Aerospace Materials Market
Aerospace Materials Market - Global Industry Assessment & Forecast
- By Types Composite, Metal, Plastic
- By Aircraft Types Commercial Aircraft, Business & General Aviation, Military Aircraft, Helicopters, Other Aircraft Types
- By Applications Interior, Propulsion Systems
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 37.5 Billion|
|Revenue 2028:||USD 61.1 Billion|
|Revenue CAGR (2022 - 2028):||8.5%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Europe|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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The Global Aerospace Materials Market is valued at USD 37.5 Billion in 2021 and is projected to reach a value of USD 61.1 Billion by 2028 at a CAGR of 8.5% over the forecast period.
The key factors driving the growth of this market are the increasing use of aircraft for passenger and freight transportation, as well as increasing investments in new aircraft programs. The report forecasts that the demand for new aircraft will increase from 758 planes in 2021 to over 1,500 planes in 2023. The growing global economy also supports the aerospace materials market, encouraging businesses to invest in new infrastructure projects. For example, Boeing has been investing heavily in carbon-fiber technology, which may lead to increased demand for carbon fiber-reinforced plastics (CFRP). The Boeing 737 MAX 8 aircraft was set to enter commercial service in 2020 and is estimated to account for around a third of the global 737 fleets by 2027. The MAX 8 will feature optimized aerodynamics that is expected to result in reduced fuel consumption and emissions, thereby enhancing the sustainability of aviation operations. Airbus has announced plans to develop a new family of airliners—the A330neo—designed to outperform existing models owing to their upgraded aerodynamics and engines. The A330neo is anticipated to be commercially available starting in 2024 and will account for nearly half of all Airbus sales by 2036. Northrop Grumman has unveiled its newest vertical takeoff and landing (VTOL) jet—the X-59A—which can fly at altitudes up to 50,000 feet and reach speeds greater than Mach 2.0. The X-59A is intended for use as a replacement for current military helicopters as well as passenger jets such as the Boeing 737 and Airbus A320 Family aircraft. The use of composites has increased in recent years because they can reduce the weight of an aircraft while also increasing its overall performance. For example, a Boeing 737 jetliner can weigh as much as 800 pounds less than a similar-sized metal airplane, but it can travel at the same speed and reach altitudes that metal airplanes can’t.
The growing demand for aircraft is also attributable to the increasing use of drones and other unmanned aerial vehicles. The growing use of these technologies is expected to drive the demand for aerospace materials, including composites, metals, plastics, and adhesives. One reason the aerospace materials market is projected to grow is that airplanes are becoming more energy-efficient. Manufacturers are increasingly using composites instead of heavy metals such as aluminum to make an airplane lighter and faster. Composite materials are made up of multiple layers of different materials, and they can be designed to meet specific requirements such as strength and stiffness. The stringent government regulations in the aviation sector are restraining the growth of the aerospace materials market. For instance, there is a ban on aircraft manufacturing using certain materials such as carbon fiber composites. Airbus Group has filed a lawsuit against Boeing for US $900 million. The argument between the two companies centers around patent infringements. Airbus claims that Boeing has been infringing on its patents for years, and the company is looking to recoup losses it has incurred. This lawsuit could have a big impact on the aerospace industry.
Aerospace Materials Market Size, 2021 To 2028 (USD Billion)
Additionally, environmental concerns are also restraining the growth of this market. For instance, aircraft emissions are harmful to the environment. They can cause climate change, which has led to a rise in awareness about these issues and is resulting in stricter environmental regulations for the aviation industry.
Growth Opportunities for Small and Large-Scale Businesses
Over the past few years, the aviation industry has witnessed an increased demand for new aircraft models. The governments of various countries are investing heavily in the development of new aircraft fleets that can meet the growing needs of their respective citizens. Additionally, several airlines are expanding their operations by launching new routes and acquiring new planes. These factors are expected to drive growth in the aerospace materials market over the next few years. Meanwhile, expansions in the global aviation industry are also expected to fuel growth in this market segment. Airlines are increasingly looking for vendors who can provide them with high-quality materials for aircraft construction. This is because airlines want to ensure that their planes remain operational for a long time without any issues. In addition, many OEMs (original equipment manufacturers) are venturing into the aerospace sector, fueling demand for aircraft components and materials from these companies.
