hexcel Corporation, SGL Carbon, and Röchling.

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