A new joint report from financial services provider Santander and manufacturing organisation EEF has predicted that the UK’s aerospace industry will continue to grow due to increasing global demand for components produced in the country.

The latest automotive sector bulletin has also revealed that constant growth in air travel, particularly in emerging economies, along with demand for high-tech parts for spacecraft, rockets and satellites are expected to contribute to the development of the sector.

According to the report, new designs and equipment such as 3D printing technologies will play a vital role in accelerating the growth in the UK’s aerospace industry.

The use of composite materials in aircraft manufacturing is set to rise significantly in the next decade, with the global composite materials market estimated to reach £27bn by 2024.

“The UK’s aerospace industry has thrived off the back of its competitive advantage in the production of high-value added technology-intensive products."

In order to access potential in the new space tourism sector, the UK Government is planning various programmes to capture a big chunk of the market, worth an estimated £25bn over the next two decades.

Santander corporate and commercial manufacturing business development head Paul Brooks said: “The UK’s aerospace industry has thrived off the back of its competitive advantage in the production of high-value added technology-intensive products, and we forecast that this will continue given that the UK is hardwired into the global supply chain.

“Since 2002, the UK industry has more than doubled overseas sales from £13.2bn to £28.3bn, an increase of 114%.”

The company further noted that emerging markets, including China, would mark the greatest source of growth for the UK aerospace industry over the coming 15 to 20 years.

Increasing incomes, growing middle-class and reduced visa requirements have already resulted in air passenger numbers rising from 67 million in 2000 to 320 million in 2016.

According to EEF, the UK’s current aerospace sector mainly specialises in the production of engines and aircraft components, which account for 79% of all exports.