Top Market Trends
- The growth of unmanned aircraft: As it becomes more prevalent, the need for reliable and safe materials to support their operations grows exponentially. Aerospace material suppliers must develop products that withstand harsh environments and maintain precise performance under extreme conditions. This has driven innovation in many materials sectors, including composites, coatings, metals, and electronics.
- Rising demand for lighter materials: As aeronautical companies strive to reduce weight and increase payload capacity; they are turning to innovative lightweight materials to help them achieve these goals. These materials may be used in aircraft components such as fuselages, wings, or structural elements like landing gear or spars. They can also be incorporated into composite structures for greater strength and reduced weight.
- Advances in manufacturing technology: The rapid development of next-generation manufacturing technologies is driving increased demand for high-quality aerospace materials. These technologies allow manufacturers to produce complex parts with accuracy and speed that was impossible earlier. They also enable manufacturers to produce thinner parts with fewer layers. In addition, they allow for the incorporation of exotic new types of materials into aircraft designs without sacrificing performance or reliability.
- Increasing emphasis on safety.
- Increasing demand for aircraft and defense equipment is attributed to rising global economic growth, increasing military spending, and expanding infrastructure facilities.
- The growing importance of composites in aircraft manufacturing owing to their lighter weight and improved performance characteristics.
- Increasing demand for aircraft components and systems will drive growth in the aerospace materials market. Aircraft are becoming increasingly complex, with more features and functions being added each year. This increase in demand for aircraft parts and systems is resulting in an increased need for high-quality materials that can withstand rigorous testing conditions. Materials such as aluminum alloys, magnesium alloys, titanium alloys, and carbon fiber are some of the most commonly used in aircraft construction.
The Global Aerospace Materials Market is segmented based on Types, Aircraft Types, Applications, Distributional Channels, and Region. Based on the Types, the market is classified into Composite, Metal, and Plastic. Furthermore, based on the Aircraft Types, the market is further segmented into Commercial Aircraft, Business & General Aviation, Military Aircraft, Helicopters, and Other Aircraft Types. In addition, based on the Applications, the market is segmented into Interior and Propulsion Systems. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on Types
The composite materials segment is expected to be the fastest-growing aerospace materials market during the forecast period. This is due to the increasing demand for light but strong aircraft that can resist wear and tear. The metal materials segment is also projected to witness significant growth over the next five years as companies adopt new technologies such as 3D printing and laser cutting for manufacturing aircraft components. The plastic materials segment is expected to register modest growth during this period owing to increased demand from the automotive and medical industries.
Based on Aircraft Types
The growth of aerospace materials market segmentation based on aircraft types from 2021 to 2025 is projected to be highest for military aircraft, followed by helicopters, and then commercial aircraft. Military aircraft are expected to account for the largest share of the aerospace materials market during the forecast period. This is due to the increasing demand from countries such as China and India for military aircraft. These countries are investing heavily in defense capabilities, which is increasing the sales of military aircraft. Helicopters are also expected to grow at a high rate during the period. This is due to the increasing demand from various industries, such as tourism and transportation. These industries rely heavily on helicopters for transporting people and cargo. Additionally, helicopter manufacturers are investing in new technologies that make them more efficient and versatile. This will result in increased demand for helicopters over the next few years. The commercial aircraft market is expected to grow at a slower rate than the other two markets during the forecast period. This is because there is already a large installed base of commercial aircraft in several countries worldwide. Therefore, there is little room for new sales growth in this market segment. The business & general aviation aircraft segment is expected to grow slower than the military aircraft segment in the next five years. This is because this market is more sensitive to economic factors such as inflation and interest rates. Increasing passenger traffic levels are also likely to moderate growth in this segment. Other aircraft types, such as small aircraft, are also expected to grow at a rapid pace shortly. This is due to the growing demand for these aircraft types for transportation purposes.
Based on Applications
The interior segment is expected to grow faster than the propulsion system segment during the forecast period. Major factors driving this growth include increasing demand for aircraft with better passenger comfort, increased focus on safety in aircraft, and increasing demand from emerging markets. The primary drivers of the growth of the propulsion system segment include increasing demand for more fuel-efficient aircraft and increasing investments in advanced aerospace technologies.
