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Aerospace Materials Market Size to Surpass Around USD 67.42 BN by 2030

·9 min read
Precedence Research
Precedence Research

The global aerospace materials market was reached at USD 36.42 billion in 2021 and is expected to surpass around USD 67.42 billion by 2030, growing at a CAGR of 7.08% over the forecast period 2022 to 2030.

Tokyo, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on “Aerospace Materials Market (By Type, By Aircraft Type, By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Aerospace materials are materials that aviation OEMs and component manufacturers utilize to construct various airplane parts. The materials utilized in airplanes in the design of airplanes have been evolving constantly. While modern airliners are primarily made of aluminum with some metal frame, the previous aircraft were first constructed of ash woods and pitch with fabric wrapping the wing. Aluminum is inexpensive and lightweight, particularly when compared to certain other synthetic structures, giving the airplane useful updated features.

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A rise in the need for new planes, advancements in technology, an expansion in aircraft size, and higher recovery rates are the primary factors driving the expansion of the global aviation market globally.

For the construction of airplanes, elements like titanium alloys, aluminum alloys, and composites are being used. However, it is anticipated that demand for synthetic structures and titanium alloys would rise in the coming years as their use in the emerging world today of aircraft expands. The manufacture of intelligent synthetic structures by embedding sensors into synthetic structures is emphasized by several aviation material suppliers.

Fiber Bragg diffraction sensors can be placed in new and modern fibers, including nitrocellulose, that have micro-fibrillated celluloid and extremely small fiber diameter. This cutting-edge technology aids in the detection of any damage done to the fabric within the sensor range. As the material transmits alarms relating to structural strain or degradation, the use of intelligent composite in airplanes will improve both the security of the plane and its occupants.

Key Insights

  • By aircraft type, the commercial segment has generated 51% revenue share in 2021.

  • By application, the exterior segment has contributed 83% revenue share in 2021.

  • By type, the composite segment has held 69% market share in 2021.

  • Europe region has made up 35% market share in 2021.

What is the regional impact in the aerospace materials market?

The world market for aircraft materials is dominated by the North American continent. This region has a bigger concentration of aerospace companies, which explains its supremacy. A potential development promoter is also the region's extensive aviation travel and industry. Substantial government spending on air defense systems also creates a tremendous market for aeronautical components. The industry for aircraft components in Europe is the furthermore market sector. Germany, France, and the UK all have aircraft manufacturing, which stimulates economic growth. Additionally, the demand-generating elements, in this case, in this case, include people's high levels of disposable money and affinity for air transport.

The fastest-growing global sector is the Asia Pacific. A significant need for airplanes is being created by the large number of passengers that fly and the growing number of flights. Military aviation activities significantly expanding is another aspect promoting expansion. The need for aircraft materials in the Mideast is being driven by the region's luxury air travel market. Additionally, it is anticipated that this area would soon have a sizable share of the market.

Report highlights

  • To increase the production of aircraft parts and components and boost income, there is a significant need for lighter materials in the aerospace products market globally. When compared to substances like iron, steel, brass, alloys, and others, composite materials like plastic and composite are substantially lightweight.

  • Increased fuel cost savings can be accelerated by lightening the size of airplane equipment. Additionally, plastic products perform significantly better in corrosive chemical environments than steel, extending the lifespan of the airplane's framed structure and avoiding costly repairs brought on by rusting of metal parts.

  • The majority of aerospace materials are used in passenger airliners. Using aircraft for people or cargo transportation is known as general airliners. Possibilities for such a market's expansion include a decline in the price of carbon fiber and an increase in cutting-edge development tools for aviation materials.

  • The aviation sector is growing daily as a result of expanding middle-class populations, increasing air transport in emerging regions, and the need for newer, more fuel-efficient airplanes.

  • The need for aircraft components is anticipated to rise internationally as a result of this growth. Because of their outstanding durability and high-temperature- temperature ability, composite is in high demand for use in airplane parts, which is propelling the expansion of the aviation materials market.

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Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 36.42 Billion

Revenue Forecast by 2030

USD 67.42 Billion

CAGR

7.08 % from 2022 to 2030

Largest Revenue Holder

Europe

Growing Market

Asia Pacific

Base Year

2021

Forecast Year

2022 to 2030

Key Players

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) and Others.

