Aerospace Materials Market | Deep Research Study with Forecast to 2026
Aerospace Materials Market Trends
Despite these challenges, there are promising opportunities, particularly in emerging economies where the demand for commercial aircraft is on the rise.
WILMINGTON, DELAWARE, UNITED STATES, May 6, 2024 /EINPresswire.com/ -- The global aerospace materials industry witnessed significant growth in recent years. In 2018, it generated $3.95 billion in revenue, with projections indicating a rise to $6.51 billion by 2026, boasting a compound annual growth rate (CAGR) of 6.5% from 2019 to 2026. The growth trajectory is attributed to various factors, including the increasing demand for lightweight and fuel-efficient aircraft, the surge in air passenger traffic especially in emerging regions like Asia-Pacific, and the growing demand for new aircraft. However, the market faces challenges such as limited options for designing complex structures.
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Despite these challenges, there are promising opportunities, particularly in emerging economies where the demand for commercial aircraft is on the rise, leading to increased aircraft production. The market is segmented by type, application, type of aircraft, and region. Composites, metals, and plastics are the primary types of materials, with composites dominating the market share and projected to maintain this lead with the fastest CAGR of 6.9% from 2019 to 2026.
In terms of aircraft types, the market is divided into commercial, military, rotorcraft, and space. The commercial sector holds the largest market share, but the space segment is expected to grow at the highest CAGR of 8.2% during the forecast period. Geographically, Europe leads the market, contributing over one-third of the revenue in 2018 and expected to maintain its dominance with the fastest CAGR of 7.1% from 2019 to 2026.
Key players in the global aerospace materials market include industry giants like DuPont, Mitsubishi Chemical Holdings Corporation, Sumitomo Bakelite Co. Ltd, Toray Industries Inc., and others. Their strategies and innovations play a crucial role in shaping the market landscape and meeting the evolving demands of the aerospace industry.
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