Increased demand for aerospace materials across a range of industries, including commercial aircraft, military aircraft, business jet and general aviation sectors, is likely to drive the market
PUNE, India, September 21, 2022 /PRNewswire/ — The global market trends for aerospace resin materials are expected to gain momentum by reaching $69.37 billion through 2029, although Exactitude Consultancy has a CAGR of 8.1% between 2022 and 2029, Exactitude Consultancy mentions that the market stood $34.41 billion in 2021.
Aerospace materials are substances that aircraft manufacturers and component manufacturers use to construct various aircraft parts. The materials used in aircraft construction have evolved over time. Earlier aircraft were made of ash and spruce, with muslin covering the wings, while modern aircraft are primarily aluminum with some steel construction. Aluminum is lightweight and inexpensive, especially when compared to other composite materials; thus it can provide useful updated features for the aircraft.
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The global aerospace materials market is expected to grow at a significant rate due to the increasing demand for properties such as high fuel efficiency and high temperature resistance. Furthermore, the global aerospace materials market is expected to increase due to the introduction of strict carbon emission regulations around the world. The ease of machining, high strength, low density and high thrust-to-weight ratio in aircraft engines are expected to drive the demand for titanium aluminide (TiAl) and aluminum lithium (Al-Li) during the forecast period.
Recent Developments
- July 2021: The Defense Research and Development Organization/DRDO has developed a high-strength, high-quality metastable beta-titanium alloy that is manufactured on a large scale to produce a range of aerospace structural forgings. This alloy was developed by the Defense Metallurgical Research Laboratory (DMRL), one of the leading laboratories in India which conducts extensive research activities in the field of materials science and technology.
- October 2021: Duncan Aviation announces that its Machining and Welding department has received certification to the AWS D1.2/D1.2M Structural Welding Code – Aluminum. The company received this certification by demonstrating efficient structural welding processes and promoting in-house welding capacities.
Greater proliferation of aircraft manufacturers in North America Region dominates market growth.
North America is expected to hold the largest share of the global aerospace materials market. The increasing dominance of aircraft manufacturers in this region explains this supremacy. In addition, significant air trade and air travel within this region can help boost growth. In addition, the government’s large investments in the air defense system create a large demand for aerospace materials. Europe is the second largest regional market of aerospace materials market. The presence of aircraft manufacturers in France, Germanyand the United Kingdom indicates a favorable response to growth.
Composite-based aerospace materials accounted for the largest share of the overall aerospace materials market by value
By value, the composite-based aerospace materials segment accounted for the largest share of 72.3% of the total aerospace materials market in 2020. Aircraft manufacturers use a high proportion of composite materials in new generation aircraft instead of metals and their alloys previously used.
Report scope:
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Report Attribute/Metric |
details |
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market size |
$69.37 billion by 2029 $34.41 billion in 2021 |
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CAGR |
8.1% (2022-2029) |
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base year |
2021 |
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forecast period |
2022-2029 |
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Historical data |
2017 |
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Forecast Units |
Value (Billion USD) |
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report coverage |
Sales Forecast, Competitive Landscape, Growth Factors and Trends |
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Covered Segments |
Material type, aircraft type |
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Regions Covered |
North America, Europe, Asia Pacific and Rest of the World (RoW) |
|
key provider |
Global Titanium Inc, AMETEK Inc, ArcelorMittal, NSSMC Group, Supreme Engineering Ltd, AMG Advanced Metallurgical Group, Allegheny, Incorporated (ATI), Precision Castparts Corp, Mpecial Metals, Doncasters Group Ltd. |
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Important market opportunities |
Reducing the cost of carbon filament |
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Important market drivers |
Keen interest in composites for the aerospace industry. |
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scope of customization |
Free report customization (equivalent to up to 8 analyst business days) with purchase. Addition or change of country, regional and segment scope. |
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Prices and purchase options |
The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
The presence of major industry players executing strategic initiatives will increase market share
Major players operating in the global aerospace industry include: Global Titanium Inc, AMETEK Inc, ArcelorMittal, NSSMC Group, Supreme Engineering Ltd, AMG Advanced Metallurgical Group, Allegheny, Incorporated (ATI), Precision Castparts Corp, Mpecial Metals, Doncasters Group Ltd. The presence of established industry players and is characterized by mergers and acquisitions, joint ventures, capacity expansions, extensive distribution and branding decisions to improve market share and regional footprint
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Key Market Segments: Aerospace Materials Market
Aerospace Materials Market by Type, 2022-2029 (Million USD)
- aluminum alloys
- steel alloys
- titanium alloys
- super alloys
- composite materials
Aerospace Materials Market, by Aircraft Type, 2022-2029, (Million USD)
- passenger plane
- military aircraft
- Business and General Aviation
- helicopter
Aerospace Materials Market by Region, 2022-2029, (Million USD)
- North America
- Europe
- Asia Pacific
- South America
- middle East and Africa
market dynamics
driver
- Increasing demand for lighter and more fuel-efficient aircraft in developing countries
- Emergence of low-cost carriers boosting heavy traffic
- High innovation and technological progress
- Global plans for net zero emissions by 2050
limitations
- Higher cost of advanced aerospace materials
- Limited range of material options due to complex requirements
- Loss of demand due to the global pandemic
occasions
- Growing UAV market generates demand for aerospace materials
- Stable defense sector will fuel steady demand
- High demand for commercial aircraft
challenges
- Costly maintenance, repair and overhaul services due to regulatory standards
- Maintaining an uninterrupted supply chain due to COVID-19
Technological Analysis
Aerospace materials are materials used in the manufacture of aircraft parts. These materials are mostly alloys of aluminum and other metals, but synthetic polymer composites are also gaining market share. These materials are used to construct various aircraft components such as structural frames, cabin interiors, propulsion systems, and so on.
The ideal properties of aerospace materials are high strength, high heat resistance and light weight. These materials are strong and resistant to damage. Aluminum alloys and titanium alloys have traditionally been used as aerospace materials, accounting for about 80% of the total materials used. Composite materials such as fiber reinforced materials and fiber metal laminates are becoming increasingly popular. In addition, the increasing use of nanotechnology in aerospace materials manufacturing will change the face of aerospace materials in the future.
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