Aerospace Raw Materials Market trend research and projections for 2017-2024: Global Market Insights Inc.
Aircraft designing needs to meet specific requirements that are influenced by the elements used in its construction and structural complexity. Wide range of substances used in the aircraft construction have the properties such as elasticity, strength, corrosion resistance, and specific weight.
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Increasing greenhouse gases (GHG) emission regulations and fuel prices will spur the demand for aerospace raw material industry by 2024. Federal Aviation Administration (FAA), European Aviation Safety Agency (EASA), United States Department of Defense (DoD), and similar type of agencies in other countries will have direct impact on the industry size. In next decade, new and more demanding legal rules may be adopted by the industry players.
New alloys are continuously developed and tested to improve multiple aspects such as fuel consumption, aerodynamic efficiency, and noise generation. New concepts associated with innovative alloys and wing shapes are in the development process focusing on the reduction of noise and drag levels to increase fuel efficiency. It is being estimated that even 1% reduction in drag for larger aircrafts can save almost 400,000 liters of fuel resulting in reduction of emissions up to 5000kg.
Understanding the resource supply risk lets the manufacturers to get into long term resource planning. Supply chain also depends on political factors involved in the businesses for trading in foreign countries. This may pose a challenge for the aerospace raw material market. Stringent technical specifications for the products are the added factors in limiting the industry growth.
Composite substances are widely used in the aviation industry after aluminum. Aluminum alloy is characterized by good corrosion resistive property and low-density value. Composite substance comprises of two or more distinct elements required in aircraft construction activities. Composites are used due to their properties such as corrosion resistance, low weight, and strength. They are made from fibrous substances embedded in a resin matrix.
Asia Pacific is expected to be the fastest growing region in the aviation industry. This growth is attributed to the developing countries like India and Japan that are attracting investors to build production facilities due to easy availability of labor and raw materials at low costs. China is estimated to be the largest civil aircraft sales by 2024. Boeing estimated that China will have to add over 6,000 planes to its commercial fleet to meet traffic demand and simultaneously China’s fleet is escalating in business jets, training aircraft, helicopters, and general planes.
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Aerospace raw material market players are Du Pont, Cytec Solvay Group, Toray Industries, Alcoa Corporation, Constellium N.V, ATI Metals, Teijin Limited, AMG N.V, and Aleris. The strategy followed by these companies are building laboratories and research centers in the nearby facility. The players focus on gaining their industry share by development of modern products and technologies. In addition, the players attract new investors to serve their financial needs and increase the business.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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