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Global Aerospace Materials Market InsightFebruary 9, 2022 Comments
The aerospace materials are forecast to crazy increase over the next few years. According to the WK-chem Research “Global Aerospace Materials Professional Survey Report 2022, Forecast to 2027”, The aerospace industry is growing due to increased air traffic in emerging economies coupled with a growing middle-class population and demand for a new generation of fuel-efficient aircraft. This growth is expected to increase the global demand for aerospace materials. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 8.92% base on WK-chem Research regression analysis model.
The industry is currently fragmented and full of strong players, so it will be difficult for new players to enter the market, said Amy, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. Large players in the market already have close and long-term cooperation with airlines, and it will be difficult for small players to gain a foothold in this situation, so it would be a good choice to seek cooperation or acquisition. In addition, the adoption of new materials will also be a favorable bargaining chip for growth.
High demand for aircrafts from emerging economies and low-cost carriers. In the optimistic scenario, post-2021, when aerospace companies start operating at full capacities with no travel restrictions and interruption in the supply chain, the demand for aerospace materials from the aerospace & defense industry would surge. The global aerospace industry had experienced an increase in the passenger air travel segment before the COVID-19 pandemic. Low-cost carriers (LCCs) have proved to be strong competitors in the market, particularly in the developing economies of APAC and South America. More travelers are anticipated to fly more often in the MEA and APAC. Aircraft carriers such as Emirates (UAE), Qatar Airways (Qatar), and Etihad Airways (UAE) are among the largest players in commercial aviation in the Middle East and carry the majority of passengers who travel between APAC and Europe. The number of people using air transport is increasing, driving the demand for larger airplanes. This demand will bring opportunities to companies supplying aerospace materials and other required components in the aircraft manufacturing industry.
Growing UAV market generating demand for aerospace materials. UAV (drone) applications in the military have matured, becoming a key asset in military organizations worldwide. However, the civil and commercial market for UAVs is in its incipient phases with significant unrealized potential in a wide number of applications. Military expenditure for UAV technology is anticipated to grow as a total percentage of military budgets, offering growth opportunities to specialized drone manufacturers and software developers.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Aerospace Materials companies that include Alcoa, Rio Tinto, Kaiser Aluminum, Aleris, Rusal, Constellium, AMI Metals, Arcelor Mittal, Nippon Steel & Sumitomo Metal, Nucor Corporation, Baosteel Group, Thyssenkrupp Aerospace, Kobe Steel, Materion, VSMPO-AVISMA, Toho Titanium, BaoTi, Precision Castparts Corporation, Aperam, VDM, Carpenter, AMG, ATI Metals, Toray Industries, Cytec Solvay Group, Teijin Limited, Hexcel, TenCate.
Segmentation of Aerospace Materials Market:
According to the type Aerospace Materials can be divided into aluminum alloys, steel alloys, titanium alloys, super alloys, and composite materials. All the 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. The commercial aircraft and business aircraft are the major consumers of aluminum alloys.
This product is widely used in commercial aircraft, business & general aviation, helicopters. 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.
Aerospace Materials Market: Regional Analysis
In terms of geography, the global Aerospace Materials market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The demand for aerospace materials in the aerospace & defense industry in Asia Pacific 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.
Largest share area：Asia Pacific
Largest share country：China
Product Type：Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, and Composite Materials.
Application：Commercial Aircraft, Business & General Aviation, Helicopters
Leading Company：Toray Industries, Kobe Steel, Rio Tinto, Alcoa, Kaiser Aluminum