Aerospace Materials Market by Type

The global aerospace materials market is experiencing significant growth due to an increased demand for lightweight and fuel-efficient aircraft

WILMINGTON, DELAWARE, UNITED STATES, December 5, 2023 /EINPresswire.com/ -- The global aerospace materials market is experiencing significant growth due to an increased demand for lightweight and fuel-efficient aircraft, a surge in air passenger traffic in emerging regions like Asia-Pacific, and a rising need for new aircraft. The commercial segment, in particular, dominated the market in 2019, holding the largest share. In terms of regional distribution, Europe led in revenue in 2019.

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According to a comprehensive report, the aerospace materials industry generated $3.95 billion in 2018 and is anticipated to reach $6.51 billion by 2026, reflecting a compound annual growth rate (CAGR) of 6.5% from 2019 to 2026. The report offers a detailed analysis of market drivers, opportunities, evolving trends, competitive landscape, key segments, and market size estimations.

The market growth is propelled by the demand for fuel-efficient aircraft, increased air travel in emerging regions, and a heightened demand for new aircraft. However, the market faces challenges such as limited options for designing complex structures. On the flip side, the rise in demand for commercial aircraft in emerging economies, leading to increased aircraft production, presents lucrative opportunities for market growth.

The aerospace materials market is segmented by type, application, type of aircraft, and region. Composites, metals, and plastics are the primary types, with composites holding a significant share in revenue and expected to maintain a leading position with the fastest CAGR of 6.9% from 2019 to 2026.

Aircraft types are categorized into commercial, military, rotorcraft, and space. The commercial segment, representing over half of the market share in 2018, is expected to retain its dominance. Meanwhile, the space segment is projected to experience the highest CAGR of 8.2% from 2019 to 2026.

Regionally, Europe contributed the most significant share in terms of revenue in 2018, accounting for over one-third of the global aerospace materials market. It is expected to continue its dominance with the fastest CAGR of 7.1% from 2019 to 2026. Other analyzed regions include North America, Asia-Pacific, and LAMEA.

Major market players, including DuPont, Mitsubishi Chemical Holdings Corporation, Sumitomo Bakelite Co. Ltd, Toray Industries Inc., PPG Industries Inc., Solvay, SABIC, Hexcel Corporation, SGL Carbon, and Röchling, are thoroughly analyzed in the report.

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