Aerospace Material Market|Size,Share,Growth|2023-2030

Global Aerospace Material Market Size (2023 - 2030)

The global aerospace material market size was worth $XX in 2022 and is expected to reach $XX by 2030 with a CAGR of XX.X%. The market size is projected to grow from 2023 - 2030. 

Aerospace materials are those used to build various aircraft parts. Materials used by the aircraft OEMs and component manufacturers. The materials are used to design airplanes and have been steadily developing. 

COVID-19 Impact on Aerospace Material Market

The sudden eruption of the novel coronavirus (COVID-19) pandemic is projected to downsize the aerospace and defense materials market by 5% in 2022. The impact of COVID-19 on the aerospace materials market can be determined from the fact that significant manufacturers of commercial and military aircraft unveiled their intermission due to interruption in the supply chain. The COVID-19 has negatively impacted aerospace materials in 2022. During the lockdown, the passenger air traveling facility was temporarily stopped. The overall number of passengers had to curb down by 92% globally as of April 2022, according to the International Civil Aviation Organization (ICAO), and the International traffic had fallen by 98% decreasing the growth of the aerospace industry negatively influencing the growth. 

Market Drivers

Factors driving the aerospace materials market are increasing demand for aircraft in APAC and MEA. Growing usage of composites in aircraft manufacturing, and rising government expenditure on defense sector fueling the aerospace materials market growth during the forecast period. Rising competition for new aircraft is one key driver of aerospace. An increase in research and development activities and advancements in technology creates new opportunities in the aerospace materials market growth during the forecast period. An increase in continuous advancements in aircraft materials escalates the aerospace market growth. 

Market Restrains

The availability of limited options for complex structures hinders the aerospace materials market. Growing preference for composite materials and low expenses in aerospace materials act as restraining factors. The strict regulatory framework governing the aerospace and the growth of aerospace and materials market growth.
 

AEROSPACE MATERIAL MARKET REPORT COVERAGE

Click Here To Download Sample

Segment Analysis

The research report on the aerospace material market has been segmented and sub-segmented based on product, application, and end-user.

Global Aerospace Material Market - By Product Tpe

•    Metals
      o    Aluminium Alloys
      o    Steel Alloys
      o    Titanium Alloys
      o    Super Alloys
      o    Others

•    Composites
      o    Glass Fibre Reinforced Plastics
      o    Carbon Fibre Reinforced Plastics
      o    Metal Matrix Composites (MMC)
      o    Aramid Fibre Composites,
      o    Ceramic Matrix Composites (CMC)
      o    Others

•    Plastics
      o    PEEK
      o    PMMA
      o    ABS
      o    PC
      o    PPS
      o    Others

By product type, the composite segment dominates the aerospace material in terms of value and accounts for half of the global demand. 

The aluminum segment accounts for 47% of aerospace materials due to the significance of aluminum alloys. Aluminum is used in the production of aerostructure components with additional properties like including heat and corrosion resistance. The use of aluminum is increasing in aircraft internal fittings to break down the weight and fuel consumption of fuel. The aforementioned factors help in escalating the market growth. 

Titanium is projected to showcase the quickest CAGR of 5.0% in terms of revenue. Titanium's segment growth relies on its underweight, strong, and outstanding corrosion properties drive the demand for critical aircraft components. 

Global Aerospace Material Market - Aircraft Type

•    Large Wide Body
•    Medium Wide Body
•    Small Wide Body
•    Single Aisle
•    Regional Jets
•    Others

Global Aerospace Material Market - By Application

•    Interior
      o    Passenger Seating
      o    Galley
      o    Panels
      o    Others

•    Exterior
      o    Propulsion Systems
      o    Airframe
      o    Tail & Fin
      o    Windows & Windshields

Global Aerospace Material Market - By End-User

•    General & Commercial Aircraft
•    Military & Defence Aircraft
•    Helicopters
•    Business & General Aviation (BGA)
•    Space Vehicles
•    Others

Based on the end-user, the commercial segment is leading the aerospace material market with the largest share throughout the period. In comparison with size, the commercial is considerably greater than military aircraft. 

The military segment is ready to have the fastest growth in the aerospace material market. 

Aerospace Material Market – By Region

North America dominates the aerospace material market with the largest share in terms of value. The market growth in this region relies on factors like rising demand for aircraft. The U.S is the leading consumer of aerospace materials. In the U.S., the top manufacturers in the aircraft industry are Boeing, Lockheed, and others fueling the market growth. The U.S aerospace material market growth attributes to the existence of aircraft manufacturers like Boeing, etc. The technological potentiality to develop high-quality products drives the market growth forward. The U.S government has taken measures to uplift domestic manufacturing capabilities and overall export to the United States are some factors propelling the aerospace materials market growth. The Canadian aerospace materials market is likely to have tremendous growth across the region. 

The aerospace materials in Europe are scheduled to grow with a CAGR of 3% in terms of volume. The growth is due to an increase in expenditure by NATO countries and burgeoning terrorist threats. France leads the aerospace materials in Europe due to its manufacturing abilities for commercial and military aircraft. Airbus, Rolls Royce, and Safran are significant consumers of materials in Europe.

However, the Asia-Pacific aerospace material market is said to have the fastest growth with the highest CAGR rate during the forecast period. The growth of the market in APAC is due to technology developments in countries like China and India. China plays a significant role in developing air traffic globally. In the coming 20 years, Chinese firms have decided to acquire around 7,690 new aircraft's value of 1.2 trillion USD. China is one of the leading industries and the government of China spends hugely to extend its domestic manufacturing capacity. 

The aerospace materials market in Latin America is to have a constant growth rate throughout the period. Brazil and Mexico are to dominate the aerospace materials market. 

The Middle East & African aerospace materials market is anticipated to have prominent growth over the upcoming years. Israel and Turkey dominate the aerospace materials market in the region. UAE and Saudi Arabia are developing as attractive investment options in MEA. 

Aerospace Material Market – Market Share by Company

Key players involved in the aerospace materials market are Toray Industries, Inc. (Japan), Alcoa Corporation (U.S.), Cytec Solvay Group (Belgium), Du Pont (U.S.), Teijin Limited (Japan), ATI Metals (U.S.), and Constellium N.V. (Netherlands). 

•    Acronic made a multi-year long contract with Boeing in 2018. 
•    In 2015, Solvay SA obtained Cytec Industries Inc. to intensify its material portfolio. 
•    In 2018, Toray obtained Tencate Advanced composites Holding B.V. from Koninklijke Tencate B.V. 

Recent Developments in Aerospace Material Market

•    On September 24, 2022, Alcoa expanded its line of products with the launch of EcoSource, which is the first low-carbon alumina brand. 

•    On May 17, 2018, Constellium N.V. revealed its portfolio expansion in Decin, Czech Republic. 

•    On June 17, 2022, Teijin Ltd. joined Aerospace Innovation Centre (AIC). The joining is to collaborate with the Spirit and other AIC members. 

•    On February 26, 2022, Teijin unveiled its acquisition of Renegade Materials Corporation. The acquisition is to expand its carbon fiber intermediate material business for aerospace applications.

•    On July 16, 2018, Allegheny Technologies Incorporated (ATI) revealed its acquisition of Addaero Manufacturing for the aerospace and defense industries. The acquisition brings ATI's experience and sound knowledge in aerospace.