Global Aerospace Materials Market
Aerospace Materials are used in various aerospace applications because they have improved qualities such as high tensile strength, higher temperature tolerance, increased transparency, and a hard surface. To build airplane parts, including airframes, windows, propulsion systems, interiors, mirrors, engine components, and ceilings, aerospace producers are eschewing traditional metals in favor of materials like sophisticated polymers and carbon or glass-based fiber composites.
As stated in our latest report, which expects a severe impact on the Aerospace Materials Market due to the recession in the coming years. According to the Centre for Economics and Business Research (CEBR), 2023 will see a global recession. As a result of the increased borrowing rates brought about to fight inflation, several economies experienced contraction. Additionally, the global GDP growth in 2023 is projected to be less than 2%, with a 25% risk that the world economy will contract. The East Asia Pacific region will produce more than a third of the world’s output by 2037, while Europe’s contribution will drop to less than a fifth due to changing power relations.
Furthermore, the recession will result in a 20% to 30% decline in employment. Numerous companies have already noticed this significant change. Along with hiring, many workers have started to leave their employment. Companies from the West will not provide comparable benefits and pay because the recession will directly affect them.
The demand for lighter and more fuel-efficient aircraft is one of the reasons propelling the growth of the worldwide Aerospace Materials Market. As a result of the aircraft’s lighter weight, the flight’s operational expenses are greatly reduced, and the greater fuel economy is advantageous to the flight operators. Furthermore, the market is significantly influenced by the increase in demand for new aircraft. The market for Aerospace Materials will see new opportunities during the projected period due to increased research and development efforts, technological improvements, and modernization. Additionally, the Aerospace Materials Market is anticipated to grow due to an increased demand for aircraft parts from the UAV industry. Due to their remarkable durability and high-temperature performance, aviation components are also anticipated to see an increase in demand internationally. Thus, the Aerospace Materials Market is expanding due to the rising demand for composite materials for use in aircraft parts.
The North American region dominates the Aerospace Materials Market. Due to the larger concentration of aircraft manufacturing in this area, this dominance has developed. Additionally, the extensive air travel within this region has the potential to spur expansion. The significant government investment in the air defense system also creates a significant demand for aircraft materials in this region. On the other hand, the second-largest market for Aerospace Materials is in Europe. A favorable growth reaction results from the existence of aircraft manufacturers in France, Germany, and the U.K.
Notable and prominent players in the Global Aerospace Materials Market include- 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) and others.