Aerospace Materials Market to Surpass $ 6.51 Bn, Globally, at 6.5 % CAGR by 2026

Increase in demand for lightweight and fuel-efficient aircrafts, rise in air passenger traffic in emerging regions such as Asia-Pacific, and surge in demand for new aircraft drive the growth of the global aerospace materials market. Based on type of aircraft, the commercial segment held the largest market share in 2019. Region wise, Europe accounted for the highest share in terms of revenue in 2019.

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PORTLAND, Feb. 17, 2020 (GLOBE NEWSWIRE) -- According to the report, the global aerospace materials industry harvested $3.95 billion in 2018, and is projected to reach $6.51 billion by 2026, growing at a CAGR of 6.5% from 2019 to 2026. The report provides an extensive analysis of drivers & opportunities, changing market trends, competitive landscape, key segments, and market size & estimations.

Increase in demand for lightweight and fuel-efficient aircrafts, rise in air passenger traffic in emerging regions such as Asia-Pacific, and surge in demand for new aircraft propel the growth of the global aerospace materials market. Whereas, limited availability of options to design complex structures impedes the market growth. On the other hand, rise in demand for commercial aircraft in emerging countries that leads to increased production of aircrafts provide lucrative opportunities in the market.

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The aerospace materials market is segmented into type, application, type of aircraft, and region. Based on type, the market is categorized into composites, metals, and plastics. The composites segment contributed to more than three-fourths of the total share in terms of revenue of the global aerospace materials market in 2018, and is estimated to continue its lead position throughout the forecast period. Moreover, this segment is estimated to register the fastest CAGR of 6.9% from 2019 to 2026.

Based on type of aircraft, the market is segregated into commercial, military, rotorcraft, and space. The commercial segment held the largest market share of the global aerospace materials market, accounting for more than half of the total market share in 2018, and will maintain its leadership status during the forecast period. However, the space segment is estimated to grow at the highest CAGR of 8.2% from 2019 to 2026.

Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across Europe accounted for the highest share in terms of revenue, contributing to more than one-third of the global aerospace materials market in 2018, and is expected to maintain its dominant position by 2026. Moreover, this region is estimated to grow at the fastest CAGR of 7.1% from 2019 to 2026.

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The global aerospace materials market report includes an in-depth analysis of the major market players such as DuPont, Mitsubishi Chemical Holdings Corporation, Sumitomo Bakelite Co. Ltd, Toray Industries Inc., PPG Industries Inc., Solvay, SABIC, Hexcel Corporation, SGL Carbon, and Röchling.

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