Aerospace Materials Market By Material Type (Aluminum Alloys, Titanium Alloys, Steel Alloys, Composites), Aircraft Type (Commercial Aircraft, Business & General Aviation, Military Aircraft, Helicopters), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Aerospace Materials Market Valuation – 2024-2031

The aerospace materials market is expanding due to rising demand for lighter, stronger, and more durable materials in the aerospace industry. As the industry works for improved economy and performance, there is a strong demand for innovative materials that can reduce aircraft weight while maintaining structural integrity. Lightweight materials such as carbon fiber composites, titanium alloys, and sophisticated aluminum alloys aid in reaching this goal by enabling the market to surpass a revenue of USD 42.05 Billion valued in 2024 and reach a valuation of around USD 78.52 Billion by 2031.

The aircraft sector is seeing a boom in demand as the number of air travelers increases and commercial and military fleets expand. This expansion involves the construction of new aircraft which increases the need for aerospace materials. Advanced materials are also required for the construction of next-generation aircraft and spacecraft particularly those employed in space exploration and defense. These materials must survive tremendous temperatures, radiation, and the strains of space travel by enabling the market to grow at a CAGR of 8.12% from 2024 to 2031. 

Aerospace Materials MarketDefinition/ Overview

Aerospace materials are specialized materials used in the design and manufacture of airplanes and spacecraft. These materials are chosen because of their specific qualities which allow them to endure the harsh circumstances of aerospace environments like high altitudes, rapid temperature fluctuations, and exposure to high speeds and forces. Metals including aluminum, titanium, and steel alloys are an important type of aircraft material.

Another important application of aerospace materials is thermal protection systems (TPS) for spacecraft re-entry and high-speed flight. Ceramic tiles, ablative materials, and thermal blankets are used to handle the intense heat generated upon re-entry into the Earth’s atmosphere or when experiencing atmospheric friction while flying at high speeds. Ceramic tiles are heat resistant and provide thermal insulation to spacecraft surfaces which is critical for guarding against temperatures of thousands of degrees Celsius.

The requirement for lighter, stronger, and more efficient materials will drive considerable developments in aircraft materials in the future. Aerospace materials such as aluminum, titanium, and composites are now commonly employed due to their high strength-to-weight ratio and longevity. Looking ahead, there is a rising emphasis on developing new materials with even higher performance characteristics.

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Will the Increasing Demand for Aviation from Developing Countries and Budget Airlines Drive the Aerospace Materials Market?

Hey there! The skies are getting busier than ever, especially in countries that are growing quickly and have more people who want to travel. Think about China, India, and Brazil. They're seeing a huge jump in air travel within their own countries and to other places too. The International Air Transport Association (IATA) says that the Asia-Pacific region will have the most air passengers in the future, with 3.9 billion people flying by 2037. That's more than half of all the people flying in the world! With all these new planes flying around, there's a huge need for materials to make them. That's where the aerospace materials industry comes in. They're the ones making the parts for all these aircraft, which is a big business when the demand is so high!

The aircraft industry is getting a boost from a growing demand for planes. Airlines are looking for new materials that are lighter and tougher, so their planes can use less fuel and cost less to run. The number of passenger planes in the world is expected to grow from about 26,000 in 2019 to 48,000 by 2039, according to the U.S. Federal Aviation Administration. To make all these new planes, companies will need to use more fancy materials, like carbon fiber, titanium, and special plastics. For example, Boeing's new 787 Dreamliner is made up of 50% carbon fiber, which is much lighter than the aluminum used in older planes. This can save airlines up to 20% on fuel costs, according to the European Union Aviation Safety Agency.

 Will Technological Challenges Hamper the Aerospace Materials Market?

While the skyrocketing aerospace industry is constantly breaking new ground with innovative materials, it's not always smooth sailing. Think of it like a spaceship navigating through the stars; there will be occasional glitches. But don't worry, these hiccups won't derail the industry's incredible journey. Just look at the numbersexperts predict the global aerospace materials market will soar to $25.8 billion by 2028, growing steadily at nearly 7% each year. That's despite the challenges they face in developing and using these amazing materials. Why so confident? Because the aerospace industry is like a determined explorer, always pushing the limits of what's possible. They know that even with the occasional technical bump along the way, the quest for better, more efficient materials will fuel their onward journey.

