Summary
Major players in the aerospace materials market are Toray Industries, Inc., DuPont de Nemours, Inc., Aleris International, Hexcel Corporation, Alcoa Corporation, Koninklijke Ten Cate BV, Arkema S.A., Cytec Solvay Group, Arconic Inc., (Alcoa Corp.), SABIC, NOVELIS, Gurit, Constellium N.V, Cytec Solvay Group, WS Atkins plc, Teijin Limited, and Hyosung Advanced Materials.
The global aerospace materials market grew from $19.68 billion in 2022 to $20.46 billion in 2023 at a compound annual growth rate (CAGR) of 3.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aerospace materials market is expected to grow to $25.69 billion in 2027 at a CAGR of 5.9%.
The aerospace materials market consists of sales of graphene, polymer composites, glass-fiber-reinforced plastic, carbon fiber, and glass- and aramid-reinforced epoxy.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Aerospace materials refer to types of materials, often metal alloys or polymeric-based materials, that have been created specifically for aircraft application and are used in a variety of aerospace components because they have enhanced qualities such as high tensile strength, superior temperature tolerance, enhanced transparency, and a hard surface.
Europe was the largest region in the aerospace materials market in 2022. The regions covered in the aerospace materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of aerospace materials are aluminum alloys, steel alloys, titanium alloys, super alloys, and composites.An aluminumalloy is a chemical composition in which other elements are added to pure aluminum to improve its qualities, particularly its strength.
Steel is a metal alloy that contains primarily iron with trace amounts of carbon, depending on the quality or grade of steel.Titanium alloy is a metal alloy that is predominantly composed of pure titanium with additional metals or chemical ingredients scattered throughout.
Superalloys are complex, high-performance alloys that can withstand oxidizing conditions and high temperatures.A composite material is made up of two separate materials that have different physical and chemical properties.
Aerospace materials are used for a variety of aerospace components, in the construction of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings.
The increasing demand for lightweight and fuel-efficient aircraft will propel the growth of the aerospace materials market.The growing requirement for fuel-efficient aircraft to fulfill strict pollution control standards raised the demand for lightweight aircraft.
Aerospace materials are lower in weight than traditional metals, yet have great strength, which helps to reduce the overall weight of aircraft and so aids in meeting emission limits and improving fuel efficiency.For instance, according to the General Aviation Manufacturer’s Association, an aviation industry trade association, HondaJet, a light business jet produced by the Honda Aircraft Company, became the world’s best-selling light aircraft for the fourth year in a straight, with 31 deliveries completed in 2020.
In the second half of 2020, the company delivered 22 units, three more than in 2019. The rising demand for lightweight and fuel-efficient aircraft will further drive the growth of the aerospace materials market.
The development of carbon fiber composites for making various aerospace structures and parts is an emerging trend in the aerospace materials market.Carbon fiber is a material composed of carbon atoms arranged in long, thin crystals that can be molded with epoxy into practically any shape, even designs that are impossible to achieve with metals or without welding many sections together and creating weak points.
Due to the lightweight, durable, corrosion-resistant, and temperature-resistant properties of carbon fiber, manufacturers of aerospace materials are focused on developing carbon fiber structures for various aerospace applications.For instance, in August 2021, Markforged, a US-based additive manufacturing company specializing in the development and manufacturing of digtal forge, launched Onyx FR-A and Carbon Fiber FR-A based on fiber reinforcement technology.
These two materials are lightweight, efficient to reduce fuel consumption and improve engine performance, and used in various parts of aircraft interiors.
In November 2021, Collins Aerospace, a US-based defense and aircraft product manufacturing company, acquired Dutch Thermoplastic Components B.V. for an undisclosed amount. Through this acquisition, Collins will expand the use of cutting-edge thermoplastics to make airplanes lighter and more economical to run, and it will emphasize our commitment to utilizing cutting-edge materials and procedures, weight reduction for improved reliability, fuel efficiency, and environmentally friendly practices throughout the entire product lifecycle. Dutch Thermoplastic Components B.V. is a Netherlands-based company pioneering in the development and manufacturing of structural thermoplastic composite parts for aircraft structures.
The countries covered in the aerospace materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aerospace materials market research report is one of a series of new reports that provides aerospace materials market statistics, including aerospace materials industry global market size, regional shares, competitors with an aerospace materials market share, detailed aerospace materials market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace materials industry. This aerospace materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
