The global aerospace materials market will gradually expand

A professional body has recently issued an “Analysis report on the aerospace and defense materials industry (2020-2027)”. The report shows that when it comes to 2027, the Global Aerospace and defense materials market is expected to reach $23.82 billion, with a CAGR of 4.21% over the forecast period.

According to the International Air Transport Association, air passengers accounted for 81.9 percent of the total number of passengers on board aircraft, while cargo accounted for 49.3 percent. With the development of aviation market, the demand of aviation material is more and more high.

The report shows that the use of carbon fiber composites in recent years has greatly improved the lightness and durability of aviation materials, resulting in significant improvements in aircraft fuel economy. In addition, carbon fiber materials excellent fatigue and corrosion resistance, but also reduce the maintenance costs of components.

The report argues that North will still have the largest share of the aerospace materials market and that the rise of the asia-pacific market in this market will be an inevitable trend.