Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Commercial Aircraft Airframe Materials Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global commercial aircraft airframe materials market has grown rapidly in recent years. It will grow from $6.72 billion in 2023 to $7.48 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to several factors, including increased air traffic, a rise in travel and tourism, population growth, increased disposable income, and the overall expansion of the aviation industry.
The commercial aircraft airframe materials market is expected to see rapid growth in the next few years. It will grow to $11.35 billion in 2028 at a compound annual growth rate (CAGR) of 11%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand from emerging markets, the adoption of fuel-efficient airframe designs, a focus on sustainable aviation materials, the entry of new players into the market, and the overall growing need for commercial aircraft. Significant trends expected in the forecast period include the development of next-generation aircraft, advancements in electric and hybrid propulsion systems, initiatives for innovative aircraft sustainability, continuous technological advancements, and the utilization of advanced materials to enhance fuel efficiency.
The anticipated growth in the fleet size of commercial aircraft is expected to make a substantial contribution to the expansion of the commercial aircraft airframe materials market. Commercial aircraft, which are dedicated to transporting people and cargo between specific airports on a regular basis, necessitate the use of airframe materials to form the structure of the aircraft. This heightened demand for airframe materials is directly correlated with the increasing fleet size of commercial aircraft. As per Boeing's commercial market report for 2021-2040, the global commercial fleet is projected to surpass 49,000 airplanes by the year 2040. Consequently, the rising fleet size of commercial aircraft stands as a key driver fueling the growth of the commercial aircraft airframe materials market.
The growth of the tourism industry is poised to act as a significant catalyst in propelling the expansion of the commercial aircraft airframe materials market. The tourism industry encompasses a diverse range of activities related to the movement of people for leisure, business, or other purposes. The flourishing tourism sector prompts airlines to not only expand their fleets but also acquire new aircraft and upgrade existing ones. This surge in aviation activity creates a concurrent demand for commercial aircraft airframe materials, especially those that are technologically advanced, fuel-efficient, and aligned with safety and environmental considerations. The adoption of advanced airframe materials not only enhances aircraft performance but also contributes to cost savings in maintenance while aligning with sustainability goals. This makes such materials a preferred choice for airlines catering to the tourism sector. For example, data from the United Nations World Tourism Organization (UNWTO) in January 2023 indicates that over 900 million tourists traveled internationally in 2022, twice the number in 2021. Additionally, the Middle East experienced remarkable relative growth in tourist arrivals, reaching 83% of pre-pandemic levels. Hence, the surge in the tourism industry is a significant driver for the growth of the commercial aircraft airframe materials market.
Technological advancement emerges as a prominent trend shaping the commercial aircraft airframe materials market. Major companies in this sector are actively engaged in developing technologically advanced solutions to maintain a competitive edge. As an illustration, in 2022, FACC, an Austria-based aerospace company, is establishing a high-tech plant near Zagreb, Croatia, dedicated to producing lightweight components for commercial aircraft. The plant will leverage the latest fiber-reinforced composite technology to manufacture these components, exemplifying the industry's commitment to technological innovation in airframe materials.
Leading companies in the commercial aircraft airframe materials market are actively engaged in the development of new materials as part of their strategy to maintain a competitive position. One such example is Markforged, a US-based additive manufacturing company, which, in July 2021, introduced aerospace composite materials known as Onyx FR-A and Carbon Fiber FR-A. Specifically designed for aircraft interiors, these materials meet Flame, Smoke, and Toxicity (FST) requirements and incorporate traceability features, making them well-suited for highly regulated industries such as aerospace and defense. Noteworthy characteristics of Onyx FR-A and Carbon Fiber FR-A include a high strength-to-weight ratio, exceptional surface finish, and consistency, enabling innovative applications in additive manufacturing for end-use parts.
In another strategic move in July 2022, Trelleborg AB, a Sweden-based provider of engineered polymer solutions, announced its agreement to acquire MG Silikon GmbH for an undisclosed amount. Through this acquisition, Trelleborg aims to enhance its offering of sealing solutions for cabin interiors, a strategic growth area for the company, and boost airframe seal production capacity. MG Silikon GmbH, based in Germany and operating within the Saint-Gobain Group, specializes in providing sealing solutions for industrial and aerospace applications. This strategic acquisition is indicative of Trelleborg's commitment to expanding its capabilities in providing advanced materials for cabin interiors in the aerospace sector.
Middle East was the largest region in the commercial aircraft airframe materials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial aircraft airframe materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the commercial aircraft airframe materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Report Scope
- Markets Covered: 1) By Type: Aluminum Alloys; Titanium Alloys; Composites; Steel Alloys 2) By Application: Narrow-Body Aircraft; Wide-Body Aircraft; Regional Aircraft; Other Applications
- Key Companies Mentioned: Solvay S.A; Constellium SE; Arconic Corporation; Toray Industries Inc.; Teijin Limited
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time Series: Five years historic and ten years forecast
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
- Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Solvay S.A
- Constellium SE
- Arconic Corporation
- Toray Industries Inc.
- Teijin Limited
- Southwest Aluminium
- Hexcel Corporation
- VSMPO-AVISMA Corporation
- ATI Industrial Automation
- HITCO Carbon Composites Inc
- Kobe Steel Ltd.
- Alcoa Corporation
- AMG Advanced Metallurgical Group NV
- Dupopnt de Nemours Inc.
- The Boeing Company
- Lockheed Martin Corporation
- Commercial Aircraft Corporation of China (COMAC)
- Airbus SE
- TATA Advanced Systems Ltd.
- Spirit AeroSystems Inc.
- Cytec Solvay Group
- Mitsubishi Chemical Corporation
- Owens Corning
- Koninklijke Ten Cate BV
- Henkel AG & Co. KGaA
- Huntsman Corporation
- SGL Carbon SE
- BASF SE
- Evonik Industries AG
- Norsk Titanium AS
- Aleris Corporation
- Kaiser Aluminum Corporation
- Materion Corporation
- Precision Castparts Corp.
- ThyssenKrupp Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/madjvd
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