New York, March 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Materials Global Market Report 2022" - https://www.reportlinker.com/p06248446/?utm_source=GNW
(Alcoa Corp.), SABIC, NOVELIS, Gurit, Constellium N.V, Cytec Solvay Group, WS Atkins plc, Teijin Limited, and Hyosung Advanced Materials.
The global aerospace materials market is expected to grow from $18.88 billion in 2021 to $20.20 billion in 2022 at a compound annual growth rate (CAGR) of 6.98%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.60 billion in 2026 at a CAGR of 7.12%.
The aerospace materials market consists of sales of aerospace materials by entities (organizations, sole traders, and partnerships) that are made up of metal alloys or polymeric-based materials developed for aerospace applications.Aerospace materials are used for a variety of aerospace components because they have enhanced qualities such as high tensile strength, superior temperature tolerance, enhanced transparency, and a hard surface.
In the construction of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings, aerospace manufacturers are shifting their preference toward materials such as advanced plastics, carbon, or glass-based fiber composites, and thus replacing conventional metals.
The main types of aerospace materials are aluminium alloys, steel alloys, titanium alloys, super alloys and composites.An aluminum alloy is a chemical composition in which other elements are added to pure aluminum to improve its qualities, particularly its strength.
Steel is a metal alloy that contains primarily iron with trace amounts of carbon, depending on the quality or grade of steel.Titanium alloy is a metal alloy that is predominantly composed of pure titanium with additional metals or chemical ingredients scattered throughout.
Superalloys are complex, high-performance alloys that can withstand oxidizing conditions and high temperatures.A composite material is made up of two separate materials that have different physical and chemical properties.
Aerospace materials are used for a variety of aerospace components, in the construction of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings.
Europe was the largest region in the aerospace materials market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for lightweight and fuel-efficient aircraft will propel the growth of the aerospace materials market.The growing requirement for fuel-efficient aircraft to fulfill strict pollution control standards raised the demand for lightweight aircraft.
Aerospace materials are lower in weight than traditional metals, yet have great strength, which helps to reduce the overall weight of aircraft and so aids in meeting emission limits and improving fuel efficiency.For instance, according to the General Aviation Manufacturer’s Association, an aviation industry trade association, HondaJet, a light business jet produced by the Honda Aircraft Company, became the world’s best-selling light aircraft for the fourth year in a straight, with 31 deliveries completed in 2020.
In the second half of 2020, the company delivered 22 units, three more than in 2019. The rising demand for lightweight and fuel-efficient aircraft will further drive the growth of the aerospace materials market.
The development of carbon fiber composites for making various aerospace structures and parts is an emerging trend in the aerospace materials market.Carbon fiber is a material composed of carbon atoms arranged in long, thin crystals that can be molded with epoxy into practically any shape, even designs that are impossible to achieve with metals or without welding many sections together and creating weak points.
Due to the lightweight, durable, corrosion, and temperature resistant properties of carbon fiber, manufacturers of aerospace materials are focused on developing carbon fiber structures for various aerospace applications.For instance, in December 2019, Solvay, a multi-specialty chemical company, and SGL Carbon, a global company involved in the development and production of carbon-based solutions, had signed a joint development agreement to bring the first composite materials based on large-tow intermediate modulus (IM) carbon fiber to market.
These materials are based on SGL Carbon’s large-tow IM carbon fiber and Solvay’s primary structural resin systems and address the need to cut prices and CO2 emissions, as well as improve the manufacturing process and fuel efficiency of next-generation commercial aircraft.
In February 2019, Teijin Limited, a Japanese chemical, pharmaceutical, and information technology company, acquired Renegade Materials Corporation for an undisclosed amount.With this acquisition, Teijin benefitted from Renegade’s well-established unique technologies and solution capabilities in heat-resistant thermoset prepregs to expand its business in the aerospace area, including engine parts for next-generation aircraft.
Renegade Ingredients Corp., headquartered in Ohio, USA, supplies specialist know-how in extremely heat-resistant resins as well as unique thermal-cycle resistant prepregs containing highly heat-resistant polyimide resin manufactured from low-toxicity raw materials.
The countries covered in the Aerospace Materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06248446/?utm_source=GNW
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