“Aerospace materials are those materials used by the aircraft manufacturers and OEMs for building various aircraft parts. They use various materials such as aluminum alloys, steel alloys, titanium alloys, super alloys and composite materials. Composite materials in aerospace are used primarily because they have higher strength to weight ratio than metals. Thus, they help save a fuel thereby decreasing harmful fuel emissions into the atmosphere. The various types of aerospace composites that have been included in this report are: glass fiber reinforced plastics, carbon fiber reinforced plastics, metal matrix composites (MMC), aramid fiber composites, and ceramic matrix composites (CMC).
Among different aerospace materials types, aluminum alloys occupied the highest market share in terms of volume in 2013, whereas titanium alloys occupied highest market share in terms of value. Composite materials segment is the fastest-growing type due to growing consumption in commercial, business, and military aircrafts due to several advantages such as light weight, corrosion resistance, high heat resistance and higher strength to weight ratio. The rise in demand of fuel-efficient aircrafts and increasing air traffic in emerging economies due to robust economic growth are the two main drivers of the market. Decreasing defense spending is expected to result in decrease in the production of military aircrafts is expected inhibit the growth to some extent.
Region-wise, North America and Europe are leading the global market. Growth in Asia-Pacific is the highest owing rising demand for fuel efficient aircrafts and increasing demand for the business jets in the region. The growth is also aided by growing aircraft manufacturing industry in the region and expansion activities by some major aircraft manufacturers and OEMs in the region due cheaper raw material and labor prices. Due to the regionâs favorable prospects, several companies are expanding in Asian countries to benefit from the low-cost structures and growing local demand from the region aircraft building industry. Commercial aircrafts represents the largest application for aerospace composites. This could be owed to the two major OEMâs, Airbus and Boeing, who are leading commercial aircrafts market with around 60.0% of the total market.
The report analyzes the global aerospace composite market trends and forecasts till 2019. The market size has been provided in terms of market volume (KT) and value ($million). The report also identifies prominent players and provides analysis for each player in terms of company overview, financials, products & services offered recent developments, and company strategy.
The global aerospace materials market is projected to register a CAGR of 6.6% between 2014 and 2019 to reach $18.5 billion in terms of value. The commercial aircrafts application segment holds around 70% market share by volume and thus constitutes a significant part of the overall aerospace composite market. However, the business and general aviation segment at a fastest rate by 2019. The high growth can be attributed to the rise in business jets from the Asia-Pacific, the Middle East and Latin America.
The aerospace materials industry is moving towards investment in the implementation of technologies to produce new and high-quality products. The companies involved in this market are extensively into research and new product developments.
All these factors are anticipated to continue to drive the demand for aerospace materials.
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