INDUSTRY REPORT
Airbus production .
government restrictions across the world , business functions are returning to normal and the aerospace parts market is expected to gear up production capacity during the forecast period ,” added the analyst .
Aerospace materials markets
According to new analysis on ResearchAndMarkets . com , the global aerospace materials market is estimated to be US $ 37.9 billion in 2021 and is projected to reach US $ 57.9 billion by 2026 , at a CAGR of 8.8 % between 2021 and 2026 .
The demand for next-generation lightweight and fuel-efficient aircraft is expected to be the major driver for the aerospace materials market . The aerospace industry is growing due to increasing air traffic in emerging economies , supported by the rising middle-class population and demand for new-generation fuel-efficient aircraft . This growth is expected to increase the demand for aerospace materials globally
In terms of value , the composite materials-based aerospace materials segment accounted for the largest share of 72.3 % of the overall aerospace materials market in 2020 . The aerospace materials market in the commercial aircraft segment is expected to register the highest CAGR between 2021 and 2026
The commercial aircraft segment is the largest end-user of aerospace materials . Commercial aviation involves operating aircraft to transport passengers or cargo . Strong economic growth in the emerging countries of APAC and South America and an increase in air traffic , as well as the number of low-cost operators in these regions , are also major growth factors for the commercial aircraft segment .
“ Low-cost carriers ( LCCs ) have proved to be strong competitors in the market , particularly in developing economies , and have driven the commercial aircraft segment in the last decade . Many commercial aeroplane deliveries in the single-aisle , wide-body , twin-aisle and regional jet segments are also expected to increase the demand for aerospace materials during the forecast period and drive the commercial aircraft segment ,” said the report .
The aerospace materials market in the APAC region is projected to register the highest CAGR , in terms of value and volume , between 2021 and 2026 .
3D printing has found a strong niche in the aerospace sector .
“ Demand for aerospace materials in the aerospace and defence industry in the APAC region is growing due to the increased production of indigenous aircraft . The increasing demand for aerospace materials in developing countries such as China , India , Singapore , Indonesia and Thailand in the APAC region will drive market growth ,” it added .
Increased fuel efficiency leads to a reduction in the operational cost of the aircraft . High economic growth in these countries , along with high urbanisation , industrialisation and improved standards of living , also plays a crucial role in the adoption of fuel-efficient , cost-cutting machinery .
Most of the aircraft manufacturing companies are integrated across the value chain and are highly active in the parts manufacturing process . These companies have in-house production facilities as well as supplier contracts for the procurement of these parts . The manufacturers are also involved in raw material procurement and design and quality control of the parts offered by third party suppliers .
The commercial aircraft segment is estimated to expand at the fastest CAGR of 4.6 % over the forecast period , as significant changes are being incorporated in the aircraft structure to reduce carbon emissions by replacing existing parts with lightweight materials .
Asia-Pacific market
Boeing estimates that air travel within
Asia Pacific markets will account for nearly half of global air traffic by 2040 , driving 20-year demand for 17,645 new aircraft valued at US $ 3.1 trillion .
“ To support its commercial aviation industry , Asia-Pacific countries will also require aftermarket services valued at US $ 3.7 trillion ,” it added .
The Asia Pacific region has diverse air travel markets , including mature economies in Northeast Asia and Oceania as well as rapidly growing aviation markets in China , South Asia and Southeast Asia . With the travel recovery enabled by rising COVID-19 vaccination , Asia Pacific carriers are well-positioned to capitalise on recovering business and leisure travel as well as air cargo transportation , according to Boeing .
“ We have seen strong resilience in Asia Pacific traffic when restrictions are lifted and passengers feel confident about travel ,” said Darren Hulst , Boeing vice president of Commercial Marketing . “ Carriers with efficient and versatile fleets will be positioned to meet passenger needs and air freight demand with aeroplanes that reduce fuel use , emissions and operating costs .”
Boeing ’ s CMO analysis addresses 20-year demand for the five regions within Asia Pacific . Southeast Asia is forecast to need 4,465 new aircraft valued at US $ 765 billion and commercial aviation services valued at US $ 790 billion by 2040 . Northeast Asia is expected to need 1,385 new
Interior of a Boeing 747-800 freight aircraft .
The demand for next-generation lightweight and fuel-efficient aircraft is expected to be the major driver for the aerospace materials market
20 | sheetmetalplus . com | ISMR December 2021 / January 2022