USD 41.24 Billion
Global Aerospace Materials Market Size, Share, Growth Analysis, By Type (Structural and Non-structural), By Aircraft Type(General and Commercial, Military and Defense), By Product(Aluminum, Titanium), By Application(Aerostructure, Components) - Industry Forecast 2024-2031
Report ID:
SQMIG20A2250 |
Region:
Global |
Published Date: April, 2024
Pages:
203
|
Tables:
125 |
Figures:
72
Global Aerospace Materials Market Insights
Global Aerospace Materials Market size was valued at USD 41.24 Billion in 2022 and is poised to grow from USD 44.86 Billion in 2023 to USD 88.09 Billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).
The global market is characterized by dynamic and growing growth driven by technological advancements, changing consumer preferences and regulatory requirements. Some of the major market trends include high R&D expenditures for products an increasing demand for advanced, high-performance lightweight products to improve aviation performance: and includes strategic partnerships, partnerships, mergers and acquisitions are strategies marketed players often adopt it to increase their market presence and expand their product lines.
Increase in the rate of replacement of aging aircraft has increased the demand for new production aircraft, which in turn has increased the demand for aerospace & defense equipment. The market is expected to witness an increasing demand for lightweight components to improve aircraft depreciation and environmental performance thus powerful, lightweight wireless components strength gains popularity in the aviation industry, to increase fuel efficiency, reduce emissions and reduce material consumption, and provide new services to be formed.
Market snapshot - (2024-2031)
Global Market Size
Largest Segment
Titanium
Fastest Growth
Aluminum
Growth Rate
8.8% CAGR
Global Aerospace Materials Market ($ Bn)
Country Share for North America Region (%)
Global Aerospace Materials Market By Product ($ Bn)
Global Aerospace Materials Market By Product (%)
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Global Aerospace Materials Market Segmental Analysis
The global aerospace materials market is segmented by type into structural and non-structural. The global market is segmented by aircraft type into general and commercial, military and defense, and space vehicles. The global market is segmented by product into aluminum, titanium, composites, superalloys, steel, plastic, and others. The market is segmented by application into aerostructure, components, cabin interiors, propulsion system, equipment, system, & support, satellites, construction & insulation components. Based on Region the market is segmented as Asia-Pacific, North America, Europe, and the Rest of the World.
Analysis by Product
During the forecast period, titanium segment is dominating the global market, as it is exceptionally compatible with composites. Its characteristics of lightweight, high strength, resistance is expected the good corrosion will support its requirements in the manufacture of critical aviation components. Copper alloys, including copper, are widely used in the aerospace industry for critical aircraft components requiring high strength, corrosion resistance and good ductility. These are widely used in applications including abrasive wear, heavy loads and corrosion, including strut bearings, landing gear components and main pistons.
The aluminum products segment accounted for a higher revenue share in 2022 due to higher priority for aluminum alloys. The material is preferred for use in aerospace manufacturing due to its unique properties such as heat resistance and corrosion resistance. Increased use of aluminum in aircraft components is expected to support its demand for reduced weight and fuel consumption. Iron is added to other metals such as carbon, chromium and nickel to facilitate welding of stainless steel in variable forms to increase toughness, yield strength and corrosion, so aircraft manufacturers prefer fasteners and rivets, helping to increase airspeed and damage or reduce the risk of accidents.
Analysis by Application
The aerostructure segment is expected to register the fastest CAGR of 5.8% from 2024 to 2031. The growth of composite and CFRP and Madhukosha products in non-Important structural components is required to register 5.8% fast CAGR from 2023 onwards. Airports like Beering, Fastor , bushings, and fuel & refueling systems contribute to it of the main work plane. The widespread use of alloys in aviation is expected to contribute to the demand for titanium for these applications. Titanium and its alloys are much preferred over aluminum because of their greater corrosion resistance.
Plastic is preferred for the interior, due to its durability and ability to meet stringent requirements. Seating furniture in indoor spaces has a wide range of plastic designs, such as trimstrip, decorative closeouts, armrests, food trays and polycarbonate and decorative vinyl and is preferred for these applications, while decorative plastic laminates are used for goods in direct contact with workers and employees and for passengers. Satellite systems are expected to withstand harsh environmental conditions, ensuring the stability of the material in space, for this reason, aramid fiber composites are used exclusively for the system and Aramid fiber composites also serve to protect satellites from orbital debris.
Global Aerospace Materials Market By Product (%), 2022 (%)
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Global Aerospace Materials Market Regional Insights
North America plays a pivotal function in the global aerospace materials marketplace. The location is domestic to main aerospace manufacturers, studies institutions, and cloth suppliers, riding substantial innovation and technological advancements in the industry. With a sturdy emphasis on aerospace research and development, North America stays at the forefront of cloth technology and aircraft production technologies.
Similarly, Asia Pacific, led through nations including China, India, and Japan, is witnessing rapid growth in the aerospace materials marketplace. The place's burgeoning aviation industry, coupled with growing investments in aerospace infrastructure and production capabilities, is fueling a call for aerospace materials. Additionally, authorities' initiatives and regulations aimed at promoting home aerospace industries similarly contribute to the place's importance inside the international market.
