The global market for Aerospace Materials is projected to reach USD 25.80 billion by 2022, at a CAGR of 6.9% from 2017 to 2022. Growing demand from the aerospace industry for high-grade aerospace materials is driving the aerospace materials consumption, globally.
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The increase in demand for next-generation, lightweight, and fuel-efficient aircraft is expected to be the major driver for the aerospace materials market in the near future. The aerospace industry has witnessed many changes in materials used for building aircraft. The introduction of new aircraft building materials has changed the industry significantly.
Presently, aircraft manufacturers use a high percentage of composite materials in new generation aircraft instead of metal and its alloys that were used previously. Composite materials offer several advantages, such as low weight and high strength-to-weight ratio, which help manufacture lightweight and fuel-efficient aircraft. The use of these materials also increases the manufacturing productivity (processing speeds). This is expected to fuel the growth of the aerospace materials market globally.
Asia-Pacific is projected to be the fastest-growing Aerospace Materials Market owing to the rapid economic expansion in the region. India and Japan are attracting investors to set up production facilities because of the ease of availability of raw materials and labor at a lower price.
The increasing air traffic and number of low-cost carriers in the region have increased the demand for new aircraft in the region. Growing population and urbanization, along with growing industrial activities and per capita income, are some of the factors that are expected to drive the aerospace materials market in the Asia-Pacific region during the forecast period.
The aerospace materials market in India is projected to grow at the highest rate during the forecast period. Growing demand for aerospace materials from the aerospace industry is driving the aerospace materials market in India.
The Government of India is also involved in supporting manufacturing and supply of products related to the aerospace industry. Availability of raw materials, cheap labor, and increasing domestic consumption are the key factors fueling the growth of the aerospace materials market in the country.
Commercial aircraft, military aircraft, civil helicopters, business & general aviation, and others are the aircraft type considered for the aerospace materials market report. Of these, the commercial aircraft segment was the largest aircraft type segment in 2016.
Boeing Inc. (U.S.), the market leader in commercial aircraft manufacturing, is to deliver around 36,770 new aircraft in the next 20 years. Strong economic growth in the emerging countries of Asia-Pacific and South America and the increase in air traffic and number of low-cost operators in these regions are also the major growth factors for the commercial aircraft segment.
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