New York, NY -- (SBWIRE) -- 06/12/2019 -- Market Size – USD 5.69 Billion in 2018, Market Growth - CAGR of 3.8%, Market Trends – Increase in the number of commercial aircraft passengers.
The Global Steel Alloys Aluminium Alloys Aerospace Materials Market is forecast to reach USD 7.69 Billion by 2026, according to a new report by Reports and Data. The increase in demand for innovative and high-quality metals and alloys in the aerospace industry is driving the market growth. Various applications, including carrying of passengers, astronauts, or fighter pilots, increases the market demand for aerospace products, which must comply with the performance and quality of the highest standards under extreme conditions.
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Aluminum is used in aircraft for low density, good thermal and electric conductivity, and high strength property, corrosion resistance and technological effectiveness. As aluminum loses its strength at high temperature, it is not used in the skin surface of an aircraft. Steel can be three times stronger and heavier than aluminum. The material is used in a landing gear due to its strength and hardness as well as in the skin surface of aircraft due to its high heat resistance.
Increase in demand for aircraft form the Asia Pacific region is expected to fuel the market growth. Growth in the international market in the future depends heavily on developing countries. India and China contribute to the growth of the market. Increase in the facility expansion, rise in mergers and acquisitions, and strategic partnerships are expected to fuel the market demand.
Further key findings from the report suggest
- The aerospace industry is gradually looking to recycled aluminum alloys to fulfill the high demand for such alloys owing to the projection of a substantial increase in demand for aluminum during the forecast period. Besides, there is a drive for innovation in the materials used in aerospace design, as well as the design structure of aircraft.
- Increase in air traffic in the emerging nations and the manufacturers drive towards fuel efficient and lightweight aircraft is expected to boost the market for aerospace materials. The increase in defense spending in many countries is anticipated to fuel market growth.
- Based on applications, commercial aviation held half the market share, i.e., 50% in the year 2018. Increase in passenger transport, along with the rise in demand for commercial aircraft is anticipated to propel the market growth.
- Aluminum is generally the most widely used material in the aircraft owing to its exceptional lightweight, state of the art, and inexpensive nature. It held a market share of 63% in the year 2018.
- The aircraft engine is a complex mechanism that requires quality alloy steels for many of its components. It is used in crankshafts, connecting rods, valve and valve springs, and gears, among other parts.
- Key participants include Nucor Corporation, Kobe Steel, Arcelor Mittal, Nippon Steel & Sumitomo Metal, Thyssenkrupp Aerospace, AMI Metals, Materion, Baosteel Group, Alcoa Corp., Huntsman International LLC., among others.
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For the purpose of this report, Reports and Data have segmented the global Steel Alloys Aluminium Alloys Aerospace Materials Market on the basis of Product Type, Grade, Applications, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Steel Alloys
- Aluminum Alloys
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Industrial Grade
- Technical Grade
Applications Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Business and General Aviation
- Commercial Aviation
- Military Aviation
- Others
Regional Outlook (Volume, Kilo Tons; 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
Read more @ https://www.reportsanddata.com/report-detail/steel-alloys-aluminum-alloys-aerospace-materials-market
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