Aerospace Materials Market Forecasts to 2030 - Global Analysis By Aircraft Type (Commercial Aircraft, Military Aircraft, Business Jets, Helicopters, UAVs, Spacecraft and Other Aircraft Types), Material, Application and By Geography

According to Stratistics MRC, the Global Aerospace Materials Market is accounted for $40.26 billion in 2024 and is expected to reach $70.83 billion by 2030 growing at a CAGR of 12.8% during the forecast period. Aerospace materials encompass a diverse range of substances engineered for use in aviation and space exploration. These materials possess exceptional strength-to-weight ratios, thermal resistance, and durability to withstand extreme conditions encountered during flight. Aerospace materials are crucial for enhancing aircraft performance, reducing fuel consumption, and ensuring structural integrity in spacecraft and aircraft design, contributing significantly to the advancement of aerospace technology and exploration beyond Earth's atmosphere.

According to IATA (International Air Transport Association), the annual growth of global air traffic in 2020 during Covid declined by approximately 66%. For 2021, the growth rate was positive and stood around 18%, while 2022 forecasts project a 51% growth rate compared to the previous year.

Market Dynamics:

Driver:

Growing demand for lightweight materials

Lightweight materials, such as advanced composites and high-strength alloys, are essential for reducing the weight of aircraft components. This reduction in weight enhances fuel efficiency, increases payload capacity, and extends flight range. Moreover, lightweight materials contribute to improved performance and structural integrity, ensuring safety and reliability in aerospace applications. As the aviation industry seeks to optimize operational costs and environmental impact, the demand for lightweight materials continues to surge, driving market growth.

Restraint:

Certification and testing challenges

Certification and testing challenges in aerospace materials involve rigorous processes to ensure compliance with safety and performance standards set by regulatory authorities. These procedures can be time-consuming and costly, delaying product launches and increasing manufacturing expenses. Additionally, the complexity of testing methodologies and the need for specialized equipment may pose barriers to entry for smaller manufacturers, limiting competition and innovation in the market.

Opportunity:

Rising government initiatives and investments

Governments worldwide allocate funds towards aerospace programs, defense projects, and space exploration, driving demand for advanced materials. These initiatives incentivize collaboration between industry and academia, leading to the discovery of new materials with enhanced properties. Additionally, government support often includes subsidies, tax incentives, and grants, which reduce production costs and encourage investment in aerospace materials, thus fostering market expansion and technological advancement.

Threat:

Limited material properties

Limited material properties in aerospace materials arise due to the demanding requirements of aerospace applications, such as extreme temperatures, high stresses, and stringent safety standards. While materials with specific properties exist, achieving a balance of properties like strength, weight, and durability remains a challenge. This limitation can hamper the market by restricting the development of materials suitable for novel aerospace technologies and applications.

Covid-19 Impact

The covid-19 pandemic severely impacted the aerospace materials market due to reduced air travel demand, leading to decreased aircraft production rates and project cancellations. Supply chain disruptions, labor shortages, and financial constraints further exacerbated the market's challenges. However, recovery efforts, government stimulus packages, and the gradual resumption of air travel are expected to gradually revive demand for aerospace materials, albeit at a slower pace than pre-pandemic levels.

The commercial aircraft segment is expected to be the largest during the forecast period

The commercial aircraft segment is estimated to have a lucrative growth, due to their efficiency, and performance. Lightweight composite materials like carbon fiber-reinforced polymers are increasingly used to reduce aircraft weight, improve fuel efficiency, and enhance structural integrity. High-performance alloys such as titanium and aluminum are also utilized for their strength and corrosion resistance. Aerospace materials enable the design and manufacturing of modern commercial aircraft that meet stringent safety standards while optimizing operational costs.

The cabin interiors segment is expected to have the highest CAGR during the forecast period

The cabin interiors segment is anticipated to witness the highest CAGR growth during the forecast period. In cabin interiors of aircraft, aerospace materials play a crucial role in providing comfort, safety, and aesthetics. Lightweight yet durable materials like composite panels and textiles are used for overhead bins and interior components to reduce weight and improve fuel efficiency. Additionally, materials with antimicrobial properties are gaining importance to ensure hygiene and passenger well-being, especially in light of recent health concerns.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to expanding commercial aviation and defense sectors, along with increasing investments in aerospace R&D. Countries like China, Japan, and India are driving this growth with substantial investments in aerospace infrastructure and manufacturing capabilities. Additionally, rising air passenger traffic and the emergence of low-cost carriers in the region are boosting demand for lightweight materials, advanced composites, and high-performance alloys.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, driven by established aerospace industries in the United States and Canada. The region is a global leader in aerospace innovation, with major aircraft manufacturers and suppliers driving demand for advanced materials like carbon composites, titanium alloys, and high-performance metals. Defense spending also plays a significant role, stimulating demand for aerospace materials for military aircraft and defense applications.

Key players in the market

Some of the key players profiled in the Aerospace Materials Market include Boeing, Airbus, Lockheed Martin, Northrop Grumman, Raytheon Technologies, General Electric Aviation, Safran, Rolls-Royce, BAE Systems, United Technologies Corporation (UTC), Honeywell Aerospace, Mitsubishi Heavy Industries Aerospace, Bombardier Aerospace, Spirit AeroSystems and Embraer.

Key Developments:

In May 2024, Boeing announced the successful completion of its latest modern plant expansion project at its civil aviation composites plant in Tianjin, China. The new factory also incorporates the latest environmentally friendly building concepts, including the use of solar power generation in daily operations, a wastewater and rainwater recycling system, factory-wide LED lighting and toilet water-saving facilities.

In December 2023, Northrop Grumman Corporation successfully conducted a full-scale static test fire of a new solid rocket motor that was developed in less than a year as part of its Solid Motor Annual Rocket Technology Demonstrator (SMART Demo).

Aircraft Types Covered:

• Commercial Aircraft
• Military Aircraft
• Business Jets
• Helicopters
• UAVs (Unmanned Aerial Vehicles)
• Spacecraft
• Other Aircraft Types

Materials Covered:

• Metals
• Composites
• Ceramics
• Elastomers
• Other Materials

Applications Covered:

• Airframe
• Engine Components
• Cabin Interiors
• Propulsion Systems
• Landing Gear
• Satellite Structures
• Rocket Components
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances