Dublin, March 11, 2022 (GLOBE NEWSWIRE) -- The "Aerospace MRO Raw Materials Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The Aerospace MRO raw materials market endured a grave decline of +29% YoY in 2020. The unforeseen circumstances amid the pandemic shook the industry stakeholders to the core. Nevertheless, the resilient aerospace industry is likely to recoup from 2021 onwards, gradually and steadily heading towards a full recovery, a couple of years later.
A similar impact is expected to reflect in the aerospace MRO raw materials market which is estimated to heal at a promising CAGR of 8.4% during the forecast period to reach an impressive figure of US$ 1 billion by 2026.
For decades, aluminum dominated the aerospace industry owing to its advantages such as being lightweight and low cost. The tables have turned, since the entry of highly efficient composite materials into the market. Composites are now used not only in primary structural parts, such as fuselage sections, wings, rudders, and rotor blades; but also in the doors, seats, and partitions, in the latest aircraft programs.
The aerospace industry was already encircled with several challenges, such as fading air passenger traffic growth and the ongoing grounding of the B737 Max in 2018-2019. The spread of the pandemic deepened the existing industry challenges, putting a brake on the entire aerospace industry's acceleration (ending its 16-year boon).
Segment Analysis
Aerospace MRO Raw Materials Market by Platform Type
Based on the platform type, the publisher has segmented the market as commercial aircraft, regional aircraft, general aviation, military aircraft, and helicopter.
Despite suffering a massive blow in 2020, commercial aircraft is projected to remain the largest and the fastest-growing segment of the market during the forecast period. Rapidly recovering demand and production of aircraft, probable market entry of new aircraft, such as C919, sooner rather than later, and an incessant requirement of mill products best suiting the applications at hand, are the key reasons behind the segment's healthy growth in the long run.
Aerospace MRO Raw Materials Market by Material Type
Based on the material type, the market is segmented as titanium & alloys, aluminum & alloys, steel & alloys, composites, and others. Titanium & alloys captured a major chunk of the pie in 2020 and are expected to maintain their unwavering vanguard during the forecast period. High strength-to-weight ratio and excellent corrosion resistance drive their usage in the aerospace industry.
Aerospace MRO Raw Materials Market by Application Type
In terms of applications, engine grabbed the throne in the market. Maintenance for engines and their components is driven by utilization, primarily by accumulated flight hours and cycles. When an aircraft stays in storage for long durations that pass the airframe check thresholds, it must undergo the corresponding maintenance before it can return to service. With thousands of aircraft in storage due to the pandemic, a healthy demand bubble is likely to arise from 2021 onwards.
Regional Analysis
In terms of regions, the aerospace hub, North America is expected to maintain its unquestionable lead during the forecast period. There are several major players, such as Hexcel Corporation, Solvay SA, Toray Advanced Composites (TCAC), Alcoa Corporation, and VSMPO Trius US, that are headquartered in the region. Europe and Asia-Pacific are also likely to create sizeable opportunities in the coming five years, the latter is likely to witness the highest growth during the forecast period.
Key Players
- VSMPO-AVISMA Corporation
- Allegheny Technologies, Inc.
- TIMET (Berkshire Hathaway, Inc.)
- Alcoa Corporation
- Kaiser Aluminum
- Constellium SE
- Hexcel Corporation
- Solvay S.A.
- Toray Industries, Inc.
Key Topics Covered:
1. Executive Summary
2. Aerospace MRO Raw Materials Market Environment Analysis
2.1. PEST Analysis
2.2. Industry Life Cycle Analysis
2.3. Emerging Trends
2.4. Market Drivers
2.5. Market Challenges
3. Aerospace MRO Raw Materials Market - The COVID-19 Impact Assessment
3.1. Aerospace MRO Raw Materials Market Trend and Forecast (US$ Million & Million Lbs.)
3.2. Pre-COVID vs Post-COVID Assessment
3.3. Real GDP Loss vs Aerospace MRO Raw Materials Market Loss (2020-2021)
3.4. Market Scenario Analysis: Pessimistic, Most Likely, and Optimistic Scenarios
4. Aerospace MRO Raw Materials Market Assessment (2015-2026)
4.1. Platform-Type Analysis
4.1.1. Commercial Aircraft: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.1.2. Regional Aircraft: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.1.3. General Aviation: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.1.4. Military Aircraft: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.1.5. Helicopter: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.2. Material-Type Analysis
4.2.1. Titanium & Alloys: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.2.2. Aluminum & Alloys: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.2.3. Steel & Alloys: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.2.4. Composites: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.2.5. Others: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.3. Application-Type Analysis
4.3.1. Airframe: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.3.2. Engine: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.3.3. Components: Regional Trend and Forecast (US$ Million & Million Lbs.)
4.4. Regional Analysis
5. Competitive Analysis
5.1. Market Consolidation Level
5.2. Competitive Landscape
5.3. Product Portfolio Analysis
5.4. Geographical Presence
5.5. New Product Launches
5.6. Strategic Alliances
5.7. Porter's Five Forces Analysis
6. Strategic Growth Opportunities
6.1. Market Attractiveness Analysis
6.1.1. Market Attractiveness by Platform Type
6.1.2. Market Attractiveness by Material Type
6.1.3. Market Attractiveness by Application type
6.1.4. Market Attractiveness by Region
6.1.5. Market Attractiveness by Country
6.2. Growth Matrix Analysis
6.3. Strategic Implications
6.4. Key Success Factors (KSFs)
7. Company Profile of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/modvay
