Aerospace Materials Market Overview
The Aerospace Material market is a booming market. The ever-growing aviation industry generates huge demand for manufacturing materials. These materials must have unique properties to suit the needs of the aircraft manufacturing industry so, has a considerable monopoly. The aerospace materials market value was calculated at USD 35 billion in 2020.
The aerospace materials are used for making different body parts of an aircraft such as structural frames, cabin interiors, propulsion systems, called empennage, and other parts. The aerospace industry consists not only of airplanes but also military aircraft, spacecraft, helicopters, drones, etc. Therefore, the demand for different types of aircraft to satisfy the need of different industries is increasing the market value. The global aerospace material market is estimated to grow at a CAGR of 7.2 % over the current forecast period of ( 2021-2028 ).
The air traffic volume has seen a significant increase in recent decades. Various factors such as the rising disposable income of people, time-saving, cheap air travel, etc are increasing the popularity of aircraft. This popularity is generating the market demand for aerospace materials. The global aerospace material market value is estimated to hit the USD 60 billion mark by the end of the current forecast period in 2028.
Covid 19 Analysis
Covid 19 had a severe impact on the global aerospace material market. The demand for materials fell sharply over the period. There was a huge loss to the airline industry owing to travel restrictions for many months. A temporary halt in the movement of all domestic and international flights put the global market at a standstill and the growth graph went negative.
There were large-scale disruptions in the supply chain due to the temporary closure of many production units. This production halt created problems in the demand and supply of aerospace materials. However, the aerospace material market growth has shown swift recovery within a short period of relaxation in restrictions globally.
The rapidly growing airline industry is the major demand-generating factor for aerospace material markets. According to the ICAO ( International Civil Aviation Organisation ), air traffic is increasing by 4.5 % annually. Therefore the demand for aircraft carriers is increasing at a very high rate and so is the demand for aerospace materials. Low-cost carriers are expected to reduce airfares in the future and will directly contribute to the aerospace material market growth.
The newer technologies in the aerospace industry will also drive market growth. Large-scale research to find substitutes for metal alloys to overcome their limitations is the growth-promoting factor. The use of modern manufacturing materials will considerably increase the fuel economy and durability of airplanes. Moreover, the use of composites and nanofibers in aerospace material manufacturing will bring a revolution in the aviation industry.
The increasing aviation fuel prices are the major growth hindering factor. Though air travel has become considerably cheaper from the start of the industry, rising fuel prices keep many people out of the reach of air travel. Therefore, it limits the number of aircraft to be manufactured. Moreover, the demerits of particular manufacturing materials also retards the production rate of that material over time.
The aviation industry is one of the worst sufferers of geopolitical tensions, which is also a growth restricting factor. Moreover, the aircraft manufacturing industry is unable to respond to constant improvements in manufacturing technology as the particular change involves a very high cost. Thus, it also acts as a major limiting factor for the aerospace material market.
Aerospace materials are materials used for manufacturing aircraft parts. These materials are mostly alloys consisting of aluminum and other metals but nowadays synthetic polymeric composites are also occupying a significant market share. These materials are used to build different aircraft parts such as structural frames, cabin interiors, propulsion systems, etc.
The ideal qualities of aerospace materials are that they should have high strength, high heat resistance, and must be lightweight. These materials are durable and have a high damage tolerance. Traditionally aluminum alloy and titanium alloy were used as aerospace materials and accounted for about 80 % of the total materials used. Nowadays, the use of composites such as fiber-reinforced material and fiber metal laminates is increasing. Moreover, the growing use of nanotechnology in aerospace material manufacturing is going to change the face of aerospace material in the future.
This report aims to provide a complete overview of the Aerospace Material market. The specific objectives of this market report are given below:
Segmentation of the global aerospace material market, by type
Aluminum alloys occupy the major market share in the global aerospace material market. The use of aluminum for manufacturing body parts is about 80% for different commercial airplanes. Favorable properties of aluminum such as lightweight, high strength, corrosion resistance, heat resistance make it the favorite choice.
However, composites, the new aircraft manufacturing materials are increasing their usage share in new generation aircraft and in the global market too. Composite materials are superior to aluminum and other metal alloys as they do not corrode and don't get cracked by metal fatigue.
Segmentation of the global aerospace material market, by aircraft type
The commercial type of Aircraft is the dominating market segment. Large-scale use of these aircraft for varying purposes such as for cargo transfer, for passenger travel, generates huge demand. Commercial aircraft account for about 75 % of the total material demand. Rising air passengers and demand for low-cost air traveling is increasing demand for commercial aircraft.
The different regional markets for the global aerospace material market are:
The North American region dominates the global aerospace materials market. This dominance is due to the greater prevalence of aircraft manufacturers in this region. Moreover, large air trade and air movement within this region is also a potential growth booster. Furthermore, high government investment in the air defense system also generates huge demand for aerospace material. The North American aviation industry was valued at USD 59.20 billion in 2020.
Europe is the second-largest regional market for aerospace materials. The presence of aircraft manufacturers in France, Germany, and the UK gives a positive growth response. Moreover, the high disposable income of people and preference for air travel is the demand generating factors here.
The Asia Pacific is the fastest-growing regional segment. The high customer base for air travel and increasing flight operations is generating huge demand for aircraft. A significant increase in military air operations is also a growth-boosting factor.
The Luxurious air travel in the Middle East sector is generating the demand for aerospace material there. This region is also expected to occupy a significant market share shortly.
The major global companies playing a key role in the aerospace material market are :
This report will be beneficial for every stakeholder of the aerospace material market such as :
This report provides an in-depth Aerospace Material market analysis in terms of current value and future forecast. It also highlights the problems and prospects of the given market. The recent developments section of the report gives an overview of aerospace materials market trends.
Moreover, technological analysis of the product will greatly help in decision-making. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players of the aerospace material market.
|Market Size||2030: USD 35.47 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, Aircraft Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Global Titanium Inc, AMETEK Inc, Allegheny, Technologies, Incorporated (ATI), Precision Castparts Corp, Supreme Engineering Ltd, Special Metals, AMG Advanced Metallurgical Group, Doncasters Group Ltd, ArcelorMittal, NSSMC Group|
|Key Market Opportunities||Reduction of the cost of carbon filaments|
|Key Market Drivers||High interest in composite materials for the aeronautic trade.|
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 6.92% CAGR is assessed to create change in the upcoming period.
A USD 30 Billion by 2025 is anticipated to influence the Aerospace Materials Market development in the figure time frame.
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.