The global aerospace materials market size is estimated to be USD 37.9 billion in 2021 and is projected to reach USD 57.9 billion by 2026, at a CAGR of 8.8% between 2021 and 2026. The increasing demand for next-generation, lightweight, and fuel-efficient aircraft in developing countries, especially in APAC, will drive market growth.
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With the outbreak of COVID-19, there is a reduced demand for aerospace materials due to reduced aircraft production. This has resulted in a huge drop in material
Commercial aircraft segment accounted for the largest share in the global aerospace materials market in terms of value and volume.
Commercial aircraft segment holds the largest share in the global aerospace materials market. This dominance is attributed to its large-scale use us materials in airplane construction. The growing demand for newer aircrafts from emerging economies especially in China and India is driving the demand for aerospace materials. Boing and Airbus are the two major commercial aircraft manufacturers who drive the demand for aerospace materials.
The reduced demand for new commercial and business aircraft from the aviation industry due to the COVID-19 slowdown has resulted in a decline in the need for aerospace materials. For instance, in 2020 the commercial aircraft deliveries have fallen by 47% as compared with 2019.
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Europe is expected to account for the largest share in the aerospace materials market during the forecast period.
Europe accounted for the largest market share in the aerospace materials market due to high demand from commercial aircraft component manufacturers in the region. Moreover, it is home to many key aerospace material manufacturers, such as VSMPO, AMG N.V., SGL Carbon, Solvay, and TenCate. Increased deliveries of Airbus aircraft primarily drives the aerospace material demand in Europe. Apart from this, the region develops military aircraft and helicopters.
Toray Industries, Inc. (Japan), Solvay S.A. (Belgium), DuPont de Nemours, Inc. (US), Alcoa Corporation (US), Teijin Limited (Japan), Allegheny Technologies Incorporated (US), Constellium SE (France), Kobe Steel, Ltd. (Japan), AMG N.V. (Netherlands), NOVELIS (US) and Hexcel (US) are key players in the aerospace materials market. The crucial strategies include investments & expansions, partnerships, new product launches, and mergers & acquisitions.
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