October 2024
Aerospace Materials Market (By Type: Composite, Metal, Plastic; By Aircraft Type: Commercial Aircraft, Business & General Aviation, Military Aircraft, Helicopters, Others; By Application: Interior, Propulsion Systems) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
Aerospace Materials Market Size to Reach USD 79.42 Bn by 2032
The global aerospace materials market size is expected to be worth around USD 79.42 billion by 2032 from valued at USD 38 billion in 2022 and is poised to grow at a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2023 to 2032.
Materials used for aerospace applications are known as aviation materials because they have improved qualities like as high tensile strength, improved transparency, greater temperature endurance, and hard surface. To build airplane parts including windows, airframes, interiors, engine parts, mirrors, propulsion systems, and ceilings, aviation producers are eschewing traditional metals in favour of substances like sophisticated polymers or glass or carbon-based fibre composites.
The increased need for lightweight and fuel-efficient airplanes is one of the reasons propelling the expansion of the global aviation equipment market. As a result of the aircraft's lighter weight, the operating expenses of the journey are greatly lowered, and the aircraft operator profit from the greater fuel economy.
Additionally, the growth in air traffic in developing regions like Asia-Pacific causes fleet numbers to grow, which increases the demand for aviation materials. Additionally, the industry for aviation components is significantly influenced by the increase in demand for brand-new aircraft. However, the expansion of the airplane materials industry is constrained by the availability of few options for creating complicated structures. On the other hand, as the market for passenger airliners rises in emerging markets, more of these aircraft are being produced, which presents enormous prospects for the maker of material maker.
Materials used to manufacture aircraft parts are known as aerospace resources. The majority of such substances are alloys made of aluminium and other metals, although synthesized polymeric composites are already taking up a sizable portion of the industry. Different airplane components, like cabin interiors, structural frames, propulsion systems, etc., are constructed using these substances.
High strength, lightweight, and high heat resistance are the ideal characteristics for aircraft materials. These materials have excellent wear resistance and are long-lasting. Historically, titanium alloy and aluminium alloy made up around 80% of all elements used in aeronautical construction. Composite materials like fiber-reinforced polymer and fiber metal hybrid composites are being used more frequently these days. Additionally, the development of aviation materials will change as a result of the expanding usage of nanotechnology in the industry.
Report Coverage | Details |
Market Size in 2023 |
USD 40.74 Billion |
Market Size by 2032 |
USD 79.42 Billion |
Growth Rate from 2023 to 2032 | CAGR of 7.7% |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Type, Aircraft Type, Application, and Geography |
Companies Mentioned | Alcoa Corporation (U.S.), Aleris Corporation, Allegheny Technologies Incorporated (US), AMETEK Inc, AMG Advanced Metallurgical Group, ArcelorMittal, Arconic, Inc., ATI Metals. (US), Constellium N.V (Netherlands), Cytec Solvay group (Belgium), Doncasters Group Ltd, DuPont de Nemours, Inc. (US), Global Titanium Inc, Hexcel Corporation, (US), Incorporated (ATI), Kaiser Aluminum, Kobe Steel Ltd (Japan), Mitsubishi Chemical Holdings, NOVELIS (US), NSSMC Group, PPG Industries, Inc., Precision Castparts Corp, Rio Tinto Group, Rochling, SABIC, SGL Carbon SE, Solvay S.A. (Belgium), Special Metals, Sumitomo Bakelite Co. Ltd., Supreme Engineering Ltd, Teijin Limited (Japan), Toray Industries, Inc. (Japan) |
Market Drivers:
Increased demand for aviation from developing countries and budget airlines
Pricing reductions are estimated from low-cost airlines
The aerospace sector's more recent innovations
Market Challenges
Market Opportunities:
Aluminium alloys are used by all contemporary aircraft manufacturers to create the wings, fuselage, and other components of an aircraft. Because aluminium and its alloys have qualities including high tensile strength, oxidation resistance, temperature resistance, and reduced weight, they are favored over iron and steel in the manufacture of airplanes. The largest users of aluminium alloys were commercial and industrial aircraft. The COVID-19 epidemic has disrupted the distribution network, which has led to a decline in the demand for aluminium alloys within the aviation industry. The largest share in the aviation material market is held by aluminium alloys. For many commercial airplanes, around 80% of structural sections are made of aluminium. Aluminum is a popular choice due to its advantageous qualities, which include high strength, lightweight, corrosion resistance, and temperature resistance.
Composites, a new class of materials for making aircraft, are, nonetheless, expanding both in the international market as well as in the utilization of new generations of aircraft. Due to their resistance to corrosion and metal strain, polymeric composites outperform aluminium as well as other alloy steels.
Due to its extensive use of different materials including aluminium alloys, titanium alloys, and structural components in its manufacturing, the commercial aircraft sector commands the lion's share of the worldwide aviation equipment market. The sector of commercial planes accounts for more than 75% of the entire demand for components in terms of quantity. As air travelers continue to increase in emerging nations, there is a rising demand for airplanes. The need for new aviation will rise as a result of this growth, as will the desire for aviation components.
The predominating market sector for aircraft seems to be the business kind. Enormous demand is created by the extensive usage of such airplanes for a variety of functions, including freight transport and passenger travel. The need for commercial planes is expanding as a result of an increase in air travelers and low-cost air transportation. These substances are used in both the inside and construction parts of various airplanes. The aerospace company's need for aerospace components has decreased since the COVID-19 epidemic.
Aerospace Materials Market Share, By Region, 2022 (%)
Regions | Revenue Share in 2022 (%) |
North America | 28% |
Asia Pacific | 23.10% |
Europe | 35% |
Latin America | 9.20% |
MEA | 4.70% |
A substantial portion of the aviation equipment market was responsible for Europe because of the requirement for commercial and corporate aviation. Germany has supplied most commercial airliners in 2021, followed by the United States and France. Boing 437 Max industry reduction in the US is a result of declining manufacturing. Additionally, it is the location of numerous important producers of aerospace components, including TenCate, Solvay, SGL Carbon, VSMPO, and AMG NV. The demand for composite materials in Europe is mostly driven by a rise in Boeing air transport.
In addition to this, the region produces military helicopters. COVID-19 has a particularly negative impact on the European region, which has led to a decline in industrial and commercial activity in each of the continent's main nations, including Italy, Germany, the UK, and France.
Segments covered in the report
By Type
By Aircraft Type
By Application
By Geography
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