Aerospace Materials Market

Global Aerospace Materials Market Size (2023 to 2028)

The global aerospace materials market is expected to reach USD 62.31 billion by 2028 from USD 41.63 billion in 2023, growing at a compound annual growth rate (CAGR) of 8.4 % during the forecast timeline.

High demand from emerging economies is driving the growth of the global aerospace materials market. Europe accounts for a large share of the aerospace materials market owing to high demand for commercial and business aircraft. The rising demand from emerging economies is expected to drive the aerospace materials market during the forecast period. Post-pandemic, a significant change in travel and operational activities can be seen. The industries started to work full-time, resulting in a rise in people traveling. The global aerospace industry has experienced a rise in passenger numbers. This resulted in the demand for the aviation industry, thereby increasing demand for the aerospace materials market. In the developing economies, there is a high demand for low-cost carriers that provide strong competition in the market. The rising demand will provide an opportunity for aerospace materials-providing companies as they are part of the aircraft manufacturing industry.

The rise in the demand for budget aircraft is anticipated to propel growth in the aerospace materials market. The low-cost operators always have the front position in the market, mostly in the Asia-Pacific and South American countries. The travel frequency is higher between Europe and APAC, like most popular airlines like Qatar Airways and Emirates. The higher frequency of traveling through aircraft will drive the requirement of the new aircraft at a higher rate, resulting in more requirements of the aircraft materials to construct new aircraft.

The decline in the number of product deliveries through aircraft would show a direct impact on the aerospace materials market as the requirement for raw materials will decrease significantly. The consumption of composite materials is seen more in commercial aircraft, and the decline in the demand for them would negatively impact the market. Unforeseen incidents such as accidents, delayed aircraft, and shutdown of operations due to external conditions result in the impact on traveling through aircraft. The high maintenance cost of the aircraft, along with the regulatory requirements, impacts the aerospace material market negatively. The change in the regulatory compliance of the aviation industry impacts the manufacturers and operators. Any sudden change in the material usage in the manufacturing of the aircraft results in an imbalance between the supply and demand for the aircraft. The high cost of manufacturing carbon fibres and the decline in the use of alloys are some other factors expected to restrain the growth of the targeted industry over time.

Impact of COVID-19 on the global aerospace materials market:

The COVID-19 pandemic has shown a negative impact on the aerospace materials market. The major effect is seen due to the travel restrictions resulting in the complete shutdown of the aviation industry for a long duration. There is a disruption in the supply chain and restrictions over the working hours in the industry, resulting in an imbalance between the supply and demand of the product. The traveling has stopped completely for a few months and slowly restarted, but restrictions over international travel, either human or cargo flights, are present. In certain countries like the U.K., Germany, and France, the U.S. has seen a decline in industrial and commercial activities, negatively impacting the market. Due to the lower frequency of operation, the requirement for the new aircraft decreased, and demand for the material also decreased. The industry and market have returned to a normal state after the COVID-19 pandemic. In fact, there is an increase in the market demand.

REPORT COVERAGE:

This research report on the global aerospace materials market has been segmented and sub-segmented based on type, aircraft type, application and region.

 Global Aerospace Materials Market – By Type:

• Aluminium Alloys
• Titanium Alloys
• Steel Alloys
• Super Alloys
• Composites
• Others

Aluminum alloys have a large share in the aerospace materials market. Nowadays, most modern aircraft are made of aluminum alloys. They are used for producing the fuselage, wings, and some other parts of the aircraft. Aluminum alloys are preferred over other alloys due to their high strength, resistance to corrosion and heat, and lightweight. These characteristics help the designers to reduce the weight of the aircraft and increase fuel efficiency. The most used aircraft, like commercial and business aircraft, use aluminum alloys in their manufacturing. The easy availability of aluminum and affordability drive the segment’s growth.

Global Aerospace Materials Market – By Aircraft Type:

• Commercial Aircraft
• Business & General Aviation
• Military Aircraft
• Helicopters
• Others

Commercial aircraft hold a high market share in the aerospace materials market during the forecast timeline in the type of aircraft segment. There is a large-scale use of different materials like aluminum alloys, titanium alloys, and composite materials in the manufacturing of these aircraft. In terms of volume, the commercial aircraft segment has a larger share of material demand. The increase in the demand for aircraft for traveling in emerging countries will create an additional demand for new aircraft. That drives the aircraft material demand.

Global Aerospace Materials Market – By Application:

• Interior
  • Passenger seating
  • Gallery
  • Interiors
  • Panels
  • Others
• Propulsion Systems
  • Airframe
  • Tail & Fin
  • Windows & Windshields

Based on the application, the interior segment is anticipated to hold a large share of the aerospace materials market. The demand for better passenger comfort and increased safety in the aircraft, as well as rising demand in emerging countries, will drive market growth. There is an increasing demand for fuel-efficient aircraft, and rising investments in advanced space technologies propel segmental growth.

Global Aerospace Materials Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Europe region is anticipated to hold a high share of the aerospace materials market in terms of revenue. In this region, there is more demand for commercial and business aircraft. Germany holds the first position in delivering the greatest number of commercial aircraft. Europe also has more tourism, resulting in more travellers from other countries. Even though the pandemic impacted the market negatively in this region, post-pandemic, there has been an increase in market growth. Europe also has major players in the aerospace material industry, driving market growth.

The Asia-Pacific region also has a high growth rate in the aerospace materials market. The rise in the demand is driven by the proportionate rise in the demand for commercial aircraft in this region.

The United States has the largest aerospace industry in the world, which drives the aerospace materials market in the North American region. There is an anticipated increase in the commercial fleets in the coming years. The government also plays a key role in the growth of the aerospace material industry by allocating a certain part of the defense budget. A strong presence of market players, advanced technologies, and increasing government investment drive the growth of the market in this region.

KEY MARKET PLAYERS:

Alcoa Corporation, ATI Metals, Doncasters Group Ltd, Kaiser Aluminum, Novelis, Kymera Global, Mitsubishi Chemical Holdings, DuPont de Nemours, Inc, Arconic, Inc, Duncan Aviation, Hexcel Corporation, Rio Tinto Group, Cytec Solvay Group, Toray Composite Materials, Isovolta AG

RECENT HAPPENINGS IN THE MARKET:

• In 2022, a partnership was formed between Toray Advanced Composites, America, and Specialty Materials, U.S. The partnership helps develop advanced next-generation aerospace materials with functional properties. This partnership will strengthen the company’s position in the aerospace materials industry.
• In 2022, Isovolta AG has acquired the Gurit Holding AG’s Aviation and Aerospace business unit. The acquisition will give the company an advantage in expanding the business to produce composite materials, composite manufacturing equipment, and core kitting services for the aerospace industry.
• In 2021, Duncan Aviation announced the obtaining of accreditation from the AWS Infrastructure Welded Code Aluminum for its welding and machining department.
• In 2020, Kymera Global brought a scanning alloy division of AMETEK. Kymera Global is a maker of tiny powder metallurgy. Kymera benefits from this acquisition in the metal sector.