The global aerospace fabrics market was valued at USD 24.65 billion by 2020 and is projected to expand at a CAGR of 6.9% during the forecast period, 2021–2028. The growth of the market is attributed to the growing demand for aerospace fabrics across regions and its expanding applications in the production of new age aircraft.
Aerospace fabrics are specialized fabrics that incorporate exceptional properties to design certain aerospace products including G-suits for pilots and section suits for air and space transports. These suits are normally utilized by pilot and astronaut in airplanes or spacecraft who are engaged in various space mission and space transportation. These fabrics are elite materials that have certain favorable properties such as offering high strength, high temperature resistance, and protection from easy wearing off. The fabrics are primarily made from aluminum, steel, titanium, and composite alloys.
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Market Drivers, Restraints, Trends, and Opportunities
· Growing investment for the military budget and interest for strong air defense are key factors driving the market growth.
· Rising demands for superior fabrics for the manufacturing of uniform for pilots and air crew members in military aircrafts acts as a key driver for the market growth.
· Expanding aircraft fleet for both commercial and military purposes are other major factors that help boost the demand for the fabrics.
· Growing space expedition and rising government spending for several space missions among the developing nations act another key factor that can push the market growth.
Segment Analysis
In terms of types, the market is divided into composite, titanium, aluminum, and others. The composite segment is expected to hold a major market share in the coming years owing to its wide popularity in the aeronautic industry. The segment growth can be attributed to its excellent properties such as high strength, lightweight, and durability. In 2018, the composite segment accounted for nearly 50% of the global aerospace fabrics market share.
Based on applications of aircraft types, the global aerospace fabrics market is categorized into civil aircraft, military aircraft, and others. The military aircraft segment is projected to constitute a major share of the market in the coming years owing to the rising military and defense budget across countries, impacted by the growing geo-political tensions in several regions.
In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to hold a major share during forecast period owing to growing aeronautic trade in China, India, and ASEAN nations. As per the International Air Transport Association (IATA), Asia-Pacific represented 36.3% of the global air transport travelers in 2017 and was observed to have immense potential for major development in the coming years with the rising commercial flight investment from emerging economics such as China, India, Indonesia, Japan, and Thailand.
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