Aerospace materials market to reach $25.8 billion by 2022
The global aerospace materials market is projected to reach $25.8 billion by 2022, at a compound annual growth rate (CAGR) of 6.9% from 2017 to 2022.
The demand for next-generation, lightweight and fuel-efficient aircraft is expected to be the major driver for the aerospace materials market in the near future.
The global aerospace industry is experiencing an increase in passenger air travel which is expected to boost aircraft production, according to new analysis. This increase will directly influence the growth of the aerospace materials market globally, the report from MarketsandMarkets finds.
However, the research also identifies the decline in global defence expenditure and costly MRO services as restraints for the growth of the aerospace materials market.
According to the research, composite materials is the fastest-growing area of aerospace materials.
Composite materials are the most extensively used type of aerospace materials after aluminum. The wide use of composites in aerospace materials offers several advantages over traditional materials, such as low weight, increased manufacturing productivity (processing speeds), lower VOC emissions, and better corrosion resistance.
“Increasing applications in new generation aircraft and rising environmental concerns offer significant growth opportunities for composites in the aircraft manufacturing industry,” the report says.
Asia-Pacific is projected to be the fastest-growing aerospace materials market, and is expected to lead the sector during the forecast period.
Countries in this region, such as China, Japan and India, are witnessing a significant increase in the use of aerospace materials. They are also 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 also expected to lead to an increased demand for new aircraft.