Chicago, June 16, 2022 (GLOBE NEWSWIRE) -- According to the new market research 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 commercial aircrafts.
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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.
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.
Key Players in Aerospace Materials Industry:
- 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).
The crucial strategies include investments & expansions, partnerships, new product launches, and mergers & acquisitions.
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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.
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