Aerospace Materials Market worth 57m
Materials Market worth $57.9 billion by 2026
The report "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", 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 market is growing due to the increase in the demand
for high-performance materials, with properties such as low weight, high
strength-to-weight ratio, good tensile strength, and electrical conductivity in
Browse in-depth TOC on "Aerospace Materials Market"
237 - Tables
47 - Figures
250 – Pages
Aluminum alloys accounted for the largest share in terms
of volume and composite materials accounted for the largest share in terms of
value in the global aerospace materials market.
All modern aircraft manufacturers use aluminum alloys for
producing fuselage, wings, and other parts of an aircraft. Aluminum and its
alloys are preferred in aircraft manufacturing over steel and iron due to the
former’s properties such as high strength, corrosion resistance, heat resistance,
and lighter weight. Various types of aluminum alloys are manufactured using
aluminum, zinc, magnesium, and copper for various applications in the aerospace
industry. The increasing applications of composites in the new generation
aircraft and rising environmental concerns offer significant growth
opportunities for composites in the aircraft manufacturing industry.
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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 drive 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
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