PUBLISHER: The Business Research Company | PRODUCT CODE: 1391117
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391117
“Composite Materials Aluminum Alloys Aerospace Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on composite materials aluminum alloys aerospace market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for composite materials aluminum alloys aerospace? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The composite materials aluminum alloys aerospace market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Composite materials in the aerospace industry, specifically aluminum alloys, refer to advanced materials utilized for structural applications and components in aircraft and spacecraft. These materials are created by combining substances with different physical and chemical properties. Aluminum alloys are particularly favored in aerospace designs due to their excellent corrosion resistance and high strength.
The primary composite materials used in aerospace applications include aluminum alloys, titanium alloys, steel alloys, and various composites. Aluminum alloys, featuring zinc as the primary alloying element, are known for their strength, good fatigue resistance, and satisfactory machinability. The product range encompasses carbon fiber composite materials, glass fiber composite materials, aramid fiber composite materials, and others, with applications spanning commercial aircraft, business and general aviation, military aircraft, helicopters, and more.
The composite materials aluminum alloys aerospace market research report is one of a series of new reports from The Business Research Company that provides composite materials aluminum alloys aerospace market statistics, including global market size, regional shares, competitors with composite materials aluminum alloys aerospace market share, detailed composite materials aluminum alloys aerospace market segments, market trends, and opportunities, and any further data you may need to thrive in the composite materials aluminum alloys aerospace industry. This composite materials aluminum alloys aerospace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The composite materials aluminum alloys aerospace market size has grown rapidly in recent years. It will grow from $29.16 billion in 2023 to $32.54 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historical period can be attributed to factors such as the rise in air traffic, increased travel and tourism, population growth, an increase in disposable income, and overall growth in the aviation industry.
The composite materials aluminum alloys aerospace market size is expected to see rapid growth in the next few years. It will grow to $49.53 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The expected growth in the forecast period can be attributed to factors such as emerging market demand, the adoption of fuel-efficient airframe designs, the utilization of sustainable aviation materials, the entry of new players into the market, and the increasing demand for commercial aircraft. Key trends anticipated in the forecast period include the implementation of 3D printing and additive manufacturing, the electrification of aircraft, continuous technological advancements, integration of digital technologies and supply chain optimization, and strategic collaborations.
The growth of the composite materials aluminum alloys aerospace market is anticipated to be propelled by an increasing preference among consumers for flight transportation. Flight transportation, encompassing the movement of people and goods through controlled flight modes, is witnessing heightened demand. Aluminum alloys, known for their high strength and corrosion-resistant properties, are favored materials in aerospace designs. Additionally, their relatively lower weight compared to steel contributes to enhanced fuel efficiency and increased carrying capacity for aircraft. Notably, the International Air Transport Association (IATA) reported a substantial global increase of 76.0% in passenger traffic in March 2022 compared to the same period in 2021, with China experiencing an 11.7% rise in domestic air traffic during the same month. This surge in consumer preference for flight transportation is consequently boosting the demand for composite materials and aluminum alloys in the aerospace market.
The composite materials aluminum alloys aerospace market is poised for growth due to the escalating demand for commercial aircraft. Commercial aircraft, designed for the transportation of passengers and cargo, extensively incorporate composite materials and aluminum alloys. These materials offer advantages such as weight reduction, increased strength, durability, corrosion resistance, and design flexibility. They also contribute to reduced maintenance needs and improved fuel efficiency. Airbus SE reported a significant increase in commercial aircraft sales, with 202,184 aircraft sold to clients in 2022, marking an 8% rise from the previous year. The backlog includes 7,239 aircraft, and there are 1,078 gross commercial orders (820 net). This growing demand for commercial aircraft is a key driver behind the upward trajectory of the composite materials aluminum alloys aerospace market.
In response to market demands, major players in the composite materials aluminum alloys aerospace sector are innovating with products like Onyx FR-A and Carbon Fiber FR-A. These materials address the increasing need for lightweight and fire-resistant components in the aerospace industry. Onyx FR-A, a fire-retardant nylon composite, and Carbon Fiber FR-A, a fire-retardant carbon fiber composite, offer strength, durability, and reduced weight. Importantly, both materials have obtained Flame, Smoke, and Toxicity (FST) certification for application in aircraft interiors. Markforged, a prominent US-based additive manufacturing company, launched these aerospace composite materials in July 2021, enabling manufacturers to produce safer, more fuel-efficient, and lightweight aircraft components.
Major players in the composite materials aluminum alloys aerospace sector are adopting a strategic partnership approach to address the intricate demands of the aerospace market and deliver various benefits. Strategic partnerships involve leveraging the strengths and resources of each participating company to achieve mutual success. An illustrative example is the partnership between Solvay, a Belgium-based chemical manufacturing company, and Red Hat Inc., a US-based aerospace company, announced in October 2023. This collaboration aims to supply advanced composite materials for BETA's electric aircraft, engage in joint development efforts for new composite materials targeting the advanced air mobility (AAM) market, and reinforce their positions within the AAM sector.
In another strategic move within the industry, LifePort LLC, a US-based aircraft manufacturer, undertook the acquisition of Aeromatrix Composites in July 2023. This acquisition, executed for an undisclosed amount, reflects LifePort LLC's strategic objectives. The company aims to achieve vertical integration within its aircraft solutions business, broaden its product portfolio, and tap into Aeromatrix's expertise in advanced materials. Aeromatrix Composites, the US-based aerospace composite manufacturing company being acquired, specializes in providing aerospace composite materials. This strategic acquisition is envisioned to enhance LifePort LLC's capabilities and competitiveness in the aerospace market.
Major companies operating in the composite materials aluminum alloys aerospace market include Toray Industries Inc., Koninklijke Ten Cate B.V., Teijin Limited, Renegade Materials Corp., Owens Corning, Materion Corp., HEXEL Works Inc., Solvay S.A., Mitsubishi Rayon Co. Ltd., SGL Group, Alcoa Corporation, Constellium SE, Fitbit, Kobe Steel Ltd., Novelis Inc., AMG Critical Materials NV, Allegheny Technologies Incorporated, Aleris Corporation, Kaiser Aluminum Corporation, Arconic Inc., Precision Castparts Corp., Thyssenkrupp Aerospace India Pvt Ltd., United Aluminum Corporation, BAE Systems, Bombardier Inc., GE Aviation, Honeywell Aerospace, Pratt & Whitney, Rolls-Royce Holdings PLC, The Boeing Company, Airbus SE, Lockheed Martin Corporation, Spirit AeroSystems Inc., Triumph Group Inc., Safran S.A.
North America was the largest region in the composite materials aluminum alloys aerospace market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the composite materials aluminum alloys aerospace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the composite materials aluminum alloys aerospace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The composite materials aluminum alloys aerospace market consists of sales of technical and industrial grade composite aluminum alloy materials for aerospace. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.