Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Advanced Materials for Flying Cars Market stood at US$ 6.9 billion in 2022 and the global market is projected to reach US$ 12.8 billion by 2031. The global industry is anticipated to expand at a CAGR of 7.1% between 2023 and 2031.
The market value of advanced materials for flying cars is increasing due to advancements in material science. Material science has been a key driver of innovation in the development of flying cars. With advancements in materials science, it is now possible to develop lightweight and durable materials that can withstand the extreme conditions of flight.
Consequently, this has led to the development of materials such as carbon fiber composites, advanced alloys, and ceramics, which are strong and lightweight, making them ideal for use in the construction of flying cars.
The rising demand for sustainable and eco-friendly vehicles is another significant factor contributing to the market growth. There is a growing demand for sustainable and eco-friendly modes of transportation, with the increasing concern over climate change. Flying cars are expected to be more energy-efficient than traditional cars, as they will be able to bypass traffic and reduce congestion on roads.
Advanced materials such as lightweight composites and alloys can contribute to making flying cars more sustainable by reducing their weight and increasing their energy efficiency.
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The aviation industry has made significant strides in recent years with the introduction of new technologies such as electric propulsion and autonomous navigation. These advancements have paved the way for the development of flying cars that are safer, more efficient, and more reliable. Advanced materials play a crucial role in enabling these advancements by providing the necessary strength and durability required for the construction of flying cars.
Key Findings of the Market Report
- On the basis of type, carbon fiber segment is likely to be most preferred, expected to accumulate 30.1% of revenue
- Based on component, the propulsion system segment holds the highest market share
- By end-use, the commercial segment is expected to boost the market growth, attributed to the increasing demand for urban air mobility
Global Advanced Materials for Flying Cars Market: Growth Drivers
- The global Advanced Materials for Flying Cars Market is projected to expand at a steady pace from 2021 to 2031, due to the growing adoption of electric propulsion.
- Additionally, the rising acceptance as well as awareness regarding the potential benefits of the flying cars, is another major factor that is anticipated to fuel the market prospects in the near future.
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Global Advanced Materials for Flying Cars Market: Regional Landscape
- North America is expected to dominate the Advanced Materials for Flying Cars Market during the forecast period, with a share of 35.2%, attributed to technological advancements, government support, and strong aviation industry.
- The market in Asia Pacific is expected to hold a share of 25.6%, witnessing an increase, amid growing interest in electric vehicles.
- The Middle East & Africa is anticipated to accumulate a market share of 20.0%, due to increasing investment in the aerospace industry
Global Advanced Materials for Flying Cars Market: Key Players
Some of the key market players in the global Advanced Materials for Flying Cars Market are:
- Tencom Ltd.
- Blue Force Technologies
- Kloeckner Metals Corporation
- Toray Industries, Inc.
- Sgl Carbon
- Mitsubishi Chemical Carbon Fiber and Composites, Inc
- Solvay
- Owens Corning
- Jushi Group Co., Ltd.
- PPG Industries, Inc.
- Saint-Gobain S.A.
- Nippon Electric Glass Co., Ltd.
Competitive Landscape
Prominent players in the advanced materials for flying cars industry are taking advantage of the rapidly increasing demand for Advanced Materials for Flying Cars. To further their outreach, players are relying on collaborations, partnerships, and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In April 2021, Toyota announced that it was partnering with SkyDrive, a Japanese startup, to develop a flying car. The vehicle will feature advanced materials such as carbon fiber and composites, which will help to reduce its weight and improve its performance.
- In March 2021, Airbus announced that it had successfully completed the first flight of its CityAirbus NextGen electric vertical takeoff and landing (eVTOL) vehicle. The CityAirbus NextGen features advanced materials such as lightweight composites and alloys, which help to reduce its weight and improve its efficiency.
- In January 2021, Hyundai announced that it was partnering with Urban Air Port, a UK-based startup, to develop the infrastructure for urban air mobility, including flying cars. Hyundai also unveiled its concept for a flying car, called the S-A1, which features advanced materials such as carbon fiber and lightweight alloys
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Global Advanced Materials for Flying Cars Market: Segmentation
Type
- Carbon Fiber
- Aluminum Alloys
- Titanium Alloys
- Fiberglass
- Magnesium Alloys
- Others
Component
- Body Frame
- Propulsion System
- Aerodynamic Surface
Energy Storage
- Safety Systems
- Others
End-use
- Military
- Commercial
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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