Aerospace Plates Market is Forecasted to Reach US$ 3.6 billion in 2028, Says Stratview Research

The global aerospace plates market is projected to witness a growth rate of 5.5% annually from 2023 to 2028, with an anticipated size of US$ 3.6 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global aerospace plates market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 3.6 billion
Growth (CAGR): 5.5% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Aerospace Plates Market:
The global aerospace plates market is segmented based on platform type, material type, sales channel type, product type, and region.

Based on platform type - The aerospace plate market is segmented into commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, and spacecraft. Commercial aircraft is expected to remain the largest and the fastest-growing platform type in the market during the forecast period. Rapidly recovering the production of aircraft, probable market entry of new aircraft such as C919, and incessant requirements of mill products best suiting the applications at hand, are the key reasons behind the segment's healthy growth in the long run.

Based on the material type - the market is segmented into titanium & alloys, aluminum & alloys, steel & alloys, and others. Titanium & Alloys are likely to remain the dominant as well as the fastest-growing material type in the market during the forecast period. Titanium offers a remarkable weight advantage for aerospace structures as its density is 40% less than that of steel- or nickel-based alloys. The material brings a range of advantages to the table: tensile strength better than that of austenitic or ferritic stainless steels, extraordinary stiffness and toughness, and a high melting point. Aluminum & alloys are likely to remain the second dominant material type in the market during the forecast period. Aluminum is a low-cost, lightweight metal that can be heat-treated to high-strength levels; and it is one of the most easily fabricated high-performance materials.

To know the most attractive segments, visit:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to dominate the aerospace plates market during the forecast period. This growth outlook is majorly attributed to the following-
- The USA is the growth engine of the region's market with the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators.
- Most of the plate suppliers have their presence in the region to address the emergent needs of OEMs and to be the partners for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.
- Asia-Pacific is likely to heal at the fastest rate in the post-pandemic market developments.
- The highest growth of the region is mainly attributable to the increasing aircraft fleet to support rising passenger traffic; the opening of assembly plants of Boeing and Airbus for multiple aircraft programs; and increasing procurement and production of military aircraft, owing to the rising defense budget.

Aerospace Plates Market Drivers:

Some of the key drivers listed in the report are given below.
- Increase in the production rate and the introduction of key aircraft programs.
- Increase in the overall production of aircraft and extensive usage of plates in the aerospace industry for a range of applications such as upper and lower wing covers, fuselage panels, tactical aircraft bulkheads, and internal fuselage structures.

Top Companies in the Aerospace Plates Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Arconic Corporation
• VSMPO-AVISMA Corporation
• Allegheny Technologies Incorporated
• Titanium Metals Corporation (TIMET)
• Constellium SE
• Kaiser Aluminum Corporation
• Carpenter Technology Corporation

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Aerospace Plates Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.