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Aerospace Materials Global Market Report 2024 To 2033 | Allegheny Technologies Incorporated, Arconic Corporation, Constellium SE, Hexcel Corporation, Solvay SA, Toray Industries Inc
Aerospace Materials Market Share
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According to The Business Research Company's, The aerospace materials market size has grown strongly in recent years. It will grow from $22.6 billion in 2023 to $24.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for air travel and increasing military spending..
The aerospace materials market size is expected to see strong growth in the next few years. It will grow to $33.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increasing use of lightweight materials, rising government support, increased commercial aircraft deliveries and rapid urbanization. Major trends in the forecast period include innovative products with focus on structural film adhesives, focus on advanced materials with improved strength and performance, advancing aerospace materials with 3d printing, focus on investments in production capacities and strategic partnerships and collaborations among market players to improve product portfolio..
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Market Drivers and Trends:
The increasing use of lightweight materials is expected to increase the growth of the aerospace materials market. The use of lightweight materials emphasizes the importance of selecting the right aerospace materials for specific applications. The materials used in aircraft must be able to withstand harsh conditions, such as atmospheric forces, temperature extremes and ultraviolet rays. For example, in March 2023, Jamco Corporation, a Japan-based aircraft engines and engine parts company, highlighted its Venture Premium Class Seat, designed with sustainability in mind, while minimizing operational costs for airlines. Jamco's Venture seat is made with a high amount of recycled material, is lighter than traditional seats, is easy to install and requires less overall maintenance. Therefore, the increasing use of lightweight materials will support 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-resistant, 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 August 2021, Markforged, a US-based additive manufacturing company specializing in the development and manufacturing of digital forge, launched Onyx FR-A and Carbon Fiber FR-A based on fiber reinforcement technology. These two materials are lightweight, efficient to reduce fuel consumption and improve engine performance, and used in various parts of aircraft interiors.
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Major Key Players of the Market:
Honeywell International, Inc., Omron Corporation, Keyence Corporation, Cognex Corporation, Datalogic S.p.A., Zebra Technologies Corp., Zebex Industries Inc., Sick AG, Denso Wave Incorporated, Opticon Inc, General Data Co, Unitech Electronics Co. Ltd., Wasp Barcode Technologies, Tencent, Alibaba, INSPIRY, SUNLUX IOT, MINDEO, Argox, CipherLab, Casio Computer Co. Ltd., Denso Corporation, JADAK - A Novanta Company, Juniper Systems Inc., Marson Technology Co. Ltd., Scandit, Sato Holdings Corporation, Jadak, Pooyeh International Networks, BlueStar
Aerospace Materials Market 2024 Key Insights:
• The aerospace materials market size is expected to see strong growth in the next few years. It will grow to $33.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Surge In Aerospace Materials Market Fueled By The Adoption Of Lightweight Solutions
• Carbon Fiber Composites Transforming Structures In The Aerospace Materials Market
• Europe was the largest region in the aerospace materials market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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