WASHINGTON, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The Global Aerospace Materials Market is valued at USD 37.5 Billion in 2021 and is projected to reach a value of USD 61.1 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 8.5% over the forecast period 2022-2028.
One of the most significant economic areas is the Aerospace Materials business, and consistent expansion is projected. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report thoroughly analyzes international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for Aerospace Materials, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some key factors anticipated to accelerate the Aerospace Materials Market growth over the forecast period. The need to expand the aircraft fleet is driven by increased air traffic. As a result, there are more orders for passenger planes, increasing the need for Aerospace Materials among aircraft producers.
We forecast that the composites category in Aerospace Materials Market sales will account for more than 30% of total sales by 2028. Composites, a new class of materials for making airplanes, are becoming more widely used in domestic and international markets. Due to their resistance to corrosion and metal fatigue, composite materials outperform aluminum and other metal alloys.
Europe dominates the market, and this trend of dominance will continue throughout the projection period. France, Germany, and the U.K. have aircraft manufacturers, stimulating economic growth. In this case, the demand-generating factors are people's high disposable income levels and preference for air travel.
Top Players in the Global Aerospace Materials Market
- Alcoa Corporation (US)
- Aleris Corporation (US)
- Allegheny Technologies Incorporated (US)
- AMETEK Inc. (US)
- AMG Advanced Metallurgical Group (Netherlands)
- ArcelorMittal (Luxembourg)
- Arconic Inc. (US)
- ATI Metals (US)
- Constellium N.V. (Netherlands)
- Cytec Solvay Group (Belgium)
- Doncasters Group Ltd. (UK)
- DuPont de Nemours Inc. (US)
- Global Titanium Inc. (US)
- Hexcel Corporation (US)
- Kaiser Aluminum Corp. (US)
- Kobe Steel Ltd (Japan)
- Mitsubishi Chemical Holdings Corporations (Japan)
- NOVELIS (US)
- NSSMC Group (Japan)
- PPG Industries Inc. (US)
- Precision Castparts Corp. (US)
- Rio Tinto Group (UK)
- Rochling Group (Germany)
- Saudi Basic Industries Corporation (Saudi Arabia)
- SGL Carbon SE (Germany)
- Solvay S.A. (Belgium)
- Special Metals (US)
- Sumitomo Bakelite Co. Ltd. (Japan)
- Supreme Engineering Ltd. (India)
- Teijin Limited (Japan)
- Toray Industries Inc. (Japan)
For Additional Information on Aerospace Materials Market Players and Detail List, Download a Report PDF Brochure
Market Dynamics
Increased Demand for Aviation from Low-Cost Carriers and Developing Nations to Boost Market Growth
In the best-case scenario, after 2021, when aircraft businesses start operating at full capacity without travel restrictions or supply chain problems, the aviation & military industry will enjoy a strong increase in demand for aviation components. The consumer air transport market had expanded within the global aviation business before the COVID-19 pandemic. Low-cost operators have proven to be fierce competitors in the market, particularly in the emerging nations of APAC and South America. More travelers will travel more regularly in the APAC and MEA.
Low-Cost Airlines have Estimated Price Reductions to Drive the Market Growth
The need for larger planes is growing as more people use air travel. This need would benefit businesses that offer aviation supplies and other items required by the aviation sector. The rapidly growing aviation industry is the primary factor influencing the material requirements for aircraft. Low-cost airlines are expected to reduce their prices in the future, which will help the Aerospace Materials industry grow.
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Aerospace Materials Market Recent Developments
- March 2020, Kymera International completed a transaction with Ametek Inc., based in Pennsylvania, United States. Kymera announced the acquisition of 100% of the shares of Ametek's Reading Alloys business, which includes the development and production of master alloys, thermal barrier coatings, and titanium powders that are used in the aircraft industry. This acquisition expanded Kymera's business and its product portfolio.
Top Trends in Global Aerospace Materials Market
- One trend that Vantage Market Research (VMR) expects to see in the Aerospace Materials industry is the growing demand for aviation parts from the UAV business. Defense UAV (drone) applications have grown and are now a significant tool for the military worldwide. The commercial and civil UAV industry is still in its infancy, despite many unrealized potentials in various applications.
- Another trend that VMR predicts will continue in the Aerospace Materials industry is the aerospace industry's increased innovation. The growth-promoting factor is a large-scale study to discover alternatives to metal alloys to get beyond their limitations. Airplanes' durability and fuel efficiency will significantly improve with the introduction of contemporary production materials. Moreover, a revolution in aviation will result from using composites and nanofibers to produce Aerospace Materials.
Top Report Findings
- Based on Types, most of the Aerospace Materials Market's revenue is controlled by the composites category. The use of composites, a new class of materials for aircraft construction, is growing on the global market and in the development of new aircraft generations. Polymeric composites surpass aluminum and other alloy steels in terms of corrosion and metal strain resistance.
