Aerospace Materials Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 38.95 Billion
Forecasted Value (2030)
USD 72.68 Billion
CAGR (2023 - 2030)
Fastest Growing Region (2023 - 2030)
By Material Type
Aluminium, Steel, Titanium, Composites, and Others
Interior, Propulsion Systems, and Exterior
By Aircraft Type
Commercial, Military, Rotorcraft, Space, Business & General Aviation, Helicopters
The global Aerospace Materials Market was valued at USD 38.95 billion in 2022 and is projected to reach USD 72.68 billion by 2030, growing at a CAGR of 8.11% from 2023 to 2030.
The aerospace materials market is a critical component of the aerospace industry, providing materials that are essential for the manufacturing of aircraft, spacecraft, and other aerial vehicles. The market is driven by several factors, including the growing popularity of air travel and exploration, and the need for materials that can withstand extreme environmental stresses.
One of the significant drivers of the aerospace materials market is the increasing demand for lightweight materials that can help aircraft manufacturers improve fuel efficiency and reduce their carbon footprint. Composite materials made of carbon fiber and other materials fit this requirement and are increasingly being used in the aerospace industry, driving the growth of the market.
North America is anticipated to be the dominating region, which is home to some of the largest aerospace manufacturers, including Boeing and Lockheed Martin. Europe and Asia Pacific are other important regions in the market due to the growing aerospace industry in these regions. These regions offer several opportunities for market players to expand their product offerings and increase their market share.
Analyst’s Review on Aerospace Materials Market
In summary, the aerospace materials market is a vital component of the aerospace industry that is driven by factors such as increasing demand for lightweight materials, growing popularity of air travel and exploration, and the need for materials that can withstand extreme environmental stresses. The market is witnessing several growth opportunities in North America, Europe, and Asia Pacific regions.
The aerospace materials market refers to a dynamic industry that focuses on producing materials that are durable, lightweight, and efficient, and are used for manufacturing various components and systems in the aerospace industry. Aerospace materials are used in the construction of aircraft, spacecraft, and other aerial vehicles and play a crucial role in the safety, performance, and longevity of these machines.
The aerospace materials market mainly deals with materials such as aluminum alloys, titanium alloys, steel alloys, and composites, among others. These materials are used extensively in the production of the airframe, propulsion system, electrical and hydraulic systems, and other crucial components of an aircraft.
The scope of the aerospace materials market is vast, with several companies offering a wide range of materials and products that cater to the unique needs of aerospace manufacturing. The market is highly competitive, with new innovations and advancements being introduced regularly to meet the ever-evolving needs of the aerospace industry. Overall, the aerospace materials market is an essential component of the aerospace industry, driving innovation, efficiency, and sustainability in the production of aerospace machines and systems.
The aerospace materials market is driven by several factors that have contributed to the growth and development of the industry. The utilization of lightweight and sustainable materials has augmented the demand for efficient and lightweight alloys. For instance, in 2019, the US Air Force announced the use of carbon fiber composites in the construction of the wings for their new B-21 Raider bomber. This new design helped in improving fuel efficiency and reduce the cost of maintenance of the aircraft.
Another significant factor propelling the aerospace materials market development is the growth of the global aerospace industry as well as rising demand for air travel and exploration, which has increased the need for new and efficient aerospace materials all over the world. Ongoing technological advancements, increasing R&D initiatives, and the ever-growing demand for air travel and exploration are expected to offer growth opportunities for the aerospace materials market. For instance, 3D printing and additive manufacturing technologies have enabled the production of complex aerospace parts. This technology has widened the scope of materials that can be used in the aerospace industry, including titanium alloys, lightweight metals, and ceramics.
In addition, the need for sustainable materials in the aerospace industry has also become a driving force for the market. The Aviation Benefits Report in 2019 emphasized the role of air transport as a driver for sustainable development. For this reason, manufacturers in the aerospace materials industry have been looking for eco-friendly materials, such as biodegradable composites made of natural fibers and resins.
Despite the growth and success of the aerospace materials market, there are also several challenging factors that the industry faces. One significant challenge is the high cost of advanced aerospace materials, such as carbon fiber composites. This can limit the adoption of these materials by smaller aerospace firms and increase the cost of production for larger companies.
Another challenge is the limited availability of raw materials needed to produce advanced aerospace materials, which can lead to supply chain disruptions and production delays. For example, the 2020 COVID-19 pandemic caused disruptions in the supply chain of titanium, which is a crucial material used in the aerospace industry.
Based on material type, the market is further categorized into aluminum, steel, titanium, composites, and others. Aluminum is foreseen to dominate the segment due to its low weight, high strength-to-weight ratio, and resistance to corrosion. The utilization of aluminum in aircraft components, due to its properties, allows designers to reduce weight and improve fuel efficiency, making it preferable over steel and other materials. Additionally, aluminum is readily available and affordable, which further drives its use in this industry while still providing high quality and performance.
Based on application, the market is further divided into interior, propulsion systems, and exterior. The demand for lightweight and low-cost materials in the interior and exterior components is expected to drive market growth, while the use of advanced materials in propulsion systems is projected to increase as a result of the growing demand for fuel-efficient aircraft.
Based on aircraft type, the market is further segmented into commercial, military, rotorcraft, space, business & general aviation, and helicopters. Commercial aircrafts are anticipated to dominate the revenue and demand for materials due to exponentially rising air travel globally. Increase of air travel in developing countries has augmented the demand.
Based on regional analysis, the global aerospace materials market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America is the largest region in the aerospace materials market, accounting for around 35% of the global industry revenue. The region's growth is driven by the strong presence of aerospace manufacturing companies, technological advancements, and increasing government investments in aerospace research. The increasing demand for lightweight, advanced-performance materials such as composites, titanium, and aluminum alloys further drives the market growth. The aerospace materials market in North America is anticipated to dominate, with long-term growth prospects due to increasing demand for efficient and high-performance materials in aircraft manufacturing.
Europe is a significant market for aerospace materials, driven by the presence of leading aerospace companies and significant investments in technological advancements. The increased demand for lightweight and high-performance materials, such as aluminum alloys, titanium alloys, and composites, further propels the market growth. The COVID-19 pandemic and other geopolitical conflicts in the region had a significant impact on the aerospace industry, leading to a decline in demand for aerospace materials in 2020. Despite this, the global aviation fleet is expected to expand in the coming years, with an anticipated compound annual growth rate of 2.9% during 2023 – 2030.
The global aerospace materials industry study report will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Strategic initiatives related to expansion and investments encompass various activities such as investing in research and development, establishing new manufacturing facilities, and optimizing the supply chain. The major players in the market are
- Hexcel Corporation
- thyssenkrupp Materials NA, Inc.
- Huntsman International LLC
- Toray Advanced Composites
- Alcoa Corporation
- SGL Carbon
- December 2022 – thyssenkrupp Materials Services acquired supply chain service providers Westphalia DataLab GmbH to strengthen its digital supply capabilities. With this acquisition, thyssenkrupp aimed to expand its business and services within and outside the company.
The global Aerospace Materials Market is segmented as:
By Material Type
- Propulsion Systems
By Aircraft Type
- Business & General Aviation
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America