Tag: Aerostructure

Aerospace Plastics Market Worth $1.2 Billion By 2027

The global aerospace plastics market size is anticipated to reach USD 1.2 billion by 2027, expanding at a CAGR of 5.1% over the forecast period, according to a new report by Grand View Research, Inc. Recent developments in the manufacturing of fuel-efficient aircrafts are likely to drive the demand for aerospace plastics. Increasing use of environment-friendly and energy-saving products is also expected to influence the market growth positively.

Advancements in plastic composites and introduction of new designs maximizing the structural benefits have led to an increase in design flexibility and volume of plastics required in the manufacturing of a single aircraft. Weight is an important factor in the aerospace applications that determines the design and efficiency of any aircraft component.

Plastics possess excellent strength to density ratio and help in reducing the overall weight of the aircraft. Freight and large passenger aircraft is one of the major application areas of these plastics in the industry. Using plastics in an aircraft not only helps in reducing the operating costs by lowering the weight, but also keeping a check on maintenance issues. This is expected to drive the demand for aerospace plastics over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/aerospace-plastics-market

Further key findings from the study suggest:

  • On the basis of application, cabin interiors emerged as the fastest growing segment in Asia Pacific, Europe, and North America owing to its widespread usage in both aircrafts and helicopters
  • Based on end use, commercial and freighter aircrafts accounted for over 68.0% share of the overall revenue in 2019 and is projected to witness the fastest growth over the forecast period
  • Increasing investment by the government and private institutions in the aerospace and defense sector is projected to fuel the demand for these plastics
  • Some of the major players operating in the aerospace plastics market are Hyosung Corporation; BASF SE; Kaman Corporation; Mitsubishi Heavy Industries Limited (MHI); Premium Aerotec GmbH; SABIC; SGL Carbon SE; Tech-Tool Plastics, Inc.; Evonik Industries AG; Victrex plc; Hexcel Corporation; Holding Company Composite; Solvay; Ensinger; and others.

Aerospace & Defense Materials Market Worth $28.37 Billion By 2027

The global aerospace and defense materials market size is expected to reach USD 28.37 billion by 2027, registering a revenue-based CAGR of 4.0% during the forecast period, according to a new report published by Grand View Research, Inc. Increasing investment in modernization along with expansion of combat aircraft fleet in countries, such as India and China is expected to drive the growth.

The market is expected to benefit from the strong demand for aircraft in the foreseeable future. The number of commercial and cargo fleets around the world is expected to double over the forecast period. The huge surge in passenger and freight traffic is also anticipated to contribute significantly to the increase in aircraft production and demand for aerospace & defense materials.

The aerospace & defense industry has been a long-term promoting factor for the development and application of advanced materials. Leading manufacturers are increasingly adopting a variety of advance materials such as carbon fiber composites and titanium alloys. These materials play an important role in reducing the overall weight and increasing fuel efficiency of an aircraft.

The market players often enter into long-term supply contracts with aircraft manufacturers. The material manufacturers provide highly customized solutions to the component and aircraft manufacturer. Aircraft manufacturers are often involved in monitoring the materials throughout the value chain from design to component manufacturing to ensure the quality.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/aerospace-defense-materials-market

Further key findings from the report suggest:

  • Composites is expected to register the highest CAGR of 3.8% in terms of revenue, from 2020 to 2027, owing to the lightweight, high strength, and impact resistance characteristics of the product
  • Aerostructure is estimated to be the largest application segment. It accounted for a revenue of USD 10.37 billion in 2019. However, the segment is expected witness a decline in volume due to increased substitution of metals with composites
  • Commercial aircraft is estimated to witness substantial growth in terms of revenue at a CAGR of 4.1% from 2020 to 2027, owing to increasing demand from developing economies
  • North America held the largest revenue share of the aerospace and defense materials market with 1.8% in 2019, owing to the presence of huge aircraft parts manufacturing industry in the region
  • Major market players focus on mergers and acquisitions to expand their business and technological capabilities. They prioritize R&D of low cost materials that provide high strength