Composite Materials Aluminum Alloys Aerospace Global Market Report 2023
Major players in the composite materials aluminum alloys aerospace market are Toray Industries Inc., Royal Ten Cate, Teijin Limited, Renegade Materials, Owens Corning, Materion Corp, HEXEL Works Inc., Solvay S.
New York, March 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Composite Materials Aluminum Alloys Aerospace Global Market Report 2023" - https://www.reportlinker.com/p06433604/?utm_source=GNW
A., Mitsubishi Rayon Co. Ltd., SGL Group, Alcoa Corporation, Constellium., Fitbit, Kobe Steel Ltd., Novelis Inc., and Amg Advanced Metallurgical.
The global composite materials aluminum alloys aerospace market grew from $25.75 billion in 2022 to $28.6 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The composite materials aluminum alloys aerospace market is expected to grow to $41.27 billion in 2027 at a CAGR of 9.6%.
The composite materials aluminum alloys aerospace market consists of sales of technical and industrial grade composite aluminum alloy materials for aerospace.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The composite materials aluminum alloys aerospace refers to superior aluminum alloy materials used for structural applications and components in all aircraft and spacecraft.A composite material is formed when two materials having different physical and chemical properties are mixed.
Aluminum alloys are the preferred material for aerospace designs due to their corrosion-resistance properties and high strength capabilities.
North America was the largest region in the composite materials aluminum alloys aerospace market in 2022.North America is expected to be the fastest growing region in the forecast period.
The regions covered in the composite materials aluminum alloys aerospace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of composite materials used in aerospace are aluminum alloys, titanium alloys, steel alloys, and composites.Aluminum alloys refer to alloys that have zinc as the primary alloying element and are strong, with good fatigue strength and average machinability.
The different types of products include carbon fiber composite materials, glass fiber composite materials, aramid fiber composite materials, and others that are used in commercial aircraft, business and general aviation, military aircraft, helicopters, and other applications.
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.
Technological advancements are a key trend gaining popularity in the composite materials aluminum alloys aerospace market.Many companies operating in the composite materials aluminum alloys aerospace sector are focused on developing new technologies to strengthen their position.
For instance, in June 2020, the National University of Science and Technology, a Russia-based public technological university, presented a new technology for producing aluminum matrix composites from the new raw materials that are promising composite powders for 3D printing of strong, lightweight casings for the manufacture of automobiles and aircraft. The novel technique boosts the 3D printed composites’ consistency of characteristics and hardness by 40% over comparable methods.
In April 2020, Novelis, a US-based producer of flat-rolled aluminum products, acquired Aleris Corporation for an undisclosed amount.The acquisition would help Novelis meet increasing customer demand for aluminum by expanding its innovative product portfolio and creating a more skilled and diverse workforce.
Aleris Corporation is a US-based producer of rolled aluminum products for different industries such as automotive, aerospace, and others.
The countries covered in the composite materials aluminum alloys aerospace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The composite materials aluminum alloys aerospace market research report is one of a series of new reports that provides composite materials aluminum alloys aerospace market statistics, including global market size, regional shares, competitors with composite materials aluminum alloys aerospace market share, detailed composite materials aluminum alloys aerospace market segments, market trends, and opportunities, and any further data you may need to thrive in the composite materials aluminum alloys aerospace industry. This composite materials aluminum alloys aerospace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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