Global Aerospace Materials Market is estimated to record a CAGR of 6.2% and cross USD 30 Billion by 2025.
Aerospace materials are high-performance alloys made of aluminum, steel, titanium, and superalloys. These materials offer high strength, resistance to corrosion and chemicals and maintain integrity and properties at a wide temperature range. The global aerospace materials market is estimated to be highly consolidated with the top 10 countries accounting for more than 85% share in 2018.
The increasing demand for aerospace materials is primarily attributed to increasing aerospace fleet primarily driven by growing air passenger traffic. Furthermore, the high growth of the market is driven by economic growth and improving macro-economic scenario. The global aerospace industry is estimated to be worth USD 920 billion in 2019 and is expected to register a CAGR of 5% during the forecast period. Moreover, factors such as increasing disposable income, middle-class population, growth of the tourism industry, competitive pricing of air travel fares by airline carriers and increasing affordability are expected to have a positive impact on the growth of the global market.
Pricing Analysis and Regulatory Framework:
The price for aerospace materials varies depending on the material type, grade, and quality. In 2018, the price average price for aerospace materials varied from around USD 1,700–3,900 per tons. The prices for aerospace materials is expected to increase on the account of growing raw materials prices and energy cost.
The aerospace industry utilizes ASTM's aerospace material standards for evaluating materials’ mechanical, thermal, chemical, electrical, and optical properties. The evolution and development of advanced materials and growing safety concerns are driving the need for the development of globally harmonized regulations and standards. The SAE International and the National Center for Advanced Materials Performance (NCAMP) have collaborated to develop globally harmonized aircraft materials and process specifications for advanced materials.
- Advancement and development of high-performance materials
- Increasing aircraft fleet and growing air passenger traffic
- Growing number of affluent populations, rising per capita income, and increasing affordability
- Increasing investment in maintenance, repair, overhaul, and upgrades aircrafts
- High product cost and increasing energy prices
By Material Type
- Composite: Composites are typically reinforced fibers made of at least two elements. Over the past two-decades composites have gained significant traction in the aerospace industry as an ultimate design material owing to its high strength, lightweight, and high affordability. In 2018, the composites account for about 50% share of the global aerospace materials market.
- Steel: The steel alloys are used in the form of sheets, wires, bars, plates, and custom forged parts. Steel is mostly used for structural applications such as fasteners, landing gear, and actuators requiring high strength.
- Titanium: Titanium alloys are most expensive, however, its application in aircraft has been increasing owing to high performance and continuous development of titanium alloy with respect to its manufacturability and affordability.
- Aluminum: Aluminum is generally used for non-critical structural applications such as paneling and aesthetic interiors. The aluminum segment is expected to witness moderate growth and is expected to lose significant share to composites and polymers by the end of the forecast period.
- Others: The other segment is expected to create a high demand for advanced materials as well as plastics and light-weight materials.
By Aircraft Type
- Civil Aircraft: Factors such as increasing air passengers, low airfares, and increasing adoption of the airway as a transportation medium have increased the investments in aircraft manufacturing.
- Military Aircraft: Due to the increasing military and defense spending in countries such as China, India, the US, Germany, the UK, France and Russia, the segment is expected to witness robust growth during the forecast period.
- Others: The segment includes rotary aircraft and general aviation. The segment is expected to witness moderate growth during the forecast period driven by increasing demand for private jets and rotary aircraft.
- North America
- Latin America
- Middle East & Africa
- North America: North America accounted for the largest share of the global aerospace materials market and is expected to maintain its dominance throughout the forecast period owing to the presence of a large number of aircraft manufacturers. The North America aerospace industry was worth USD 450 billion in 2018, of which the US accounted for more than 90% market share.
- Europe: Europe was the second-largest market for aerospace materials in 2018. France, the UK, Germany, and Russia are the prominent countries in the region. Furthermore, high investment in the development of military aircraft in France, Russia, and the UK is expected to drive the growth of the European aerospace materials market.
- Asia-Pacific: Asia-Pacific is expected to be the fastest-growing regional market primarily led by the growing aerospace industry in China, India, and ASEAN countries. Asia-Pacific accounted for about 15% share of the global market in 2018 of which China was valued at USD ~63 billion. According to the International Air Transport Association (IATA), Asia-Pacific accounted for 36.3% share of the global air transport passengers in 2017 and is expected to be witness significant growth in the coming years driven by increasing consumer preference for air travel in the countries such as China, India, Indonesia, Japan, and Thailand.
- Latin America: Latin America lead by Brazil is expected to create new growth opportunities in the market.
- Middle East & Africa: The Middle East & African market accounted for a relatively smaller share of the global market and is expected to witness moderate growth owing to increasing air passenger traffic in GCC.
- Global Titanium Inc
- AMETEK Inc
- Incorporated (ATI)
- Precision Castparts Corp
- Supreme Engineering Ltd
- Special Metals
- AMG Advanced Metallurgical Group
- Doncasters Group Ltd
- NSSMC Group
Frequently Asked Questions (FAQ) :
Global Titanium Inc., AMETEK Inc., Precision Castparts Corp, Supreme Engineering Ltd, and AMG Advanced Metallurgical Group are the foremost contenders in the market.
A 6.2% CAGR is assessed to create change in the upcoming period.
A USD 30 Billion by 2025 is predicted to sway the market expansion in the forecast period.
The North American region is estimated to guide the overall market in the forecast period.
The collective aerospace fleet growth is likely to benefit the global market.