The global aerospace materials market is estimated to witness a healthy growth, at an estimated CAGR of over 6%, over the forecast period. The major factors driving the growth of the market studied are increasing usage of composites in aircraft manufacturing and increasing government spending on defense in the United States.
- Use of combined carbon nanotubes and nano additives with epoxy adhesives are likely to create opportunities for the market in the coming years.
- Rising demand for aircraft in Asia-Pacific and the Middle East is also expected to augment the market demand in the future.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from General and Commercial Aircrafts
- The total business and general aviation aircraft market is projected to witness a healthy growth, with the delivery levels estimated to reach nearly 8% by 2020, and the majority of the demand coming from large-cabin airplanes.
- Honeywell estimates that nearly 7,700 new aircraft deliveries are projected to be witnessed by 2028.
- Many operators have plans to replace their existing fleet, in order to cater to the growing consumer demand in developed economies.
- Around 25% of the new business jet purchases are projected to be witnessed by 2022, with a large focus on super-mid-size aircraft.
- Favorable exchange rates and innovations in aircraft models are projected to augment the demand for long-range business jets at a moderate rate in the long-term.
- North America and Europe account for the largest demand for business and general aviation fleet, while the growth in the Asia-Pacific and Latin American region is projected to be more or less stagnant, during the forecast period.
- The purchase plans of new business aircraft in the Middle East & African region have lately been impacted by the ongoing political tensions and other conflicts in the region.
- Such factors are expected to create moderate growth in the demand for aerospace materials during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- China has been a key contributor to global air traffic growth, since the past five years. The average passenger growth rate has been over 10% per year. This growth is primarily driven by rising passenger traffic, due to higher spending power and better air connectivity. Thus, increasing passenger traffic is expected to boost the demand for aircraft.
- In addition, Boeing estimated that the domestic average revenue passenger kilometer growth rate, in China, is expected to increase at an annual rate of 6.1% in the next 10 years.
- Since the past five years, the total civil aircraft fleet had been increasing steadily in the country. Moreover, in the next 20 years, the Chinese airline companies are planning to purchase about 7,690 new aircraft, which are valued at about USD 1.2 trillion.
- The Chinese aerospace industry is one of the leading industries in the country, and the government is heavily investing to increase its domestic manufacturing capabilities. Additionally, the government is planning to construct new airports, while improving maintenance capacities of the existing airports.
- The Chinese aviation maintenance, repair, and overhaul (MRO) market is attaining steady progress, owing to the opening of new MRO facilities and development of aerospace clusters in different parts of the country.
- Owing to the aforementioned factors, the market for aerospace materials in the region is expected to witness huge demand in the coming years.
The global aerospace materials market is fragmented in nature. The key players in the market include 3M, Henkel AG & Co. KGaA, Solvay, Huntsman International LLC, and Hexcel Corporation, among others.
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