- Based on Aircraft Types, most of the Aerospace Materials Market's revenue is controlled by the commercial aircraft category. Huge demand is created by the extensive use of these aircraft for various functions, including cargo transfer and passenger travel. The demand for commercial aircraft is rising due to increased air travelers and low-cost air travel.
- Based on Applications, most of the Aerospace Materials Market's revenue is controlled by the propulsion system category. A propulsion system is a device that generates thrust to move an item forward. The engine accelerates a gas or working fluid, and the reaction to this acceleration exerts a force on the engine.
Top 10 Players Generate More Than 45% of the Global Aerospace Materials Market Revenue
The report also found that the largest players in the Aerospace Materials Market are technology providers such as Alcoa Corporation (US), Aleris Corporation (US), Allegheny Technologies Incorporated (US), AMETEK Inc. (US), AMG Advanced Metallurgical Group (Netherlands), and ArcelorMittal (Luxembourg). These companies are expected to benefit from increased demand for their products and services and investments in new products. Other major players include Arconic Inc. (US), ATI Metals (US), Constellium N.V. (Netherlands), Cytec Solvay group (Belgium), Doncasters Group Ltd. (UK), DuPont de Nemours Inc. (US), Global Titanium Inc. (US), Hexcel Corporation (US), Kaiser Aluminum Corp. (US), Kobe Steel Ltd (Japan), Mitsubishi Chemical Holdings Corporations (Japan), NOVELIS (US), NSSMC Group (Japan), PPG Industries Inc. (US), Precision Castparts Corp. (US), Rio Tinto Group (UK), Rochling Group (Germany), Saudi Basic Industries Corporation (Saudi Arabia), SGL Carbon SE (Germany), Solvay S.A. (Belgium), Special Metals (US), Sumitomo Bakelite Co. Ltd. (Japan), Supreme Engineering Ltd. (India), Teijin Limited (Japan) and Toray Industries, Inc. (Japan). The latest report published by Vantage Market Research shows that the top 10 companies generate more than 45% of market revenue.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Aerospace Materials Market Forecast Report (2022-2028).
Commercial Aircraft Category in Aerospace Materials Market to Generate Over 30% Revenue
Aerospace Materials are an expensive investment. Vantage Market Research has analyzed the market for Aerospace Materials to understand its current state and potential future growth factors. For better understanding, based on the aircraft type, the Aerospace Materials Market is divided into commercial aircraft, business & general aviation, military aircraft, helicopters, and others.
During the forecast period, the market for Aerospace Materials is anticipated to experience the highest CAGR for the commercial aircraft category. The commercial aircraft industry controls the major share of the global aviation equipment market due to its substantial use of various materials, including titanium alloys, aluminum alloys, and structural components, in its manufacturing. There is a growing need for airplanes as the number of passengers flying continues to rise in developing countries.
On the other hand, the business & general aviation category is anticipated to grow significantly over the forecast period. The widespread use of such aircraft for various purposes, including passenger and freight transportation, generates enormous demand. As more people fly and air travel becomes more affordable, there is an increasing demand for general aviation and corporate aircraft.
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Global Aerospace Materials Market Segmentation
By Type
- Composite
- Metal
- Plastic
By Aircraft Type
- Commercial Aircraft
- Business & General Aviation
- Military Aircraft
- Helicopters
- Other Aircraft Types
By Application
- Interior
- Propulsion Systems
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis
- The North America Aerospace Materials Market is estimated to be the largest at $19.5 billion by 2025, followed by Europe with a revenue of $14.9 billion and the Asia Pacific with a market size of $11.5 billion. The major factors driving the growth of the North American aerospace materials market are technological advancements in aircraft construction and an increase in demand for new aircraft types, such as regional jets and large commercial planes.
- Latin America is estimated to have the smallest market size of $4.9 billion by 2025. The Middle East & Africa region is projected to grow slower than Latin America.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 37.5 Billion |
| Revenue Forecast by 2028 | USD 61.1 Billion |
| CAGR | 8.5% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Alcoa Corporation, Aleris Corporation, Allegheny Technologies Incorporated, AMETEK Inc., AMG Advanced Metallurgical Group, ArcelorMittal India Private Limited, Arconic Inc., ATI Metals, Constellium N.V., Cytec Solvay group, Doncasters Group Ltd., DuPont de Nemours Inc., Global Titanium Inc., Hexcel Corporation, Kaiser Aluminum Corp., Kobe Steel Ltd, Mitsubishi Chemical Holdings Corporations, NOVELIS, NSSMC Group, PPG Industries Inc., Precision Castparts Corp., Rio Tinto Group, Rochling Group, Saudi Basic Industries Corporation, SGL Carbon SE, Solvay S.A., Special Metals, Sumitomo Bakelite Co. Ltd., Supreme Engineering Ltd., Teijin Limited, Toray Industries Inc. |
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