Market Size of Aerospace Materials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aerospace Materials Market Analysis
The Aerospace Materials Market is estimated to reach over USD 44,200 million by the end of this year and is projected to register a CAGR of over 8% during the forecast period.
COVID-19 negatively impacted the market in 2020. Passenger air travel facilities were temporarily shut down because of the pandemic and the lockdowns imposed to curb the spread of the virus. However, the market showed significant growth in 2021 and is continuing to grow in 2022.
- Over the medium term, the increasing usage of composites in aircraft manufacturing, the growing space industry, and increasing government spending on defense in the United States and European countries are expected to drive the market's growth.
- On the flip side, the high manufacturing cost of carbon fibers and the declining usage of alloys are the key factors anticipated to restrain the growth of the target industry over the forecast period.
- The use of carbon nanotubes and nano-additives with epoxy adhesives is likely to create opportunities for the market in the coming years.
- The North American region is expected to dominate the market due to high demand for commercial aircraft, growing government support in military spending, and expanding opportunities in the spacecraft segment.
