Increased defense spending acts positively for Global Aerospace Materials Market

Market Overview:
The global aerospace materials market is expected to experience healthy growth, with an estimated CAGR of more than 6%, during the forecast period.

The main factors driving the growth of the market are the increasing use of compounds in aircraft manufacturing and the increase in public spending on defense in the developed nations. The usage of carbon nanotubes and Nano additives with epoxy adhesives together is estimated to develop new opportunities in the future. The growing demand for aircraft in Asia-Pacific and the Middle East is also supposed to increase market demand in the future.

Recent Developments:
Toray recently announced its increased production of high-performance composite materials in the United States.

Market Drivers and Restraints:
The main drivers of the growth of the global aerospace materials market are increased need for new aircraft, improved aircraft size, technological changes, and high replacement rates. Materials such as aluminum alloys, titanium alloys, and composite materials are used in aircraft construction. But the increased use of titanium composite materials and alloys in the new generation of aircraft is expected to increase the demand for these materials in the near future.

Impact of COVID-19 on Aerospace Materials Market:
Coronavirus has risen from Wuhan (China), which is home to huge numbers of the industrial facilities that provide components, parts, and semi-completed items to a few assembling units over the world. To contain the spread of the infection, Wuhan was held under lockdown for roughly two months. During these months, fabricating units were shut and couldn't make any items. This made an expanding influence all through the world's assembling offices and cracked the whole supply chain.

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Report is segmented as:
By Type:
• Aluminium Alloys
• Titanium Alloys
• Steel Alloys
• Composite Materials
• Super Alloys
• Others

By Aircraft Type:
• Commercial Aircraft
• Military Aircraft
• Business & General Aviation
• Helicopters
• Others

The total market for business and general aviation aircraft is expected to experience healthy growth, with delivery levels estimated at nearly 8% by 2020, with most of the demand coming from large cabin aircraft. Honeywell estimates that about 7,700 new aircraft are supposed to be delivered by 2028. Many operators plan to replace their existing fleets to meet growing consumer demand in developed economies. About 25% of new commercial aircraft purchases are projected to be made in 2022, with a strong focus on large aircraft. Favorable exchange rates and innovations in aircraft design are likely to increase demand for long-range business jets at a moderate pace in the long term.

Geographical segmentation:
Based on geography, the global aerospace materials market is divided into regions of Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these regions, North America had a significant share of the aerospace materials market in 2019 and is expected to expand significantly in the near future. The aerospace materials market is foreseen to develop in this area due to significant government investments in research and development in the aerospace sector.

Key market players:
• Toray Industries, Inc. (Japan)
• Alcoa Corporation (U.S.)
• Cytec Solvay group (Belgium)
• Du Pont (U.S.)
• Kobe Steel Ltd (Japan)
• Teijin Ltd. (Japan)
• ATI Metals. (US)
• Aleris (US)
• Constellium N.V (Netherlands)
• AMG N.V (Netherlands)

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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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