Aerospace Materials Market

Aerospace Materials Market Size

Aerospace Materials Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 39.8 billion and is projected to reach USD 96.4 billion by the completion of 2034.

Aerospace materials are unique substances designed for application in the aerospace sector, including aviation and space industries. The materials used in aerospace are aluminum alloys, titanium alloys, composites, and steel alloys, which are used in manufacturing aircraft engines, propulsion systems, and many more. Aerospace materials must meet strict standards like high strength-to-weight ratio for better fuel efficiency and high-temperature resistance in extreme heat conditions. Additionally, these materials need corrosion resistance to protect against weather and environmental elements and fatigue resistance as aircraft experience multiple stress cycles. Thus, such qualities are important for aviation and space industries to ensure the safety and effectiveness of aerospace uses.

Market Highlights

Aerospace Materials Market is anticipated to grow at a robust rate, with projections indicating an 8.4% compound annual growth rate (CAGR) between 2024 and 2034

Aerospace materials market is expected to reach USD 96.4 billion during the forecast period, due to the increasing global air passenger traffic and the growth of airline fleets, which demand newer and more effective aircraft. Innovations in material science, like developing lightweight composites and high-performance alloys, improve the efficiency and fuel economy of aircraft. In addition, the rise in defense spending is resulting in high-rate military aircraft production, thus boosting the requirement for specially designed materials. Furthermore, the rise in space exploration activities, such as satellite launches and interplanetary travel, has resulted in a surge in the need for aerospace materials that are capable of enduring extreme space environments.

Source: Fatpos Global

Aerospace Materials Market Segmentation

Aluminum Alloy segment is expected to lead due to its unique properties and applications

Aerospace materials market is segmented based on Material Type into Composites, Aluminum Alloys, Titanium Alloys, and Steel Alloys. The aluminum alloy segment is predicted to lead the market as aluminum alloys provide a great combination of strength and lightweight properties. Aluminum alloy makes the best use of the capacity of payload and improves the efficiency of fuel as they are lightweight and strong enough to withstand the rigors of flight. Besides, several aluminum alloys have excellent corrosion resistance, which reduces the need for maintenance on aviation parts. Furthermore, in comparison to titanium, aluminum alloys are simpler to work with in terms of machining and joining. This simplifies the production and cuts down on costs.

Commercial aircraft segment will dominate the industry due to the growing demand for air travel

Aerospace materials market is classified based on Aircraft Type into Commercial, Military, Business and General Aviation, and Spacecraft. The aerospace materials market is dominated by the commercial aircraft sector due to the global interest in air travel, which results in higher demand for commercial planes and investments in new aircraft. In addition, the commercial aviation sector manufactures a larger quantity of planes each year compared to the total number produced for the military, general aviation, and space sectors. Furthermore, the commercial sector is leading in the use of materials such as composites and lightweight alloys to improve fuel efficiency and reduce extra expenses.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Growing Demand for Fuel-Efficient Aircraft is Critical to Boost the Adoption of Aerospace Materials

Growing demand for fuel-efficient aircraft is boosting the aerospace materials industry. Aircraft manufacturers are using lightweight composites and high-strength alloys to improve fuel efficiency. These materials lower the total weight of the airplane, which leads to better fuel efficiency and helps the market to grow. Moreover, new aircraft designs that consume less fuel depend on new aerospace materials, which causes a higher demand for such materials in the market. Furthermore, severe environmental laws are forcing the aerospace industry to develop and use aircraft that are more fuel-efficient, thereby creating a greater demand for materials that can meet these standards.

Improvements in Technology Will Aid the Market

Technological developments act as a major growth factor for the aerospace materials market. The progress in technology has led to the creation of advanced aluminum, titanium, and steel alloys that offer better longevity and corrosion resistance, thus making them ideal for aerospace uses. Alongside, improvements in smart materials like shape memory alloys and piezoelectric materials, provide new solutions for controlling and monitoring systems on aircraft. In addition, modern coating techniques and surface treatments improve the durability and wear resistance of aerospace materials, thus making them more capable of withstanding high temperatures. Besides, innovations in eco-friendly materials and recycling methods further help the aerospace industry in reducing its environmental impact and meeting global sustainability goals.

Restraints

High Cost of Advanced Materials Can Limit the Growth of the Aerospace Materials Market

High cost of aerospace materials can impact the aerospace materials market. High expenses in manufacturing aircraft can limit their use and even impact the profit potential. Thus, budget limitations can hinder the innovation capabilities of smaller or recently established aerospace firms. In addition, rising costs of materials may result in higher aircraft prices, which could lower market demand as these higher costs are transferred to customers. Companies can find it difficult to achieve a successful return on investment, which can discourage them from pursuing new projects. Therefore, the high price of advanced materials could restrict their application to luxury or high-quality goods, thereby affecting their vast acceptance and use.

Recent Developments

• In 2023, Boeing launched an innovative lightweight composite material to improve durability and fuel efficiency in their newest aircraft models. This innovation is designed to decrease total weight and enhance the efficiency of commercial jets.
• Airbus announced a significant development in 3D printing of titanium parts in 2023, which led to a substantial decrease in manufacturing time and expenses. These parts are currently being integrated into the company's upcoming airplanes.
• Toray Industries in 2023, unveiled a cutting-edge resin system capable of withstanding high temperatures. This newly developed material is designed to withstand harsh environments, enhancing the efficiency and safety of aerospace parts.
• In 2022, Teijin introduced a new line of high-performance fibers tailored for aerospace applications. These fibers provide exceptional tensile strength and flexibility, making them ideal for use in various aerospace components.
• In 2022, Hexcel unveiled a fresh line of carbon fiber-enhanced polymers created specifically for utilization in aerospace sectors. These materials have enhanced strength-to-weight ratios, making them suitable for commercial and military aircraft.

Aerospace Materials Market

Key Players:

• Lockheed Martin Corporation
• Boeing
• Airbus
• Teijin Limited
• Safran S.A.
• Hexcel Corporation
• Raytheon Technologies Corporation
• Allegheny Technologies Incorporated (ATI)
• General Electric Company
• Mitsubishi Heavy Industries, Ltd.
• Northrop Grumman Corporation
• Spirit AeroSystems Holdings, Inc.
• Toray Industries, Inc.
• Arconic Inc.
• Solvay S.A.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Aerospace Materials Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The aerospace materials market is expected to be controlled by the North American region due to its strong aerospace manufacturing and supply chain network. The presence of major aerospace equipment manufacturers and top suppliers in North America is massively contributing to strengthening the market across the region. Moreover, the rise in defense spending in North America also leads to a higher demand for advanced aerospace materials in military aircraft and defense systems.

On the other hand, due to high defense budgets and the growth of commercial aviation, the Asia Pacific aerospace materials market is growing. Furthermore, expanding markets across China and India are driven by a strong demand for lightweight, high-performance materials as well as technological growth in composites and alloys.

Source: Fatpos Global

Impact of COVID-19 on the Aerospace Materials Market

COVID-19 impacted the aerospace materials market as the global supply chains saw huge disruptions due to the pandemic, which impacted the availability and delivery of aerospace materials. Lockdowns and travel restrictions further slowed production and logistics, which decreased the production of aircraft and led to a low requirement for aerospace materials. However, the pandemic encouraged airlines to prioritize long-term efficiency, which potentially increased the demand for lightweight composite materials that improve fuel efficiency in the future. Alongside, the pandemic boosted the adoption of digital tools and remote collaboration technologies, which transformed how aerospace companies managed their operations and resources.

Aerospace Materials Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Aerospace Materials Market Scope and Segments:

Frequently Asked Questions (FAQ):