Published: Apr-2021 | Format: PDF | Market Research Store | Number of pages: 188 | Code: MRS - 828579
The aerospace materials market is set for rapid growth over the forecast period. In terms of revenue, the global aerospace materials market accounted for USD 20.8 Billion in 2019 and is anticipated to reach around USD 33.7 Billion by 2026, growing at a CAGR of 6.9%.
Global Aerospace Materials Market: Overview
Aerospace materials are metal alloys that have gained prominence in the aerospace industry or have been developed specifically for them. Heat resistance, strength, and lightweight are all desirable qualities in these materials. Fatigue resistance and corrosion resistance are also necessary properties for these materials. Aluminum was the most commonly used commodity during the early phase of the aerospace manufacturing industry due to its outstanding lightweight, state of the art, and inexpensive nature Aerospace materials are typically metal alloys, but they may also be polymeric-based materials that were created for or rose to popularity as a result of their use in aerospace. Aerospace applications often demand exceptional precision, power, or heat tolerance, even though it means spending a lot of money on fabrication or traditional machining. Others were chosen for their long-term dependability in this safety-conscious area, especially their fatigue resistance.
Global Aerospace Materials Market: Growth Factors
The demand for aerospace materials is expected to rise steadily due to ongoing advancements in aircraft materials. The need for aircraft is expected to be fueled by the rising demand for lighter aircraft to improve fuel efficiency. This is expected to boost the growth of the aerospace materials industry unintentionally to drive demand for aerospace materials in the region during the forecast period. As a result, the aviation industry's growing market for aerospace materials is a major growth driver. The global aerospace materials industry is benefiting from increased funds in the defense sector for aircraft. In addition, the global aerospace materials market may be hampered by complex requirements due to fewer material options and a surging preference for composite materials. However, the development of composite materials and their rising demand may serve as a constraint on the expansion of the aluminum alloys segment of aerospace materials. The global aerospace materials demand has also been led by an increase in passenger aviation, an increasing aircraft fleet, and technological advancements. Increasing demand for advanced military and commercial aircraft is projected to open new opportunities for the global aerospace materials industry in the future.
Global Aerospace Materials Market: COVID-19 Impact
The suspension of commercial air travel after the pandemic has harmed the global aviation industry. The United States, the United Kingdom, Italy, India, and China have initiated stimulus programs to alleviate the impact of COVID-19 on the aviation industry. OEMs of aerospace materials are experiencing operational problems, resulting in lower demand for the material. COVID-19 is having a negative impact on the growth of the aerospace materials industry. As airline companies fight to stay solvent, aircraft orders and repairs have been put on hold indefinitely. Suppliers of aerospace materials would have to develop alternatives dependent on the rate of containment recovery. The COVID-19 has had a significant effect on global economic development, forcing organizations, individuals, businesses, and policymakers to adapt to the challenges posed by the crises. Air traffic restrictions in various countries have resulted in idle fleets on both domestic and international routes all around the world. The COVID-19 pandemic has had a major impact on the aerospace materials market, as well as many others. The global economy and business condition in major sectors around the world have been affected by COVID-19's Coronavirus outbreak in 2020. The pandemic scenario has hampered demand volatility, trade policies, industrial processes, and other instances of global lockdown. The rest of the aircraft industry has been halted due to the COVID-19 epidemic. The aerospace material industry has been hampered by a supply-demand gap created by available inventory supplies in the OEM and MRO markets, as well as production units. Furthermore, aircraft deliveries in the first and second quarters of 2020 have been postponed due to lockdowns in different countries, further reducing producer revenues. The aerospace materials industry endured a supply and demand gap during COVID-19 lockdowns. Although COVID-19 pathogens spread across the workforce, plant capacity can be affected unless appropriate preventative measures are taken. The lockdown also hindered the supply chain and logistics, preventing the supply of finished goods and the procurement of raw materials. Since the majority of the production workforce works in on-site roles that cannot be handled remotely, the aerospace materials industry may be particularly vulnerable. Furthermore, given the market's challenges, businesses can need to explore how to provide social distancing in crowded workplaces. Trade controls, market fluctuations, supply chain uncertainty, volatile demand, and labor shortages are all projected to have an effect on the aerospace materials industry as a whole.
Global Aerospace Materials Market: Segmentation
The global aerospace materials market is segmented as a type, composite type, aircraft type, and region. By type, the global market is bifurcated into steel alloys, aluminum alloys, superalloys, composite materials, titanium alloys, and others. By composite type, the global market is bifurcated into aramid fiber, carbon fiber, glass fiber, and others. By aircraft type, the global market is bifurcated into commercial aircraft, military aircraft, business & general aviation, helicopters, and others. Geographically, the global aerospace materials market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aerospace Materials Market: Regional Analysis
The aerospace materials industry in North America is the largest, followed by Europe and the Asia Pacific. The demand for aerospace materials is anticipated to grow in the area due to the substantial investment in research & development by governments in the aerospace industry. The presence of major aircraft manufactures such as Lockheed Martin, Boeing, and others is a major factor that could spur the market's growth in the near future in North America. In terms of market share for aerospace materials in 2019, North America is led by the Asia Pacific. The Asia Pacific region is expected to grow at a faster rate during the forecast period, with China emerging as the leading market, followed by India and Japan in the global aerospace materials market. A rise in the number of military programs and other related measures will aid the development of the aerospace materials industry in the region.
Global Aerospace Materials Market: Competitive Players
Some of the key players in the aerospace materials market are Cytec, Toray Industries, Inc., Du Pont, Solvay Group., Teijin Limited, Alcoa Corporation., Constellium N.V, ATI Metals., Aleris, Kobe Steel Limited, Hexcel Corporation, AMG N.V, Materion Corporation, Koninklijke Ten Cate NV, Thyssenkrupp Aerospace, Sofitec, Tata Advanced Materials Limited, AMI Metals, Inc., Renegade Materials Corporation, Hindalco-Almex Aerospace Limited, Park Electrochemical Corporation., LEE Aerospace Inc., SGL Group, Kaiser Aluminum, Avdel Private Limited, Vsmpo Avisma Corporation, and among others.
Global Aerospace Materials Market: Regional Segment Analysis