Latest News- Composite Materials and Aluminum Alloys in Aerospace Market: Aluminum alloys is expected to lead the Type segment during 2024-2028

The Composite Materials and Aluminum Alloys in Aerospace Market is being driven by Increasing demand for weight reduction and fuel efficiency in aircraft

The Composite Materials and Aluminum Alloys in Aerospace Market is expected to grow at a CAGR of 9.23% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 49.39 billion. In the aerospace sector, the demand for highly corrosion-resistant aluminum alloys is escalating due to their ability to endure the rigorous environmental conditions encountered during aviation applications. Corrosion is a significant concern in this industry, as it can compromise the structural integrity and operational efficiency of aircraft components. Extending the service life of aerospace components and reducing maintenance costs are key priorities for manufacturers. Aluminum alloys, known for their lightweight properties, are extensively utilized in the aerospace industry. However, their susceptibility to corrosion has necessitated substantial research and development investments to create aluminum alloys with enhanced corrosion resistance. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Aluminum alloys
  • Composites
• Application
  • Commercial aircraft
  • Military aircraft
  • Business and general aviation
  • Helicopters
• Geography
  • North America
    • US
  • Europe
    • Germany
    • France
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for weight reduction and fuel efficiency in aircraft
• Rising air traffic pushing the aerospace industry to explore composite materials
• Composite materials and aluminum alloys providing long-term cheaper opportunities for aerospace manufac

However, the market also witnesses some limitations, which are as follows:

• Complexity issues related to repair and maintenance of composite materials and alloys
• Limited flexibility in aircraft designing
• Lack of recyclability opportunities for composite materials

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Market Scope in Composite Materials and Aluminum Alloys in Aerospace Market Research Report

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Research Analysis Overview

In the aerospace industry, composite materials and aluminum alloys play significant roles in aircraft manufacturing. Airframes and wings in air travel are increasingly being made from these materials for their lightweight properties, leading to improved fuel efficiency and reduced emissions. Amidst financial strain in the airline industry, operational costs are a major concern, making the use of these materials more attractive. Composites, including carbon fibers and glass fibers with polymer matrices, offer superior corrosion resistance and safety. Boeing 787 and Airbus A350 are notable examples of composite-intensive aircraft. Market segmentation includes titanium alloys, steel alloys, and low-density materials for specific applications. Safety, performance, and sustainability are key considerations in the use of these materials in both civil and military aircraft.

Market Research Overview

In the expansive landscape of the global capital goods market, the composite materials and aluminum alloys sector in the aerospace industry holds significant importance. According to Technavio, this market segment is a integral part of the larger aerospace and defense industry, which encompasses the production of aerial platforms for commercial and general aviation, defense platforms for naval, land, and air applications, arms and ammunition, defense electronics, defense logistics equipment, and space platforms, equipment, and launch vehicles. Additionally, the aerospace and defense industry includes maintenance, overhaul, and repair (MRO) activities related to both commercial and defense sectors. The composite materials and aluminum alloys market size is determined by the revenue generated from manufacturers and providers in industries such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. The use of composite materials and aluminum alloys in aircraft manufacturing leads to fuel efficiency and reduced emissions, enhancing air travel experience and contributing to the growth of the aerospace and defense market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/