Aerospace Materials Market Future Set To Significant Growth With High CAGR Value 2023

Market Overview:
The Global Aerospace Materials market was valued at USD 17.50 billion in 2021 and is expected to reach USD 26.66 billion by the year 2028, at a CAGR of 6.2%.

Materials used by aircraft OEMs and component manufacturers to produce different aircraft parts are referred to as aerospace materials. The materials used in the design of airplanes have been evolving continually. While modern airliners are primarily made of aluminum with some steel construction, earlier flights were primarily constructed of spruce and ash wood with muslin covering the wings. When compared to other composites, aluminum is comparatively inexpensive, thin, technically advanced in terms of alloying and forming, and provides the airplane with useful aerodynamic features. Composite materials in aerospace are applied primarily owing to they have a higher strength-to-weight ratio than metals. Hence, they help inefficient application of fuel to enable the decline of harmful fuel emissions into the atmosphere.

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Market Dynamics:
Driver:
The demand for commercial air travel, which is rapidly increasing, is expected to be the primary factor accelerating market growth for aerospace materials. The demand for next-generation materials in production is changing due to the demand for stronger, lighter, safer, more fuel-efficient, and lower-emission aircraft. The rise in orders and deliveries of new, wide-bodied commercial aircraft, the expansion of low-cost carriers, the rising demand for lighter, more fuel-efficient aircraft, and technological advancements in composite materials are some of the key factors driving the market growth.

Opportunities:
The need for larger planes is growing as more people use air travel. This need would benefit businesses that offer aviation supplies and other items required by the aviation sector. The rapidly growing aviation industry is the primary factor influencing the material requirements for aircraft. Low-cost airlines are expected to reduce their prices in the future, which will help the Aerospace Materials industry grow. Airlines like Emirates, Qatar Airways, and Etihad Airways are among the Middle East's biggest participants in commercial aviation, carrying the majority of passengers between Asia and Europe. As the number of people who travel by airline grows, so does the need for larger planes.

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Key Chapter Will Be Provided In The Report
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
• Company Profiling and Competitive Positioning
• Industry Value Chain Analysis
• Market Dynamics and Factors
• Porter's Five Forces Analysis
• Pestle Analysis
• SWOT Analysis

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Leading players of the Aerospace Materials Market
• Carpenter Technology Corporation (US)
• Constellium SE (France)
• Rio Tinto Group (UK)
• Toray Industries Inc. (Japan)
• Alcoa Corporation (US)
• Teijin Limited (Japan)
• Arconic Inc. (the US)
• Allegheny Technologies Incorporated (US)
• ATI Metals (US)
• Kaiser Aluminum (US)
• VSMPO-AVISMA Corporation (Russia)
• Kobe Steel Ltd. (Japan)
• TIMET (Berkshire Hathaway Inc.) (US)
• DuPont de Nemours Inc. (the US)
• and others Major Players.

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Segmentation of the Aerospace Materials Market
By Type
• Steel Alloys
• Titanium Alloys
• Aluminum Alloys
• Super Alloys
• Plastics
• Others

By Aircraft Type
• Commercial Aircraft
• Business & General Aviation
• Military Aircraft
• Helicopters
• Rotorcrafts
• Others

By Application
• Structural Frames
• Cabin Interiors
• Propulsion System
• Others

Regional Analysis of Aerospace Materials Market:
The North American region is expected to dominate the aerospace materials market over the forecast period. The US represents the maximum market for aerospace materials, primarily owing to significant research and development investments by the government in the aerospace sector, the presence of various major aircraft manufacturers such as Carpenter Technology Corporation (US), Allegheny Technologies Incorporated (US), ATI Metals (US), and others, also the adoption of different growth strategies, such as developments and mergers and accession by leading market participants.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

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Key Industry Developments In The Aerospace Materials Market
In December 2020, Toray Industries, Inc. (Japan) signed an agreement with Joby Aviation to supply composite materials for the application in aircraft production by Joby Aviation. Also, the collaboration would help Joby Aviation in providing affordable, fact, and zero emissions ridesharing via airway to its consumer.

In January 2021, Thyssenkrupp Aerospace agreed to three years materials supply with South Korean aircraft manufacturer, Korean Aerospace Industries (KAI). According to the contract, Thyssenkrupp Aerospace will provide materials for the KAI's military and civilian aircraft program and also manage the supply chain.

Table of Content:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Growth Opportunities By Segment
Chapter 4: Market Landscape
Chapter 5: Aerospace Materials Market by Type
Chapter 6: Aerospace Materials Market by Aircraft Type
Chapter 7: Aerospace Materials Market by Application
Chapter 8: Company Profiles and Competitive Analysis
Chapter 9: Global Aerospace Materials Market Analysis, Insights and Forecast, 2016-2028
Chapter 10: North America Aerospace Materials Market Analysis, Insights and Forecast, 2016-2028
Chapter 11: Europe Aerospace Materials Market Analysis, Insights and Forecast, 2016-2028
Chapter 12: Asia-Pacific Aerospace Materials Market Analysis, Insights and Forecast, 2016-2028
Chapter 13: Middle East & Africa Aerospace Materials Market Analysis, Insights and Forecast, 2016-2028
Chapter 14: South America Aerospace Materials Market Analysis, Insights and Forecast, 2016-2028
Chapter 15 Investment Analysis
Chapter 16 Analyst Viewpoint and Conclusion

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