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A comprehensive overview of the global Aerospace Materials market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Aerospace Materials market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Aerospace Materials market at regional and country levels. The global Aerospace Materials market was stood around $34 billion in 2020 and is expected to grow at a CAGR of above 7% between 2021-2027.
Market Overview
The global aviation industry is growing on account of shifting consumer perspective towards the usage of airline travel owing to emergence of low-cost airlines and increasing globalization which requires well-established and fast supply chain. Further, increasing focus on national security resulting in the increase in defence budget to promote research & development of defence aircraft. For instance, in September 2021, Ministry of Defence of Government of India, signed a contract with Airbus Defence and Space for the purchase of 56 C-295 transport aircraft for the Indian Air Force. All these factors, resulting in the growing demand of aerospace materials.
Further, Trend of lowering the carbon emission is witnessing across the globe. Governments are taking several measures and initiative to reduce the carbon emission from various sectors like energy and transportation. This shift towards eco-friendly sustainable future is opening the doors for advance carbon materials in aerospace industry.
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COVID-19 Impact
2020, was the tough year for the aerospace industry owing to severe impact of COVID-19. For instance, global passenger traffic drops by -70% in November 2020 compared with a year ago. In addition, value of international aerospace exports slipped to -35.6% in 2020 compared to 2019. Moreover, delay in manufacturing of aircraft owing to limited workforce and liquid availability affected the aerospace market in a negative way, which eventually had a negative impact on the aerospace materials market.
Global Aerospace Materials market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By material type, the market is primarily divided into:
Among these, super alloy and composite categories are expected to showcase the faster growth during the forecast period among others owing to changing dynamics of the market which led to the shifting focus on the development of new materials which are lighter in weight and simultaneously provide similar or better performance than traditionally use materials including aluminum.
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By aircraft type, the market is mainly categorized into:
Among these, commercial category held the largest market share in 2020 and is expected to retain its position during the forecast period owing to increasing demand of commercial aircraft from emerging economies like India and other ASEAN countries. Lowering cost of commercial airline travels allows people to spend capital on airline ticket in place of other substitute transport options is one of the key reasons of increasing demand of commercial aircraft.
Global Aerospace Materials Market Geographical Segmentation Includes:
Based on the estimation, Europe held the dominating position in the market. The region has one of most advance and mature aerospace industries in the entire globe. The regional aeronautical industry focuses on the development and manufacturing of civil and military aircrafts, helicopters, and its associated systems and equipment's like engine. The industry also had several companies which offers support services like maintenance and training. According to European Commission, European industry is world leader in the production of civil aircraft, including helicopters, aircraft engines, parts, and components. It provides 405,000 jobs, generates $150.3 billion (EUR 130 billion) revenues and plays a leading role in exports, amounting to $126 billion (EUR 109 billion) in 2019.
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Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Aerospace Materials market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
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