Global Aerospace Materials Market By Geography, (2024-2031)
- Largest
- Fastest
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Global Aerospace Materials Market Dynamics
Drivers
Technological Advancement
- The global aerospace materials market is constantly driven by technological advancements. Innovations in material science, such as developments in lightweight materials, advanced alloys, nanomaterials, are transforming aircraft design. These materials provide better power to weight ratios, better fuel efficiency and improved performance characteristics, aimed as a more efficient and sustainable aircraft attracting greater demand from manufacturers.
Increasing Demand for Air Transport
- Another major driver of the global aerospace products market is the growing demand for air transport across the globe. Due to increasing wealth, urbanization, and unprecedented growth in the airline industry with expanding global trade and tourism. This increase in air passengers means a greater demand for new aircraft and requires space freight to play a role in the overall production process.
Restraints
Compliance Challenges
- The global aerospace materials market faces major compliance challenges. Aspects of aircraft manufacturing are governed by strict regulations, including safety, quality standards and environmental sustainability. Compliance with these regulations requires significant investment in research and development to ensure products meet the information requirements. Moreover, frequent amendments and changes in the regulatory framework create additional difficulties for market players, affecting their operational efficiency and profitability
Weaknesses in Supply Chain
- The global aerospace materials market relies heavily on complex and integrated supply chains. Interruptions such as geopolitical conflicts, trade disputes, natural disasters, or epidemics may affect the availability and price of raw materials, and finished products. Supply chain disruption not only delay production but raise production costs and affect market stability, straining aerospace manufacturers and suppliers.
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Global Aerospace Materials Market Competitive Landscape
The competitive scenario of the global aerospace products market is characterized by intense competition among key players such as Alcoa Corp., Torray Industries Inc., Hexcel Corp., Teijin Ltd. and other major players. These companies depend on factors such as product development, innovation, pricing and global market growth. Furthermore, technological innovation and product differentiation are essential to gain a competitive edge in the market. Strategic alliances, joint ventures and partnerships are common strategies used by companies to strengthen their market position and capture new business opportunities
Top Player’s Company Profiles
- Huntsman International LLC
- Toray Composites America, Inc.
- VSMPO-AVISMA
- Arconic Inc.
- Kobe Steel, Ltd.
- Allegheny Technologies
- Cytec Solvay Group
- Hexcel Corp.
- Novelis
- Constellium N.V
- SGL Carbon
- thyssenkrupp Aerospace
- Formosa Plastics Corp., U.S.A
- Strata Manufacturing PJSC
- Teijin Ltd.
Recent Developments
- In October 2022, Torre Composite Materials America partnered with boron fiber manufacturer Specialty Materials to develop next-generation advanced aerospace materials with functional capabilities This will strengthen Torre’s position in the aerospace materials market.
- In July 2022, Hexcel announced a partnership with Dassault to supply carbon fiber prepreg for the Falcon 10X system. It incorporates advanced high-performance carbon fiber composites in its aircraft wing manufacturing.
- In April 2022, ISOVOLTA AG acquired the aerospace business from Gurit Holding AG. The acquisition has enabled the company to expand its business to include advanced composite materials, composite equipment and core kitting services for the aerospace industry.
Global Aerospace Materials Key Market Trends
- Sustainability and Environmental Concerns: A major trend shaping the global aerospace market is increasing emphasis on sustainability and the environment problem solving Increasing awareness of climate change and the need to reduce carbon footprints have led aerospace stakeholders to prioritize environmentally friendly materials and production strategies adoption. This trend is driving innovation in renewables and biomass and is driving initiatives to improve energy efficiency and reduce carbon emissions across the entire space supply chain.
Global Aerospace Materials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global aerospace materials market is experiencing significant growth driven by major factors such as technological advancement and increasing demand for aviation. Technological innovation in products such as advanced alloys for aviation, fueling efficiency and durability, also leads to increased demand from the airline industry. With the rise in global air passengers, the demand for new aircraft is increasing, thus supplying the aerospace market development. However, the market faces challenges, including stringent compliance requirements and susceptibility to supply chain disruptions. Complying with safety, quality and environmental standards requires significant investment in R&D, which affects profitability for market players Besides, problems such as geopolitical pressures and nature risk could disrupt the stable global supply chain on which the aerospace market relies, causing production delays and increased costs. One notable feature of the market is the increased emphasis on sustainability. As environmental concerns rise, so does the environmental impact of air and space. Manufacturers are focusing on new sustainable innovation strategies, implementing recycling programs and reducing carbon footprints in the supply chain in all cases. Market growth is characterized by demand for lighter, more efficient products driven by the need for fuel efficiency and environmental sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 41.24 Billion |
| Market size value in 2031 | USD 88.09 Billion |
| Growth Rate | 8.8% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Aerospace Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Aerospace Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Aerospace Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aerospace Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aerospace Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Aerospace Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Aerospace Materials Market Report Snapshots
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