The global aerospace materials market size reached US$ 23.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
Aerospace materials are metal alloys with high tensile strength, superior temperature tolerance, enhanced transparency and hard surface, which are used for different aerospace purposes. They comprise high-strength steels, composites, and aluminum and titanium alloys. They are lightweight and consequently help reduce global warming, environmental pollution, and fuel consumption. In addition, they assist in improving flight performance through better acceleration, higher structural strength and stiffness, and enhanced safety performance. As a result, aerospace materials find extensive applications in rotorcraft and commercial, military and space aircraft.
Aerospace Materials Market Trends:
At present, there is a rise in the demand for fuel-efficient and lightweight aircraft across the globe. This, along with the growing utilization of commercial aircraft to haul passengers and freight between selected airports, represents one of the key factors driving the market. Moreover, governments of several countries are extensively investing in the defense industry to enhance the function and structure of aircraft. This, coupled with the rising utilization of composites in aircraft manufacturing to provide high structural strength, is propelling the growth of the market. In addition, the escalating demand for single-aisle aircraft for commercial purposes is offering lucrative growth opportunities to key market players. Besides this, the growing utilization of unmanned aerial vehicles (UAVs) for real-time surveys, site surveillance, and making quick visits to collect data and information is positively influencing the market. Additionally, the expanding aerospace industry due to increasing air traffic around the world is catalyzing the demand for aerospace materials. Apart from this, the rising usage of the internet of things (IoT) enabled sensing devices in aircraft functions, components, and the body is bolstering the market growth. Other growth-inducing factors are rising research and development (R&D) activities, rapid modernization, and technological advancements.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global aerospace materialsmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, aircraft type and application.
Breakup by Type:
Breakup by Aircraft Type:
Business and General Aviation
Breakup by Application:
Tail and Fin
Windows and Windshields
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allegheny Technologies Incorporated, Arkema S.A., BASF SE, DuPont de Nemours Inc., Hexcel Corporation, Kaiser Aluminum Corporation, Materion Corporation, Mitsubishi Chemical Holdings Corporation, Röchling SE & Co. KG, SGL Carbon SE, Solvay S.A., Sumitomo Bakelite Company Limited and Toray Industries Inc.
Base Year of the Analysis
Type, Aircraft Type, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Allegheny Technologies Incorporated, Arkema S.A., BASF SE, DuPont de Nemours Inc., Hexcel Corporation, Kaiser Aluminum Corporation, Materion Corporation, Mitsubishi Chemical Holdings Corporation, Röchling SE & Co. KG, SGL Carbon SE, Solvay S.A., Sumitomo Bakelite Company Limited and Toray Industries Inc.
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Key Questions Answered in This Report
The global aerospace materials market was valued at US$ 23.9 Billion in 2022.
We expect the global aerospace materials market to exhibit a CAGR of 4.7% during 2023-2028.
The rising demand for aerospace materials to reduce global warming, environmental pollution levels, and fuel consumption, improve flight performance through better acceleration, enhance safety performance, etc., is primarily driving the global aerospace materials market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for aerospace materials.
Based on the type, the global aerospace materials market can be segmented into aluminium alloys, titanium alloys, super alloys, steel alloys, and composite materials. Currently, aluminium alloys hold the largest market share.
Based on the aircraft type, the global aerospace materials market has been divided into commercial aircraft, business and general aviation, and helicopters. Among these, commercial aircraft currently exhibits a clear dominance in the market.
Based on the application, the global aerospace materials market can be categorized into interior and exterior. Currently, exterior accounts for the majority of the global market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global aerospace materials market include Allegheny Technologies Incorporated, Arkema S.A., BASF SE, DuPont de Nemours Inc., Hexcel Corporation, Kaiser Aluminum Corporation, Materion Corporation, Mitsubishi Chemical Holdings Corporation, Röchling SE & Co. KG, SGL Carbon SE, Solvay S.A., Sumitomo Bakelite Company Limited, and Toray Industries Inc.
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