Global Aerospace Materials Market Size to Reach USD 47.70 Billion in 2032 | Emergen Research

Vancouver, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario (Market estimates)

The global aerospace materials market size was USD 22.83 Billion in 2020 and is expected to increase significantly over the forecast period. Rising focus on improving aircraft fuel-efficiency, rising air passenger traffic, increasing investment in research & development of novel aerospace materials, advancements in technology, and increase in defense spending for new fighter planes are some key factors driving market revenue growth.

Drivers: Increasing demand for new aircraft

Increase in demand for new aircraft is among some of the primary factors driving revenue growth of the global aerospace materials market. According to the International Civil Aviation Organization, over 43,000 new aircraft would be produced for use by commercial airlines between 2020 and 2039, driven by completely new design configurations for aircraft such as strut-braced wing, double-bubble fuselage, blended wing body, and box-wing aircraft to significantly improve fuel-efficiency and reduce weight and carbon footprint. Recent developments have made it possible to design small blended wing bodies with capacity of 100 to 200 seats. In addition, rising demand for electric and hybrid propulsion aircraft is propelling demand for lightweight aerospace materials.

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Restraints: High cost of lightweight aerospace materials

Lightweight aerospace materials provide significant weight reduction advantages, but at a higher cost. For example, high-strength steel used in aircraft delivers a weight reduction of around 20.0% as compared to steel at a higher cost of around 15.0%, and aluminum is around 30.0% costlier than steel, but delivers 40.0% weight reduction. In addition, carbon fiber, which offers very high reduction in aircraft weight, is very cost-prohibitive, and thus its penetration is restricted in the market.

Growth Projections

The global aerospace materials market size is expected to reach USD 47.70 Billion and register a revenue CAGR of 6.3% in 2032, attributed to stringent air pollution control regulations and laws, rising emphasis on green aviation concept by aircraft manufacturers and airlines, and increasing disposable income of consumers, especially in developing countries. Also, rising cross-border tensions are supporting demand for fighter aircrafts, which in turn, is fueling market growth.

COVID-19 Direct Impacts

Aerospace materials market has been affected substantially by the COVID-19 pandemic due to imposed lockdowns and restriction and disruption of supply chain. These severely hampered activities related to raw material procurement for aerospace material production. In addition, halt in aircraft production, primarily due to major losses suffered by airlines during the pandemic as a result of air travel restrictions, led to a major slowdown in market revenue growth.

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Current Trends and Innovations

Incorporation of sensing devices into aircraft body is integral to growth of Internet of Things (IoT) in the aviation sector. Several aerospace material providers are emphasizing on production of smart composite materials by incorporating sensors into materials being produced. For example, advanced fibers such as micro-fibrillated cellulose and nanocellulose possess very low fiber diameter, enabling implanting of Fiber Bragg grating sensors to measure internal strain. This technology helps in detecting any damage caused to the material in sensor proximity. Using smart composites in aircraft will enhance aircraft safety by delivering alerts related to material damage.

Geographical Outlook

Europe aerospace materials market revenue was significant large in 2020, owing to stringent regulations associated with environmental pollution and CO₂ such as the Air Quality Framework Directive 96/62/EC. Also, presence of major aircraft manufacturers such as Airbus is expected to continue to support revenue growth of the market in the region.

Scope of Research

MAJOR COMPANIES and Competitive Landscape

Major companies have well-established facilities and enter in acquisitions and mergers, and strategic agreements, and engage in various research and development activities and initiatives to develop and deploy new and more efficient technologies and products in the aerospace materials market. Some major players in the global aerospace materials market report are:

• Alcoa Corporation
• Huntsman International LLC
• DuPont
• Constellium NV
• Teijin Ltd.
• Kobe Steel Ltd.
• Solvay Ltd.
• Hexcel Corporation
• SABIC
• Materion Corporation

Strategic Development

In January 2021, Thyssenkrupp Aerospace signed into a three-year materials supply contract with South Korean aircraft manufacturer, Korean Aerospace Industries (KAI). As per the agreement, Thyssenkrupp Aerospace will supply materials for KAI’s military and civilian aircraft programs and also manage supply chains.

In December 2020, Toray Advanced Composites signed a supply contract with Joby Aviation to provide composite materials for use in aircraft production by Joby Aviation. Also, the partnership would aid Joby Aviation in providing affordable, fast, and zero-emissions ridesharing via airway to its consumers.
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Some Key Highlights From the Report

• Among the material type segments, super alloys segment revenue is expected to register fastest growth rate over the forecast period. Super alloys have exceptional heat resistant characteristics and retain their strength, stiffness, and dimensional stability at elevated temperatures as compared to others aerospace structural materials. Also, this material type possesses good oxidation and corrosion resistance and hence is suitable for use in jet engines.
• Plastic materials are witnessing high demand for production of aircraft interiors. Plastics are efficient for reducing aircraft body weight, thereby enabling increased and passenger and cargo capacity.
• Composites exhibit high strength and can be engineered to provide high stiffness in a particular direction. Composite materials high strength is essential for aircraft structural components, including wings, floor beams, and stabilizers.

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Emergen Research has segmented the global aerospace materials market on the basis of material type, application, aircraft type, and region:

• Material Type Outlook (Revenue, USD Billion; 2019–2032)
  • Aluminum Alloys
  • Titanium Alloys
  • Steel Alloys
  • Super Alloys
  • Plastics
  • Composites
  • Others
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Structural Frame
  • Cabin Interiors
  • Propulsion System
  • Others
• Aircraft Type Outlook (Revenue, USD Billion; 2019–2032)
  • Commercial Aircraft
  • Military Aircraft
  • Rotorcrafts
  • General & Business Aircraft
  • Spacecraft
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Italy
    5. Spain
    6. Sweden
    7. BENELUX
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Israel
    5. Rest of MEA

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