Newark, NJ, Feb. 09, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aerospace & defense materials market is expected to grow from USD 21.61 billion in 2020 and to reach USD 30.03 billion by 2028, growing at a CAGR of 4.2% during the forecast period 2021-2028.
The global aerospace & defense market is witnessing significant growth in recent years. This growth is attributed to the increasing aircraft fleet worldwide, high-performing materials, rising operation profitability, and reduced flying cost. The meeting cost and environmental necessities for the lightweight aircraft propel the demand for aerospace & defense materials. Other factors propelling the market growth are low prices of oils and increasing investment in modernization with growth of combat fleet.
An industry that comprises the manufacturing of spacecraft and aircraft for the military, commercial aircraft, missiles, tanks, and other weapons-related equipment is known as aerospace & defense industry. The DFM engineering is used in the aerospace & defense as this sector has to accomplish specific temperature resistance & loads. The practice of aerospace & defense is defined by the international standard bodies that maintain standards for their materials and processes. It is one of the strictly regulated industries in the world. Recently, the aerospace and defense industry recuperated as passenger travel demand increased and military expenditure continue to rise.
The global aerospace & defense materials market is expected to witness significant growth due to the high strength, strong demand for aircraft, increased passenger and freight traffic and increased aircraft production. The factors restraining the market growth are strict government regulations; it takes a long time and various procedures and materials to be allowed, and delays in inclusion time. The technological advancements in the field of aerospace and defense will provide market growth opportunities. However, COVID-19 pandemic has resulted in the decreasing supply chain of raw materials and less expenditure on defense industry in emerging economies which challenges the market growth.
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The key players operating in the global aerospace & defense materials market are Sabic Innovative Plastics, Toray Composites America Inc., Hexcel Corporation, DowDuPont Inc., Teijin Ltd., Aleris International Inc., Huntsman International LLC, Cytec Solvay Group, Arconic Inc., Kobe Steel Ltd., and Constellium NV. To gain a significant market share in the global aerospace & defense materials market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, in September 2018, Constellium N.V. announced its agreement with The Boeing Company. This agreement will support Constellium to strengthen its partnership with Boeing. Constellium will supply a large range of advanced aluminium rolled products from its plant in Virginia.
- In August 2019, Teijin Ltd., Japan’s advanced materials and chemical manufacturer acquired Renegade Materials Corporation, a prominent supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America.
Aluminum segment dominated the market and held the largest share of 24.6% in the year 2020
On the basis of type, the global aerospace & defense materials market is segmented into titanium, superalloys, aluminum, composites, plastics, steel, and others. The aluminum segment dominated the market and held the largest share of 24.6% in the year 2020. This growth is attributed to the rising use of aluminum in internal fittings to reduce fuel consumption and the rising preference of aluminum alloys to manufacture aircrafts. Titanium segment is anticipated to witness significant growth, due to the product's compatibility with the composites.
Aerostructure segment dominated the market and held the largest share of 25.9% in the year 2020
On the basis of application, the global aerospace & defense materials market is segmented into cabin interiors, aerostructure, components, equipment, system & support, propulsion system, construction & insulation components, and satellites. The aerostructure segment dominated the market and held the largest share of 25.9% in the year 2020. This growth is attributed to its lightweight characteristics and improved rigidity.
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Regional Segment of Aerospace & Defense Materials Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aerospace & defense materials market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the largest share of 32.6% in the year 2020. This growth is attributed to the cheaper air travels, significant research and development investments, high air travel frequency, and increased airframe demand. In the region, the US holds the largest share in the market, owing to the rising global tensions. Europe region is expected to witness significant growth, owing to the large volume production of commercial and military aircraft and growing passenger traffics. The Asia-Pacific region will project a significant growth due to developments in countries like India and China. China holds the largest market share in the region due to the progressing market and opportunities relating to aircraft maintenance and services..
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About the report:
The global aerospace & defense materials market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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