Manufacturers In The Aerospace Materials Market Focus On Developing Carbon Fiber Structures For Various Aerospace Applications As Per The Business Research Company's Aerospace Materials Global Market Report 2022
TBRC’s market research report covers aerospace materials market size, aerospace materials market forecasts, major aerospace materials companies and their market share, key strategies to undertake, and more.
LONDON, March 17, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the aerospace materials market, the development of carbon fiber composites for making various aerospace structures and parts is an emerging trend in the aerospace materials market. Carbon fiber is a material composed of carbon atoms arranged in long, thin crystals that can be molded with epoxy into practically any shape, even designs that are impossible to achieve with metals or without welding many sections together and creating weak points. Due to the lightweight, durable, corrosion, and temperature resistant properties of carbon fiber, manufacturers of aerospace materials are focused on developing carbon fiber structures for various aerospace applications. For instance, in December 2019, Solvay, a multi-specialty chemical company, and SGL Carbon, a global company involved in the development and production of carbon-based solutions, had signed a joint development agreement to bring the first composite materials based on large-tow intermediate modulus (IM) carbon fiber to market. These materials are based on SGL Carbon's large-tow IM carbon fiber and Solvay's primary structural resin systems and address the need to cut prices and CO2 emissions, as well as improve the manufacturing process and fuel efficiency of next-generation commercial aircraft.
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The global aerospace materials market size is expected to grow from $18.88 billion in 2021 to $20.20 billion in 2022 at a compound annual growth rate (CAGR) of 6.98%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The aerospace material market is expected to reach $26.60 billion in 2026 at a CAGR of 7.12%.
The increasing demand for lightweight and fuel-efficient aircraft will propel the growth of the aerospace raw materials market. The growing requirement for fuel-efficient aircraft to fulfill strict pollution control standards raised the demand for lightweight aircraft. Aerospace materials are lower in weight than traditional metals, yet have great strength, which helps to reduce the overall weight of aircraft and so aids in meeting emission limits and improving fuel efficiency. For instance, according to the General Aviation Manufacturer's Association, an aviation industry trade association, HondaJet, a light business jet produced by the Honda Aircraft Company, became the world's best-selling light aircraft for the fourth year in a straight, with 31 deliveries completed in 2020. In the second half of 2020, the company delivered 22 units, three more than in 2019.
Major players in the aerospace materials market are 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. (Alcoa Corp.), SABIC, NOVELIS, Gurit, Constellium N.V, Cytec Solvay Group, WS Atkins plc, Teijin Limited, and Hyosung Advanced Materials.
The global aerospace materials industry analysis is segmented by type into aluminum alloys, steel alloys, titanium alloys, super alloys, composites; by aircraft type into commercial aircraft, business and general aviation, civil helicopters, military; by application into aero structure, components, cabin interiors, propulsion system, equipment, system, and support, satellites, construction and insulation components.
Europe was the largest region in the aerospace materials market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Aerospace Materials Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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