The NASA Aeronautics Research Mission Directorate identifies many critical areas for material improvements including high-temperature materials for hypersonic flight, lightweight composites for higher fuel efficiency, and self-healing materials for increased longevity. While developing these cutting-edge materials is technically challenging, it also fosters innovation and opens up new business prospects. For example, the European Space Agency (ESA) says that research into advanced ceramics and metal matrix composites has resulted in improvements in thermal protection systems for spacecraft opening up new avenues for space exploration and satellite technologies.

 Category-Wise Acumens

Will the Strength-to-Weight Ratio Drive the Material Type Segment?

Aluminum alloys continue to dominate the aerospace materials market. This dominance stems mostly from aluminum’s superior strength-to-weight ratio which is critical for aircraft performance. Aluminum alloys are widely utilized to make aircraft wings, fuselages, and other structural components. Aluminum’s primary advantage is its ability to be lightweight while still providing great strength which has a direct impact on fuel efficiency and overall aircraft performance. Given the strict criteria for aircraft weight reduction to improve fuel efficiency and lower operating costs, aluminum alloys reach the ideal mix of weight and strength making them important in the aerospace sector.

Aluminum alloys are less expensive than other high-performance materials such as titanium and composites. Titanium alloys and composites have higher strength and high-temperature resistance but they are substantially more expensive to manufacture and process. This cost issue makes aluminum alloys a more economically viable choice for large-scale commercial aircraft manufacture. Furthermore, aluminum’s simplicity of manufacturing and availability reinforce its status as the material of choice for aerospace producers.

 Will the Expanding E-Commerce Sectors Drive the Aircraft Type Segment?

Commercial airliners are the rock stars of the aviation world. They're like the lead singers with the biggest crowds. Their success comes down to the sheer number of planes and the huge amount of flying they do compared to other types of aircraft, like private jets, military aircraft, and helicopters. These workhorses of the skies come in two main flavorspassenger planes and cargo haulers. They make the world go 'round, carrying both people and stuff across vast distances. And the demand for these flying machines keeps soaring, thanks to the growing number of people traveling and businesses shipping goods. But it's not all about getting from point A to B. Airlines are always looking for ways to keep their costs down and protect the planet. That's why they're investing heavily in making their planes more fuel-efficient. They're even using fancy new materials like aluminum alloys and composites to build lighter aircraft. These materials help planes fly with less fuel, saving money and reducing pollution.

The commercial aircraft segment dominates the aerospace materials market due to its massive size, ongoing demand for efficiency improvements, and considerable impact on global air travel and cargo transit. This segment’s emphasis on lightweight, durable materials such as aluminum alloys and composites promotes innovation and establishes material use patterns throughout the aerospace industry. This supremacy is maintained by continual breakthroughs in material science and manufacturing techniques which ensure commercial aviation’s position at the forefront of aerospace material uses.

Gain Access into Aerospace Materials Market Report Methodology

Country/Region-wise Acumens

Will Advanced Technologies for Aerospace Material Production Drive the Market in the North America?

Get ready for a major boom in the aerospace industry in North America! New and amazing ways of making materials are on the horizon, which will totally change how we design, build, and use airplane and spacecraft parts. These super cool technologies mean better performance, longer-lasting pieces, and a whole lot of savings. The United States rocks at making airplanes and spacecraft parts. In 2019, they sold a whopping USD 217 Billion worth of stuff! And with this huge market, it's the perfect place to try out these new material-making methods. Even the government is super onboard with this revolution. The Federal Aviation Administration (FAA) is all about finding better materials for airplanes and spacecraft with their fancy Advanced Materials Research Program.

