Dublin, Oct. 04, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global aerospace materials market 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 demand for next-generation lightweight and fuel-efficient aircraft is expected to be the major driver for the aerospace materials market. The aerospace industry is growing due to the increasing air traffic in emerging economies, supported by the rising middle-class population and demand for new-generation fuel-efficient aircraft. This growth is expected to increase the demand for aerospace materials globally
Composite materials based aerospace materials accounted for the largest share, in terms of value, of the overall aerospace materials market
In terms of value, the composite materials based aerospace materials segment accounted for the largest share of 72.3% of the overall aerospace materials market in 2020. Aircraft manufacturers use a high percentage of composite materials in the new generation aircrafts instead of metals and its alloys used previously.
Most non-critical structural materials such as paneling and esthetic interiors consist of lightweight carbon fiber reinforced polymers (CFRPs) and honeycomb materials. Composite materials offer several advantages, such as low weight and high strength-to-weight ratio, which help manufacture lightweight and fuel-efficient aircraft. The use of these materials also increases manufacturing productivity (processing speeds).
The aerospace materials market in the commercial aircraft segment is expected to register the highest CAGR between 2021 and 2026
Commercial aircraft segment is the largest end-user of aerospace materials. Commercial aviation involves operating aircraft to transport passengers or cargo. Strong economic growth in emerging countries of APAC and South America and an increase in air traffic, and the number of low-cost operators in these regions are also major growth factors of the commercial aircraft segment. Modern lightweight airplanes exhibit a long range of travel and low-cost operations, assisting the beginning of long distant low-budget business models.
Low-cost carriers (LCCs) have proved to be strong competitors in the market, particularly in the developing economies, and have driven the commercial aircraft segment in the last decade. Many commercial airplane deliveries in the single-aisle, wide-body, twin-aisle, and regional jet segments are also expected to increase the demand for aerospace materials during the forecast period and thus drive the commercial aircraft segment.
The aerospace materials market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2021 and 2026
The demand for aerospace materials in the aerospace & defense industry in APAC is growing due to the increased production of indigenous aircraft. The increasing demand for aerospace materials in developing countries such as China, India, Singapore, Indonesia, and Thailand in APAC will drive the market growth. The developing countries are adopting fuel-efficient aircraft engines which are composite based.
The increased fuel efficiency leads to a reduction in the operational cost of the aircraft. The high economic growth in these countries, along with high urbanization, industrialization, and improved standards of living, also plays a very crucial role in the adoption of fuel-efficient, cost-cutting machinery.
Research Coverage
This report covers the global aerospace materials market and forecasts the market size until 2026. It includes the following market segmentation:
- By Type (Aluminum Alloys, Titanium Alloys, Steel Alloys, Super Alloys, Composite Materials and Others)
- By Aircraft Type (Commercial Aircraft, Business & General Aviation, Military Aircraft, Helicopters and Others)
- By Region (North America, Europe, APAC, MEA and South America)
Porter's Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global aerospace materials market.
Companies Profiled
- Aerospace Materials Systems
- Alcoa Corporation
- Allegheny Technologies Incorporated
- AMG Advanced Metallurgical Group NV
- Avdel Private Limited
- Avicnet Co. Inc.
- Constellium SE
- DuPont De Nemours, Inc.
- Hexcel
- Hindalco-Almex Aerospace Limited
- Kaiser Aluminum
- Kobe Steel, Ltd.
- Koninklijke Ten Cate BV
- Lee Aerospace Inc.
- Materion Corporation
- Novelis
- Park Aerospace Corp.
- Renegade Materials Corporation
- SGL Carbon
- Sofitec
- Solvay S.A.
- Tata Advanced Materials Limited
- Teijin Limited
- Thyssenkrupp Aerospace
- Titanium Metals Corporation
- Toray Industries, Inc.
- Ust-Kamenogorsk Titanium and Magnesium Plant (UKTMP)
- VSMPO-AVISMA
Market Dynamics
- Drivers
- Increasing Demand for Lightweight and More Fuel-Efficient Aircraft in Developing Countries
- Emergence of Low-Cost Carriers Boosting Heavy Passenger Transportation
- High Innovation and Technological Advancements
- Global Plans for Net-Zero Emissions by 2050
- Restraints
- Higher Costs of Advanced Aerospace Materials
- Limited Range of Material Options Owing to Complex Requirements
- Loss of Demand due to the Global Pandemic
- Opportunities
- Growing UAV Market Generating Demand for Aerospace Materials
- Stable Defense Sector Will Spur Steady Demand
- High Demand for Commercial Aircraft
- Challenges
- Costly Maintenance, Repair, and Overhaul Services Owing to Regulatory Standards
- Maintaining an Uninterrupted Supply Chain due to COVID-19
For more information about this report visit https://www.researchandmarkets.com/r/iizbns
