Aerospace Plates Market Intelligence Report Offers Insights on Growth Prospects 2021–2026
Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity
Jan ,5th 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aerospace Plates Market.
The pandemic’s sharp, unsought strike brought in havoc and dismay in markets across the industry. The plates market in the aerospace industry was no different, it suffered a massive blow in 2020, recording a grave decline of -30.3% YoY which when juxtaposed with our pre-COVID estimates is an outright contrast. The aerospace plates market is likely to follow suit, taking the path towards recuperation from 2021 onwards with a CAGR of 8.9%, to reach a value of US$ 3.3 Billion by 2026.
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Aerospace Plates Market Share: By Platform type
Based on the platform type as commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, UAV, and spacecraft. Despite taking a steep nosedive in 2020, commercial aircraft is projected to remain the largest and fastest-growing market segment during the forecast period. Rapidly recovering the production of aircraft, probable market entry of new aircraft such as C919, and incessant requirements of mill products best suiting the applications at hand, are the key reasons behind the segment’s healthy growth in the long run. For instance, Airbus confirmed the production rate of the A320 family will be 45 aircraft per month by the fourth quarter of 2021 and is likely to jump to 64 aircraft per month by the second quarter of 2023.
Aerospace Plates Market Share: By Region
In terms of regions, North America is expected to dominate the aerospace plates market during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators. Most of the plate suppliers have their presence in the region to address the emergent needs of OEMs and to be the partner for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.
Asia-Pacific is likely to heal at the fastest rate in the post-pandemic market developments. The region's highest growth is mainly attributable to the increasing aircraft fleet to support rising passenger traffic; the opening of Boeing and Airbus assembly plants for multiple aircraft programs; increasing procurement and production of military aircraft, owing to rising defense budget; and upcoming indigenous aircraft, C919.
COVID-19 Impact on Global Aerospace Plates Market
Covid-19 outbreak impacted the growth of the bearing for steel market negatively. The spread of coronavirus led to enforcement of lockdown to curb the spread of virus. This led to travel restrictions and supply chain disruptions, which in turn affected the product availability on time.
Key players operating in the Aerospace Plates Market are-
Allegheny Technologies Incorporated.
Carpenter Technology Corporation
Kaiser Aluminum Corporation
Titanium Metals Corporation (TIMET)
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Features of the Report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Aerospace Plates Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors.
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