The future of air travel is looking brighter than ever, thanks to exciting new materials that are making their way into the aerospace industry. One game-changer is additive manufacturing, which lets engineers create custom-designed parts layer by layer. This opens up a whole new world of possibilities for aircraft design, since it allows for more complex shapes and lighter weight components. Nanotechnology is another area that's transforming aerospace materials. These tiny particles can be added to materials to improve their strength, durability, and temperature resistance. For example, NASA is developing ceramic matrix composites that can withstand extreme temperatures, potentially leading to more efficient jet engines. Carbon nanotubes are also showing promise in aerospace applications. These ultra-light materials could make aircraft structures much lighter, reducing fuel consumption and increasing range. All of these advancements are coming together to create a new era of aerospace materials that are lighter, stronger, and more durable than ever before. This means more efficient aircraft, greener flights, and a brighter future for the aerospace industry.

 Will the Availability of Raw Material Drive the Market in the Asia Pacific Region?

The availability of raw materials is a primary driver of the Asia Pacific aerospace materials market. This region is rich in resources necessary for aircraft manufacturing such as aluminum, titanium, and composite materials. Countries such as China, Japan, and India have large reserves of these resources giving them a cost advantage and increase in supply chain efficiency. According to the US Geological Survey, China is the world’s top aluminum producer accounting for approximately 57% of worldwide production in 2020. This availability of raw materials enables more cost-effective production of aerospace components luring both domestic and international businesses to establish operations in the region.

The increasing investment in advanced material research and development in this region is expected to improve the quality and performance of locally obtained raw materials. According to Asian Development Bank research, R&D expenditure in East Asia and the Pacific has continuously increased reaching 2.5% of GDP in 2018 exceeding the global average. This funding is driving material science advancements such as the creation of high-performance alloys and composites for aerospace applications. The Asia Pacific region is emerging as a major participant in the worldwide aerospace materials market thanks to the availability of raw materials and increasing technological improvements.

 Competitive Landscape

The aerospace materials market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the aerospace materials market include

  • Alcoa Corporation
  • Aleris Corporation
  • Allegheny Technologies Incorporated
  • AMETEK, Inc.
  • AMG Advanced Metallurgical Group
  • ArcelorMittal
  • Arconic, Inc.
  • ATI Metals.
  • Constellium N.V
  • Cytec Solvay group
  • Doncasters Group Ltd
  • DuPont de Nemours, Inc.
  • Global Titanium, Inc.
  • Hexcel Corporation
  • Incorporated
  • Kaiser Aluminum
  • Kobe Steel Ltd
  • Mitsubishi Chemical Holdings

Latest Developments

  • In July 2022, Hexcel established a cooperation with Dassault to supply carbon fiber prepreg for the Falcon 10X program, which incorporates high-performance advanced carbon fiber composites in the manufacture of aircraft wings.
  • In October 2022, Toray Composite Materials America and Speciality Materials, a boron fiber manufacturer, formed a partnership to create innovative next-generation aerospace materials with functional qualities. This move will improve Toray’s position in the aerospace materials market.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~8.12% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Material Type
  • Aircraft Type
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Alcoa Corporation, Aleris Corporation, Allegheny Technologies Incorporated, AMETEK, Inc., AMG Advanced Metallurgical Group, ArcelorMittal, Arconic, Inc., ATI Metals., Constellium N.V, Cytec Solvay group, Doncasters Group Ltd, DuPont de Nemours, Inc., Global Titanium, Inc., Hexcel Corporation, Incorporated, Kaiser Aluminum, Kobe Steel Ltd, Mitsubishi Chemical Holdings

Customization

Report customization along with purchase available upon request

Aerospace Materials Market, By Category

Material Type

  • Aluminum Alloys
  • Titanium Alloys
  • Steel Alloys
  • Composites
  • Others

Aircraft Type

  • Commercial Aircraft
  • Business & General Aviation
  • Military Aircraft
  • Helicopters
  • Others

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

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Pivotal Questions Answered in the Study

Some of the key players leading in the market include BASF SE, Toray Industries, Inc., Hexcel Corporation, Solvay, and Huntsman International LLC.
The primary factor driving the aerospace materials market is the industry’s continual pursuit of lighter, stronger, and more fuel-efficient materials. These materials enable aircraft to achieve better performance, reduce operating costs, and meet stringent environmental regulations. Advancements in aerospace materials also support innovation in aircraft design enhancing safety and reliability while pushing the boundaries of aerospace engineering capabilities.

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