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Aerospace Materials Market Size, Share, and Analysis, By Material Type (Composites, Aluminum Alloys, Titanium Alloys, and Steel Alloys), By Aircraft Type (Commercial, Military, Business & General Aviation, and Spacecraft), By Application (Airframes, Interiors, Engines, and Others), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
Aerospace Materials Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 39.8 billion and is projected to reach USD 96.4 billion by the completion of 2034.
Aerospace materials are unique substances designed for application in the aerospace sector, including aviation and space industries. The materials used in aerospace are aluminum alloys, titanium alloys, composites, and steel alloys, which are used in manufacturing aircraft engines, propulsion systems, and many more. Aerospace materials must meet strict standards like high strength-to-weight ratio for better fuel efficiency and high-temperature resistance in extreme heat conditions. Additionally, these materials need corrosion resistance to protect against weather and environmental elements and fatigue resistance as aircraft experience multiple stress cycles. Thus, such qualities are important for aviation and space industries to ensure the safety and effectiveness of aerospace uses.
Aerospace materials market is expected to reach USD 96.4 billion during the forecast period, due to the increasing global air passenger traffic and the growth of airline fleets, which demand newer and more effective aircraft. Innovations in material science, like developing lightweight composites and high-performance alloys, improve the efficiency and fuel economy of aircraft. In addition, the rise in defense spending is resulting in high-rate military aircraft production, thus boosting the requirement for specially designed materials. Furthermore, the rise in space exploration activities, such as satellite launches and interplanetary travel, has resulted in a surge in the need for aerospace materials that are capable of enduring extreme space environments.
Source: Fatpos Global
Aerospace materials market is segmented based on Material Type into Composites, Aluminum Alloys, Titanium Alloys, and Steel Alloys. The aluminum alloy segment is predicted to lead the market as aluminum alloys provide a great combination of strength and lightweight properties. Aluminum alloy makes the best use of the capacity of payload and improves the efficiency of fuel as they are lightweight and strong enough to withstand the rigors of flight. Besides, several aluminum alloys have excellent corrosion resistance, which reduces the need for maintenance on aviation parts. Furthermore, in comparison to titanium, aluminum alloys are simpler to work with in terms of machining and joining. This simplifies the production and cuts down on costs.
Aerospace materials market is classified based on Aircraft Type into Commercial, Military, Business and General Aviation, and Spacecraft. The aerospace materials market is dominated by the commercial aircraft sector due to the global interest in air travel, which results in higher demand for commercial planes and investments in new aircraft. In addition, the commercial aviation sector manufactures a larger quantity of planes each year compared to the total number produced for the military, general aviation, and space sectors. Furthermore, the commercial sector is leading in the use of materials such as composites and lightweight alloys to improve fuel efficiency and reduce extra expenses.
Source: Fatpos Global
Growing Demand for Fuel-Efficient Aircraft is Critical to Boost the Adoption of Aerospace Materials
Growing demand for fuel-efficient aircraft is boosting the aerospace materials industry. Aircraft manufacturers are using lightweight composites and high-strength alloys to improve fuel efficiency. These materials lower the total weight of the airplane, which leads to better fuel efficiency and helps the market to grow. Moreover, new aircraft designs that consume less fuel depend on new aerospace materials, which causes a higher demand for such materials in the market. Furthermore, severe environmental laws are forcing the aerospace industry to develop and use aircraft that are more fuel-efficient, thereby creating a greater demand for materials that can meet these standards.
Improvements in Technology Will Aid the Market
Technological developments act as a major growth factor for the aerospace materials market. The progress in technology has led to the creation of advanced aluminum, titanium, and steel alloys that offer better longevity and corrosion resistance, thus making them ideal for aerospace uses. Alongside, improvements in smart materials like shape memory alloys and piezoelectric materials, provide new solutions for controlling and monitoring systems on aircraft. In addition, modern coating techniques and surface treatments improve the durability and wear resistance of aerospace materials, thus making them more capable of withstanding high temperatures. Besides, innovations in eco-friendly materials and recycling methods further help the aerospace industry in reducing its environmental impact and meeting global sustainability goals.
High Cost of Advanced Materials Can Limit the Growth of the Aerospace Materials Market
High cost of aerospace materials can impact the aerospace materials market. High expenses in manufacturing aircraft can limit their use and even impact the profit potential. Thus, budget limitations can hinder the innovation capabilities of smaller or recently established aerospace firms. In addition, rising costs of materials may result in higher aircraft prices, which could lower market demand as these higher costs are transferred to customers. Companies can find it difficult to achieve a successful return on investment, which can discourage them from pursuing new projects. Therefore, the high price of advanced materials could restrict their application to luxury or high-quality goods, thereby affecting their vast acceptance and use.
Aerospace Materials Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The aerospace materials market is expected to be controlled by the North American region due to its strong aerospace manufacturing and supply chain network. The presence of major aerospace equipment manufacturers and top suppliers in North America is massively contributing to strengthening the market across the region. Moreover, the rise in defense spending in North America also leads to a higher demand for advanced aerospace materials in military aircraft and defense systems.
On the other hand, due to high defense budgets and the growth of commercial aviation, the Asia Pacific aerospace materials market is growing. Furthermore, expanding markets across China and India are driven by a strong demand for lightweight, high-performance materials as well as technological growth in composites and alloys.
Source: Fatpos Global
COVID-19 impacted the aerospace materials market as the global supply chains saw huge disruptions due to the pandemic, which impacted the availability and delivery of aerospace materials. Lockdowns and travel restrictions further slowed production and logistics, which decreased the production of aircraft and led to a low requirement for aerospace materials. However, the pandemic encouraged airlines to prioritize long-term efficiency, which potentially increased the demand for lightweight composite materials that improve fuel efficiency in the future. Alongside, the pandemic boosted the adoption of digital tools and remote collaboration technologies, which transformed how aerospace companies managed their operations and resources.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2034 |
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Base Year |
2023 |
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Forecast Period |
2024-2034 |
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Historical Period |
2019-2022 |
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Growth Rate |
CAGR of 8.4% from 2024-2034 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Material Type |
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By Aircraft Type |
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By Application |
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By Region |
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Aerospace Materials Market size was valued at USD 39.8 billion in 2023 and is projected to reach the value of USD 96.4 billion in 2034, exhibiting a CAGR of 8.4% during the forecast period.
The Aerospace Materials Market includes the industry focused on the production, distribution, and innovation of materials specifically designed for use in the aerospace sector.
The Aluminum Alloy segment and the Commercial Aircraft segment accounted for the largest Aerospace Materials Market share.
Key players in the Aerospace Materials Market include Lockheed Martin Corporation, Boeing, Airbus, Teijin Limited, Safran S.A., Hexcel Corporation, Raytheon Technologies Corporation, Allegheny Technologies Incorporated (ATI), General Electric Company, Mitsubishi Heavy Industries, Ltd., Northrop Grumman Corporation, Spirit AeroSystems Holdings, Inc., Toray Industries, Inc., Arconic Inc., Solvay S.A., and Other Prominent Players.
Increasing demand for fuel-efficient aircraft and advancements in technology are the factors driving the aerospace materials market.
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