Aerospace Materials Market Size Hit USD 69.37 billion by 2029, High demand for aircrafts from emerging economies and low-cost carriers is driving the market growth, Exclusive Report by Exactitude Consultancy
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Wednesday, September 21, 2022
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PUNE, India, Sept. 21, 2022 /PRNewswire/ -- The global resin aerospace materials market trends are expected to gain momentum by reaching USD 69.37 billion by 2029, while exhibiting a CAGR of 8.1% between 2022 and 2029, Exactitude Consultancy mentions that the market stood at USD 34.41 billion in 2021.
Key Points:
- The global aerospace materials market is expected to increase at a significant pace due to increasing demand for properties such as high fuel efficiency and high temperature resistance.
- Moreover, the global aerospace materials market is anticipated to increase due to the implementation of stringent regulations over carbon emissions across the globe.
- Composite materials-based aerospace materials accounted for the largest share, in terms of value, of the overall aerospace materials market
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. - Aircraft manufacturers use a high percentage of composite materials in the new generation aircrafts instead of metals and its alloys used previously.