Top Companies in Aerospace Materials Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Aerospace Materials Market is projected to reach USD 61.2 billion by 2028 at a CAGR of 8.50% over the forecast period.
The Global Aerospace Materials Market is valued at USD 37.5 billion in 2021 and is projected to reach USD 61.2 billion by 2028 at a CAGR of 8.50% over the forecast period. Increased demand for lighter aircraft is a key element in the market's expansion, along with an increase in funding allocated to the defense industry for aircraft purchases and an increase in the number of commercial aircraft, among other important reasons. Additionally, the market for Aerospace Materials will see new opportunities grow during the projected period due to increased R&D activities, technical developments, and modernization.
There has been a noticeable growth in air traffic volume in recent decades. The popularity of airplanes is growing due to several causes, including rising disposable income, time savings, affordable air travel, etc. Due to their popularity, the market is driving demand for Aerospace Materials.
However, among other reasons restraining the growth of the Aerospace Materials Market, the desire for composite materials is increasing, and developed economies are spending less on the military.
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What Trends Should We Look Forward to amidst Exponential Growth in Aerospace Materials Adoption?
- The increasing demand for aircraft components coming from the UAV industry is one trend that is anticipated in the Aerospace Materials sector. Defense UAV (drone) applications have expanded and are now a crucial tool for militaries worldwide. Even if there are many untapped potentials in numerous applications, the commercial and civil UAV business is still in its infancy.
- The aerospace industry's increased innovation is another trend that will persist in the materials sector. The growth-promoting factor is a thorough investigation to find alternatives to metal alloys to overcome their limits. The use of modern production materials will considerably increase the longevity and fuel efficiency of airplanes. Additionally, the production of Aerospace Materials using composites and nanofibers will usher in a revolution in aviation.
- As more people use air travel, there is an increasing need for larger planes. Businesses that offer aircraft supplies and other necessities for the aviation sector would benefit from this requirement. The aviation industry's rapid expansion is the primary factor influencing airplane material requirements.
- International demand for aircraft components is expected to increase due to their exceptional durability and high-temperature capability. As a result, composite materials are in high demand for use in aircraft parts, driving the growth of the aviation materials market.
The Aerospace Materials Market is dominated by globally established players such as Alcoa Corporation (US), Aleris Corporation (US), Allegheny Technologies Incorporated (US), AMETEK Inc. (US), AMG Advanced Metallurgical Group (Netherlands), ArcelorMittal India Private Limited (India), Arconic Inc. (US), ATI Metals (US), Constellium N.V. (Netherlands), Cytec Solvay group (Belgium), Doncasters Group Ltd. (UK), DuPont de Nemours Inc. (US), Global Titanium Inc. (US), Hexcel Corporation (US), Kaiser Aluminum Corp. (US), Kobe Steel Ltd (Japan), Mitsubishi Chemical Holdings Corporations (Japan), NOVELIS (US), NSSMC Group (Japan), PPG Industries Inc. (US), Precision Castparts Corp. (US), Rio Tinto Group (UK), Rochling Group (Germany), Saudi Basic Industries Corporation (Saudi Arabia), SGL Carbon SE (Germany), Solvay S.A. (Belgium), Special Metals (US), Sumitomo Bakelite Co. Ltd. (Japan), Supreme Engineering Ltd. (India), Teijin Limited (Japan), Toray Industries, Inc. (Japan). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Aerospace Materials Market.
Let's Look at the Top 5 Companies that are Taking the Aerospace Materials Market by Storm
The Aerospace Materials Market is expected to grow from USD 37.5 billion in 2021 to USD 61.2 billion in 2028 because of the aircraft industry's more modern technologies. The growth-promoting factor is the large-scale study to discover alternatives to metal alloys to get beyond their limitations. Airplanes' durability and fuel efficiency will significantly improve with the introduction of contemporary production materials.
- Alcoa Corporation (US)
Pittsburgh-based industrial company Alcoa Corporation was founded. It is the eighth-largest producer of aluminum in the world. Alcoa has activities in ten different nations. Alcoa participates actively and increasingly in all key areas of the industry, including aerospace, technology, mining, refining, smelting, fabricating, and recycling. As a result, it is a significant producer of primary aluminum and alumina combined.
- Allegheny Technologies Incorporated (US)
ATI develops new specialty aircraft materials through its exceptional materials science and cutting-edge, integrated process excellence, then shapes them to satisfy the demands of our clients for the highest performance and long-term value.
- AMETEK Inc. (US)
AMETEK, Inc., an American multinational company with headquarters in the United States and more than 220 locations globally, is a global designer and manufacturer of Aerospace Materials, electronic instruments, and electromechanical devices. The business was established in 1930.
- Aleris Corporation (US)
Based in Beachwood, Ohio, Aleris Corporation produced rolled aluminum products for the aerospace sector. As of the middle of 2015, the company employed roughly 5,000 people worldwide. Aleris Corporation was purchased by Novelis Inc., a Hindalco Industries subsidiary, on April 15, 2020.
- Sumitomo Bakelite Co. Ltd. (Japan)
A component of the Sumitomo Chemical Group, Sumitomo Bakelite Company Limited is an integrated processor of synthetic resins. Products from the company are utilized in manufacturing industrial goods like autos and electronic components like semiconductors and circuit boards used in aerospace industry.
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