
The 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.