Aerospace Materials Market Expected to Reach $6,518.5 Million by 2026

According to a new report published by Allied Market Research titled, "Aerospace Materials Market by Type, Application, and Type of Aircraft: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global aerospace materials market accounted for revenue of $3,950 million in 2018, and is anticipated to generate $6,518.5 million by 2026, registering a CAGR of 6.5% from 2019 to 2026.

Aerospace materials comprise composites based on fiber-reinforced concrete; plastics such as PEEK, PMMA, and PPS; and metals such as steel and titanium. They offer enhanced properties such as high tensile strength, high temperature tolerance, and enhanced transparency. Thus, manufacturers are replacing conventional metals by enhanced materials such as advanced plastic composites and metals & alloys.
The growth of the global aerospace materials market is driven by increase in demand for lightweight and fuel-efficient aircrafts. In addition, rise in spending power and air passenger traffic leads to growth in fleet sizes. Moreover, introduction of new domestic and international routes acts as a major driver of the market. Furthermore, the key factor predicted to lead to the market growth is rise in fuel costs, thus making aircraft more efficient. However, complex designing of composites and plastics structures is hampering the aerospace materials market growth. In addition, implementation of stringent regulations on production of petro-based products and carbon fibers restricts the availability of high-grade materials, thereby hampering the growth of the global market. Conversely, the market offers tremendous opportunity owing to development of the commercial aviation sector in emerging economies.

The aerospace materials market is segmented into type, application, type of aircraft, and region. Depending on type, the market is categorized into composites, metals, and plastics. The composite segment garners the largest share in the type segment. The composite segment is further classified into resins and fiber. The fiber segment is subdivided into glass fiber-based, carbon fiber-based, and aramid fiber-based. The resin segment is segregated into epoxy, phenolic, polyester, thermoplastics, polyimides, and others. The metal segment is subsegmented into steel, aluminum, and titanium. The plastics segment is subclassified into PEEK, PMMA, ABS, PC, PPS, and others. The applications covered in the study include interior and exterior. The interior segment is further fragmented into passenger seating, galley, interior panels, and others. The exterior segment is further divided into propulsion systems, airframe, tail & fin, and windows & windshields. The exterior segment garners highest market share in terms of revenue in 2018. On the basis of type of aircraft, the market is categorized into commercial, military, rotorcraft, and space. Commercial segments is highest share gainer, and is expected to grow at higher CAGR owing to its increased demand from emerging economies. Region wise, the aerospace materials market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. In 2018, North America dominates the market, however, Asia-Pacific is expected to grow at a significant CAGR during the forecast period. 

The key players operating in the aerospace materials market industry are Mitsubishi Chemical Holdings Corporation, PPG Industries Inc., DuPont, Solvay, SABIC, Sumitomo Bakelite Co. Ltd., Toray Industries Inc., Röchling, Hexcel Corporation, and SGL Carbon. These players adopted several strategies such as new product launch, agreement, acquisition, partnership, and expansion to sustain the intense competition in the market. Acquisition was the most adopted strategy by major companies. 

Key Findings of the Study:

• Italy is projected to grow at the highest CAGR of approximately 8.3%, in terms of revenue, during the forecast period.
• By type of aircraft, the space segment is anticipated to grow with CAGR 8.2%, in terms of revenue, during the forecast period.
• The U.S. and UK dominated the market with highest revenue shares in 2018.
• A comprehensive analysis of the factors that drive and restrain the market growth is provided.
• The qualitative data in this report aims at the market dynamics, trends, and developments in the industry.