The Composite Materials Aluminum Alloys Aerospace Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Composite Materials Aluminum Alloys Aerospace Global Market Report 2024, The composite materials aluminum alloys aerospace market size has grown rapidly in recent years. It will grow from $29.16 billion in 2023 to $32.54 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to increased air traffic, increased travel and tourism, population growth, rise in disposable income, growth of the aviation industry.
The composite materials aluminum alloys aerospace market size is expected to see rapid growth in the next few years. It will grow to $49.53 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to emerging market demand, fuel-efficient airframe designs, sustainable aviation materials, market entry of new players, and growing need for commercial aircrafts. Major trends in the forecast period include 3d printing and additive manufacturing, electrification of aircraft, technological advancements,integration of digital technologies and supply chain optimization, and strategic collaborations.
An increase in consumer preference for flight transportation is expected to propel the growth of composite materials aluminum alloys aerospace market. Air transportation refers to the movement of people and goods via any mode of transportation capable of sustained controlled flight. Due to their high strength capabilities and corrosion-resistance characteristics, aluminum alloys are frequently favored materials for aerospace designs. Also, aluminum is roughly a third of the weight of steel, allowing an aircraft to carry more weight and or become more fuel efficient. For instance, according to the International Air Transport Association (IATA), an airline industry association, total global passenger traffic in March 2022 increased by 76.0% compared to March 2021. Also, in China, domestic air traffic increased by 11.7% in March 2022. Therefore, an increase in consumer preference for flight transportation is driving the demand for composite materials aluminum alloys aerospace market.
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The composite materials aluminum alloys aerospace market covered in this report is segmented –
1) By Type: Aluminum Alloys, Titanium Alloys, Steel Alloys, Composites
2) By Product: Carbon Fiber Composite Materials, Glass Fiber Composite Materials, Aramid Fiber Composite Materials, Other Products
3) By Application: Commercial Aircraft, Business And General Aviation, Military Aircraft, Helicopters, Other Applications
Major companies operating in the composite materials aluminum alloys aerospace market are developing innovative products such as Onyx FR-A and Carbon Fiber FR-A to meet the growing demand for lightweight and fire-resistant materials in the aerospace industry. Onyx FR-A is a fire-retardant nylon composite, and Carbon Fiber FR-A is a fire-retardant carbon fiber composite. Both materials are strong, lightweight, and durable, and they are now available with FST certification for use in aircraft interiors.For instance, in July 2021, Markforged, a US-based additive manufacturing company, launched two new aerospace composite materials, Onyx FR-A and Carbon Fiber FR-A. These materials are designed to meet the flame, smoke, and toxicity (FST) requirements for many parts in aircraft interiors. It will allow manufacturers to produce more lightweight and fuel-efficient aircraft, while also improving safety.
The composite materials aluminum alloys aerospace market report table of contents includes:
- Executive Summary
- Composite Materials Aluminum Alloys Aerospace Market Characteristics
- Composite Materials Aluminum Alloys Aerospace Market Trends And Strategies
- Composite Materials Aluminum Alloys Aerospace Market – Macro Economic Scenario
- Global Composite Materials Aluminum Alloys Aerospace Market Size and Growth
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- Global Composite Materials Aluminum Alloys Aerospace Market Competitive Benchmarking
- Global Composite Materials Aluminum Alloys Aerospace Market Competitive Dashboard
- Key Mergers And Acquisitions In The Composite Materials Aluminum Alloys Aerospace Market
- Composite Materials Aluminum Alloys Aerospace Market Future Outlook and Potential Analysis
- Appendix
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