New York, NY -- (SBWIRE) -- 06/12/2019 -- Market Size – USD 6.58 Billion in 2018, Market Growth - CAGR of 4.4%, Market Trends – Rising demand for lightweight and durable materials
The Super Alloys Aluminum Alloys Aerospace Materials Market is forecast to reach USD 9.46 Billion by 2026, according to a new report by Reports and Data. Super alloys aluminum alloys aerospace materials are known by excellent surface durability, unique mechanical strength, and corrosion resistance. There is a considerable demand for these materials that is ideal for several manufacturing applications. However, there are some restricting factors of the market, such as high cost associated with manufacturing & machining complexities.
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A rapid increase in global passenger and cargo aircraft fleet, along with an increase in the number of passengers, is likely to propel market demand in the future. The passenger and freight traffic is estimated to increase at a modest rate in the upcoming years, and as a result, would fuel the demand for aircraft.
The market predominates in the manufacturing of aerospace elements mainly. Moreover, the aerospace manufacturers are early adopters of developing manufacturing technology, which has led to the rising demand. The increase in prevalence of applications in the aerospace industry and the industrial gas turbines sector is expected to drive the market growth during the forecast period.
The factors that are responsible for the growth of the global market are the demand for lightweight alloys to decrease aircraft weight, usage of super alloys aluminum alloys in jet engines, rise in air traffic, and high corrosion resistance.
The North American region is expected to account for the largest share of 35.3% of the market in 2018. The region is one of the significant contributors to the overall aircraft industry. Higher consumer spending, along with the growing age of commercial aircraft are among the key factors determining product penetration for the market. Conventional innovations for reducing weight, coupled with a high demand for fuel efficiency, will boost the overall product demand. Moreover, expanded defence spending in the U.S. will boost the market growth in North America.
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Further key findings from the report suggest
- The shifting inclination toward lightweight, cost-effective alternatives, & strong component demand and processing performance will drive the industry growth.
- By application, the market is segmented as commercial aircraft, military aircraft, business & general aviation aircraft, and others.
- The commercial aircraft segment is leading the overall market. The segment is valued at USD 3.64 Billion in 2018 and is estimated to have a CAGR of 4.4% during the forecast period.
- The business and general aviation aircraft type is anticipated to witness the highest CAGR of 4.6% during the forecast period.
- The large-scale production of these aircraft and an increase in air travel globally is the primary reason for the highest growth.
- The super alloy product is anticipated to grow at the highest CAGR of 4.9% during the forecast period.
- Super alloys, also recognized as high-performance alloys, are the type of alloys that show superior mechanical strength at high temperatures, excellent surface stability, and oxidation and corrosion resistance. They generally have an austenitic face-cantered cubic crystal structure with a base alloying element of cobalt, nickel, or nickel-iron.
- Key participants include Precision Castparts Corporation, Aperam SA, AMG, Alcoa Inc., Allegheny Technologies Incorporated, Carpenter Technology, Haynes International Inc., Hitachi Metals Ltd., Outokumpu, Timken Company, and VSMPO-AVISMA Corporation.
For the purpose of this report, Reports and Data have segmented into the Super Alloys Aluminum Alloys Aerospace Materials Market on the basis of Product, Application, Aircraft type, and Region:
Product Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2016-2026)
- Aluminum alloy
- Super alloy
Application Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2016-2026)
- Commercial aircraft
- Military aircraft
- General aviation
- Others
Aircraft Type Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2016-2026)
- Fixed Wing
- Rotary Wing
- Others
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Regional Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2016-2026)
- North America
o U.S.
- Europe
o UK
o France
- Asia Pacific
o China
o India
o Japan
- MEA
- Latin America
o Brazil
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