PUBLISHER: The Business Research Company | PRODUCT CODE: 1429707
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429707
The primary components in aerospace materials, tailored for aircraft applications, encompass metal alloys and polymer-based materials, distinguished by their elevated tensile strength, heightened thermal resilience, increased transparency, and robust surface structure.
These materials are predominantly categorized as aluminum alloys, steel alloys, titanium alloys, superalloys, and composites. Aluminum alloys, for instance, incorporate additional elements to augment the inherent strength of pure aluminum. They find utility across diverse aircraft types such as commercial, business, general aviation, civil helicopters, military, and serve applications within aircraft interiors and exteriors.
The aerospace materials market research report is one of a series of new reports from The Business Research Company that provides aerospace materials market statistics, including aerospace materials industry global market size, regional shares, competitors with an aerospace materials market share, detailed aerospace materials market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace materials industry. This aerospace materials 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 aerospace materials market size has grown strongly in recent years. It will grow from $22.6 billion in 2023 to $24.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The historical growth can be linked to robust economic expansion in emerging markets, heightened demand for air travel, and amplified military expenditures.
The aerospace materials market size is expected to see strong growth in the next few years. It will grow to $33.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The forecasted growth is driven by the upsurge in lightweight materials usage, growing governmental backing, expanded commercial aircraft deliveries, and swift urbanization. Key trends include innovations emphasizing structural film adhesives, advancements in materials for better strength and performance, integrating 3D printing into aerospace materials, investment in production capacities, and strategic collaborations among industry players to enhance product portfolios.
The aerospace materials market is anticipated to experience growth due to the rising adoption of lightweight materials. The emphasis on selecting appropriate aerospace materials for specific applications is crucial, considering the demanding conditions such as atmospheric forces, temperature extremes, and ultraviolet rays that aircraft materials must endure. In March 2023, Jamco Corporation, a Japanese company specializing in aircraft engines and parts, showcased its Venture Premium Class Seat. This sustainable seating option, designed to minimize operational costs for airlines, incorporates a high percentage of recycled materials, is lighter than traditional seats, easy to install, and requires reduced overall maintenance. The utilization of lightweight materials is expected to contribute significantly to the expansion of the aerospace materials market.
The aerospace materials market is poised for growth, driven by the increasing number of commercial aircraft deliveries. Commercial aircraft play a pivotal role in modern transportation systems, facilitating rapid and efficient global travel for both people and goods. These aircraft heavily rely on aerospace materials to ensure optimal performance, safety, fuel efficiency, and passenger comfort. In 2022, Airbus SE, a prominent French aircraft manufacturer, achieved a milestone by delivering 661 commercial aircraft to 84 customers and securing 1,078 gross new orders, reflecting an 8% increase from the previous year. The continuous rise in commercial aircraft deliveries is expected to be a key driver for the growth of the aerospace materials market.
An emerging trend in the aerospace materials market is the development of carbon fiber composites for manufacturing diverse aerospace structures and components. Carbon fiber, comprising carbon atoms arranged in long, thin crystals, can be shaped with epoxy into virtually any form. This characteristic allows for the creation of designs that are unattainable with metals, eliminating the need for extensive welding and mitigating potential weak points. Manufacturers in the aerospace materials sector are particularly focused on leveraging carbon fiber's lightweight, durable, corrosion-resistant, and temperature-resistant properties to produce structures for various aerospace applications. In August 2021, Markforged, a US-based additive manufacturing company, introduced Onyx FR-A and Carbon Fiber FR-A, utilizing fiber reinforcement technology. These materials, known for their lightweight nature, contribute to fuel efficiency, enhance engine performance, and find applications in different parts of aircraft interiors.
Prominent aerospace materials manufacturers are actively engaging in product innovations to diversify their product portfolios and boost revenues. A notable example is Park Aerospace Corp., a US-based company specializing in the development and production of advanced composite materials through solutions and hot-melt processes. In June 2023, the company launched Aeroadhere FAE-350-1 Structural Film Adhesive, a novel product designed for bonding aerospace primary and secondary structures. The adhesive, with a curing temperature of 350°F, utilizes epoxy formulation and is intended for bonding applications involving composite-to-composite, honeycomb-to-honeycomb, metal-to-metal, and metal-to-honeycomb connections. Notably, Aeroadhere FAE-350-1 exhibits robust toughness and high-temperature capabilities, making it suitable for deployment in maintenance, repair, and overhaul (MRO) applications, as well as original equipment within the aerospace industry.
In November 2021, Collins Aerospace, a US-based aerospace manufacturer, acquired Dutch Thermoplastic Components B.V. to advance the use of innovative thermoplastics in aircraft construction. This acquisition aims to prioritize lighter aircraft structures for enhanced efficiency, reduced weight, improved fuel economy, and sustainable practices in product lifecycle management. Dutch Thermoplastic Components B.V., based in the Netherlands, specializes in manufacturing structural thermoplastic composite parts for aircraft.
Major companies operating in the aerospace materials market report are Allegheny Technologies Incorporated, Arconic Corporation, Constellium SE, Hexcel Corporation, Solvay SA, Toray Industries Inc., Du Pont, Novelis Inc., Teijin Ltd., Materion Corp, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Tata Advanced Systems Limited (TASL), Aequs Aerospace, Dynamatic Technologies Limited, Mitsubishi Heavy Industries, Ltd., Kawasaki Heavy Industries, Subaru Corporation, Quickstep Holdings Limited, RUAG Australia, AVIC Shenyang Aircraft Company Ltd., Aecc Aviation Power Co., Ltd., China Shipbuilding Industry Company Ltd., Gaona Aero Material Co. Ltd., CSSC Offshore & Marine Engineering (Group) Company Ltd., MTU Aero Engines, Diehl Aerospace, OHB SE, Premium AEROTEC, Dassault Aviation, Safran, Airbus Defence and Space, Indra Sistemas, Alestis Aerospace, Saab AB, Sukhoi Company, Gazprom Space Systems, Aerostar, IAR Ghimbav, Apollo Aerospace Components, AERO Vodochody, PBS Velka Bites, PZL Mielec, Lockheed Martin Corporation, The Boeing Company, Spirit AeroSystems, Inc., Magellan Aerospace, Avcorp Industries Inc., Heroux-Devtek, Kordsa, Turkish Aerospace Industries, East African Canvas Company Limited, Kenya Aerotech Limited, Aerosud Aviation (Pty) Ltd., Paramount Group, Cairo Aviation, Arik Air, Air Peace
Europe was the largest region in the aerospace materials market in 2023. The regions covered in the aerospace materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the aerospace materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The aerospace materials market consists of sales of graphene, polymer composites, glass-fiber-reinforced plastic, carbon fiber, and glass- and aramid-reinforced epoxy. 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.
Aerospace Materials 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 aerospace materials 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 aerospace materials? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aerospace materials 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.