Market Dynamics

Drivers

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 are probably going to travel more regularly in the APAC and MEA. Airlines like Qatar Airways, Emirates, and Etihad Airways, who are among the biggest operators of commercial aircraft in the Middle East, carry the majority of passengers who fly between APAC and Europe.

Restraints

The market for aerospace components will be directly impacted by a decline in air transport. Since passenger airliners account for further than 80% of all material consumption, a decline in demand for composites brought on by a decline in airplanes would be detrimental to the industry. As an illustration, reservations for the Boeing 737MAX were canceled as a consequence of the recent catastrophes involving Malaysian and Ethiopian Airways. Airbus and Boeing produced 122 and 50 passenger airliners worldwide during the first quarters of 2020, down 22% and 66% from the same period in 2019.

Opportunities

Defense UAV (drone) applications have grown and are now a significant tool for the military all around the world. The commercial and civil UAV industry is still in its infancy, even though there are many unrealized potentials in a variety of applications. According to projections, military investment in UAV technology would rise relative to total defense spending, opening up new opportunities for computer programmers and specialized drone manufacturers.

Challenges

The surge in composite utilization also justifies worries and changes in the industry. The primary concerns involve the repair, maintenance, and overhaul of aircraft composed of composite materials (MRO). The global standards established by the International Organization for Civil Aviation are further advanced by international, regional, and local government agencies. The maintenance needs for laminated composites are substantially different from those for metal, and the majority of MRO organizations are unaware of these differences. Well-known commercial aircraft manufacturers like Airbus and Boeing have embraced advanced lightweight constructions as ground-breaking materials in their most recent models of airplanes. The majority of the materials used in the Airbus A350 XWB and Boeing 787 aircraft are composites.

Related Reports

Recent Developments

  • High-quality, thermodynamically stable beta titanium alloys will be mass produced by the Defense Research & Development Institution (DRDI) in July 2021 and used in a variety of steel products for aviation components. The Defense Metallurgy Research Lab (DMRL), one of India's leading research organizations that conducts in-depth investigations in the fields of resources, technology, and science, produced this metal. A laboratory's primary duty is to produce ceramics, alloys, metals, and other composites for a variety of uses, including aircraft parts and aviation engines. The most current alloy, which blends titanium with aluminum, iron, and vanadium, does have a great power ratio, according to DMRL, and it has the potential to one day be in high demand as an aircraft material.

  • In October 2021, Duncan Aviation declares that its Welding and Machining department has achieved AWS D1.2/D1.2M Infrastructure Welded Code Aluminum accreditation. By using proper institutional welding processes and refining its still-developing welding abilities, the company was able to achieve this certificate. A recently developed efficient personal aluminum MiG cables burner with a digital functional monitor has been acquired to finish a variety of structural welding operations. An important component in aircraft is aluminum.

  • In March 2020, micro powder metallurgy manufacturer Kymera Global acquired Ametek's scanning alloy section. This acquisition would be advantageous for the former's metal division in the market for aviation materials.

  • Due to a cooperative research agreement signed by SGL Carbon and Solvay in December 2019, the first products made with large-tow, moderate elasticity carbon fiber will be offered for sale. These resources highlight the desire to reduce costs and carbon emissions, improve manufacturing techniques, and increase the fuel efficiency of industrial aircraft.

  • Teijin Limited and Boeing reached an agreement for the supply of omnidirectional, which was before tape, in January 2019. (TENAX TPUD). This helped the corporation succeed in the aviation market for a lengthy period.

  • In February 2019, Teijin Limited acquired Renegade Resources Company, which supplied the North American aviation industry with prepreg made of thermoplastics that could withstand severe heat. As a result, the company was better able to keep up its standing as a leading provider of services to the aerospace sector.

Market Segmentation

By Type

  • Composite

    • Resin

    • Fiber

  • Metal

    • Aluminum

    • Steel

    • Titanium

  • Plastic

    • PEEK

    • PMMA

    • ABS

    • PC

    • PPS

    • Others

By Aircraft Type

  • Commercial Aircraft

  • Business & General Aviation

  • Military Aircraft

  • Helicopters

  • Others

By Application

  • Interior

    • Passenger Seating

    • Galley

    • Interior

    • Panels

    • Others

  • Propulsion Systems

    • Airframe

    • Tail & Fin

    • Windows & Windshields

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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