Based on Region
The North America Aerospace Materials Market is estimated to be the largest at $19.5 billion by 2025, followed by Europe with a revenue of $14.9 billion and the Asia Pacific with a market size of $11.5 billion. The major factors driving the growth of the North American aerospace materials market are technological advancements in aircraft construction and an increase in demand for new aircraft types, such as regional jets and large commercial planes. Latin America is estimated to have the smallest market size of $4.9 billion by 2025. The Middle East & Africa region is projected to grow slower than Latin America.
The key players in the Global Aerospace Materials market include- Alcoa Corporation (US), Aleris Corporation (US), Allegheny Technologies Incorporated (US), AMETEK Inc. (US), AMG Advanced Metallurgical Group (Netherlands), ArcelorMittal India Private Limited (India), Arconic Inc. (US), ATI Metals (US), Constellium N.V. (Netherlands), Cytec Solvay group (Belgium), Doncasters Group Ltd. (UK), DuPont de Nemours Inc. (US), Global Titanium Inc. (US), Hexcel Corporation (US), Kaiser Aluminum Corp. (US), Kobe Steel Ltd (Japan), Mitsubishi Chemical Holdings Corporations (Japan), NOVELIS (US), NSSMC Group (Japan), PPG Industries Inc. (US), Precision Castparts Corp. (US), Rio Tinto Group (UK), Rochling Group (Germany), Saudi Basic Industries Corporation (Saudi Arabia), SGL Carbon SE (Germany), Solvay S.A. (Belgium), Special Metals (US), Sumitomo Bakelite Co. Ltd. (Japan), Supreme Engineering Ltd. (India), Teijin Limited (Japan), Toray Industries, Inc. (Japan) and others.
- Boeing is one of the leading manufacturers of aircraft and helicopters. The company has been actively developing new aircraft designs requiring more efficient and lighter materials. For instance, Boeing's soon-to-be launched MAX descends 50% lighter than any other airliner in its class using advanced composites technology. In addition, due to aerodynamics and engine design advancements, Boeing's 737 MAX 8 planes use 30% less fuel than traditional airplanes of their respective classes.
- Lockheed Martin is a leading supplier of weapons systems to the U.S Armed Forces and various government agencies worldwide.
- NASA plans to send humans to Mars in 2030. This is a major step forward for space exploration and could lead to discoveries that could improve our understanding of the universe. The development of spacecraft and technology required for this ambitious mission is still in its early stages, but many exciting possibilities await.
Segmentation of the Global Aerospace Materials Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
The global Aerospace Materials valued at USD 37.5 Billion in 2020 and is expected to reach USD 61.1 Billion in 2028 growing at a CAGR of 8.5%.
The prominent players in the market are Alcoa Corporation (US), Aleris Corporation (US), Allegheny Technologies Incorporated (US), AMETEK Inc. (US), AMG Advanced Metallurgical Group (Netherlands), ArcelorMittal India Private Limited (India), Arconic Inc. (US), ATI Metals (US), Constellium N.V. (Netherlands), Cytec Solvay group (Belgium), Doncasters Group Ltd. (UK), DuPont de Nemours Inc. (US), Global Titanium Inc. (US), Hexcel Corporation (US), Kaiser Aluminum Corp. (US), Kobe Steel Ltd (Japan), Mitsubishi Chemical Holdings Corporations (Japan), NOVELIS (US), NSSMC Group (Japan), PPG Industries Inc. (US), Precision Castparts Corp. (US), Rio Tinto Group (UK), Rochling Group (Germany), Saudi Basic Industries Corporation (Saudi Arabia), SGL Carbon SE (Germany), Solvay S.A. (Belgium), Special Metals (US), Sumitomo Bakelite Co. Ltd. (Japan), Supreme Engineering Ltd. (India), Teijin Limited (Japan), Toray Industries, Inc. (Japan).
The market is project to grow at a CAGR of 8.5% between 2021 and 2028.
The driving factors of the Aerospace Materials include
- Increasing demand for lightweight and more fuel-efficient aircraft in developing countries
Europe was the leading regional segment of the Aerospace Materials in 2020.