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Deerfield Beach, FL -- (SBWIRE) -- 09/29/2015 -- The Global aerospace materials market is valued at $13.4 billion in 2014 and expected to grow at a compound annual growth rate (CAGR) of 7.4% reaching $23.8 billion in 2022. The main drivers for the growth of the global aerospace market are change in technology, increased aircraft size, high replacement rate. Materials such as aluminium alloys, titanium alloys and composite materials are used for building aircrafts. Aluminium alloys reckons for nearly 50.0% of the market in terms of volume, yet it corresponds to only around 25.0 per cent of the market in terms of value. The demand for aluminium alloys is likely to remain steady in between 2014 and 2019, but raise in usage of the composite materials and titanium alloys in the new generation of aircrafts is expected to increase demand for these materials in the upcoming future.
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The global aerospace materials market is segmented on material types, aircraft types and region. Depending on the material type the market is segmented into five types namely Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys and Composite Materials. Based On aircraft types aerospace materials market is divided into Commercial Aircraft, Military Aircraft, Business & General Aviation, Helicopters and Others.
Geographically aerospace market is segmented into North America, Europe, Asia Pacific and Rest of the World (ROW).North America, Europe, Asia Pacific dominated the aerospace market by volume and value. And globally US is the top consumer for the aerospace material. Growth in the region is expected to take place due to the large number of mergers, and acquisition and expansion by some major players taking place.
Major players in the mining market include Kobe Steel Limited, Alcoa Inc., Cytec Industries Inc., Du Pont, De Nemours, AMG N.V, ATI Metals, Aleris International Inc., Constellium N.V.
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