The global aerospace materials market size is estimated to be USD 37.9 billion in 2021 and is projected to reach USD 57.9 billion by 2026, at a CAGR of 8.8% between 2021 and 2026. The increasing demand for next-generation, lightweight, and fuel-efficient aircraft in developing countries, especially in APAC, will drive market growth. Aerospace materials are also used in other aircraft parts such as nozzles, combustor liners, rotors, bodies, blades, and shrouds.
The increased fuel efficiency leads to a reduction in the operational cost of the aircraft. The high economic growth in developing countries, along with high urbanization, industrialization, and increased standards of living, also plays a very crucial role in the adoption of fuel-efficient cost-cutting machinery. The global aerospace industry has witnessed the most adverse and immediate consequences of COVID-19. The airline sector has faced the worst consequences due to the lockdown across international and domestic borders. However, with government support and recovery in the global economy, the aerospace industry is expected to reach its pre-COVID levels by 2023, increasing the demand for aerospace materials.
Browse 237 market data Tables and 47 Figures spread through 250 Pages and in-depth TOC on "Aerospace Materials Market by Type (Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys, and Composite Materials), Aircraft Type (Commercial Aircraft, Business & General Aviation, Helicopters), and Region - Global Forecast to 2026"
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The increase in composite usage is also a cause for concern and changes in the industry. The biggest concern for composite materials for aircraft is their MRO (Maintenance, Repair, and Overhaul). Maintenance requirements of composites are quite different from those of metals, and most MRO companies do not have extensive experience in maintaining composite structures. The prominent commercial aircraft manufacturers such as Boeing and Airbus have used advanced composite materials as a revolutionary material in their new generation airplanes. In the Boeing 787 series and Airbus A350 XWB series, composites account for the maximum share of the overall materials used.
With the outbreak of COVID-19, there is a reduced demand for aerospace materials due to reduced aircraft production. This has resulted in a huge drop in material
Commercial aircraft segment accounted for the largest share in the global aerospace materials market in terms of value and volume.
Commercial aircraft segment holds the largest share in the global aerospace materials market. This dominance is attributed to its large-scale use us materials in airplane construction. The growing demand for newer aircrafts from emerging economies especially in China and India is driving the demand for aerospace materials. Boing and Airbus are the two major commercial aircraft manufacturers who drive the demand for aerospace materials.
The reduced demand for new commercial and business aircraft from the aviation industry due to the COVID-19 slowdown has resulted in a decline in the need for aerospace materials. For instance, in 2020 the commercial aircraft deliveries have fallen by 47% as compared with 2019.
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Europe is expected to account for the largest share in the aerospace materials market during the forecast period.
Europe accounted for the largest market share in the aerospace materials market due to high demand from commercial aircraft component manufacturers in the region. Moreover, it is home to many key aerospace material manufacturers, such as VSMPO, AMG N.V., SGL Carbon, Solvay, and TenCate. Increased deliveries of Airbus aircraft primarily drives the aerospace material demand in Europe. Apart from this, the region develops military aircraft and helicopters. Germany, France and UK are major aerospace markets in the region, which drives the demand for aerospace materials. The European region is one of the worst affected by the COVID-19, resulting in decreased industrial and economic activities across all major countries such as Germany, France, the UK, Italy, and France. The European demand for aerospace manufacturing decreased by 43% in 2020, primarily driven by Airbus order deferrals.
Toray Industries, Inc. (Japan), Solvay S.A. (Belgium), DuPont de Nemours, Inc. (US), Alcoa Corporation (US), Teijin Limited (Japan), Allegheny Technologies Incorporated (US), Constellium SE (France), Kobe Steel, Ltd. (Japan), AMG N.V. (Netherlands), NOVELIS (US) and Hexcel (US) are key players in the aerospace materials market. The crucial strategies include investments & expansions, partnerships, new product launches, and mergers & acquisitions.
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