According to “Aerospace Materials Market by Type (Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys, and Composite Materials), Aircraft Type (Commercial Aircraft, Business & General Aviation, Helicopters), and Region—Global Forecast to 2022,” published by MarketsandMarkets™, the market is projected to reach $25.80 billion by 2022, at a CAGR of 6.9 per cent from 2017 to 2022.
This growth is fueled by the high demand for passenger transportation, which is expected to boost the aircraft production industry. This will further drive the demand for aerospace materials required for increasing aircraft production activities. The global demand for aerospace materials in Asia-Pacific, Europe and North America is growing because of high demand for aerospace materials from aircraft parts manufacturers.
The business and general aviation segment is projected to lead the aerospace materials market from 2017 to 2022. This segment is the second-largest consumer of aerospace materials after commercial and military aviation.
Asia-Pacific is projected to be the fastest-growing regional aerospace materials market in terms of value, and it is expected to lead the aerospace materials market during the forecast period. Countries in this region, such as China, Japan and India, are witnessing significant increase in the use of aerospace materials, attributed to the growing aerospace industry.
Japan and India are attracting investors to set up production facilities because of the ease of availability of raw materials and labour at a lower price. The increasing air traffic and number of low-cost carriers in the region are expected to lead to an increase in the demand for new aircraft in the region during the forecast period. The aerospace materials market is served by various companies that are actively adopting a variety of strategies such as new product development, acquisitions and joint ventures and partnerships to increase their market shares.
For more information, visit www.marketsandmarkets.com/market-reports/aerospace-materials-market-266342713.html