The global aerospace materials market size is expected to grow from $18.88 billion in 2021 to $20.20 billion in 2022 at a compound annual growth rate (CAGR) of 6.98%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The aerospace material market is expected to reach $26.60 billion in 2026 at a CAGR of 7.12%.
What is the Global Aerospace Materials Market?
The aerospace materials market consists of sales of aerospace materials by entities (organizations, sole traders, and partnerships) that are made up of metal alloys or polymeric-based materials developed for aerospace applications. Aerospace materials are used for a variety of aerospace components because they have enhanced qualities such as high tensile strength, superior temperature tolerance, enhanced transparency, and a hard surface. In the construction of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings, aerospace manufacturers are shifting their preference toward materials such as advanced plastics, carbon, or glass-based fiber composites, and thus replacing conventional metals.
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What drives the Global Aerospace Materials Market?
The increasing demand for lightweight and fuel-efficient aircraft will propel the growth of the aerospace materials market. The growing requirement for fuel-efficient aircraft to fulfill strict pollution control standards raised the demand for lightweight aircraft. Aerospace materials are lower in weight than traditional metals, yet have great strength, which helps to reduce the overall weight of aircraft and so aids in meeting emission limits and improving fuel efficiency. For instance, according to the General Aviation Manufacturer's Association, an aviation industry trade association, HondaJet, a light business jet produced by the Honda Aircraft Company, became the world's best-selling light aircraft for the fourth year in a straight, with 31 deliveries completed in 2020. In the second half of 2020, the company delivered 22 units, three more than in 2019. The rising demand for lightweight and fuel-efficient aircraft will further drive the growth of the aerospace materials market.
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Global Aerospace Materials Market Segments
The global aerospace materials market is segmented:
By Type: Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composites
By Aircraft Type: Commercial Aircraft, Business and General Aviation, Civil Helicopters, Military
By Application: Aero Structure, Components, Cabin Interiors, Propulsion System, Equipment, System, and Support, Satellites, Construction and Insulation Components
By Geography: The regions covered in the aerospace materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Aerospace Materials Global Market Report 2022 provides market size and growth forecasts for the global aerospace materials market, global aerospace materials market share, aerospace materials market segments and geographies, aerospace materials market competitive landscape including leading competitors’ revenues, profiles and market shares. The aerospace materials market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Aerospace Materials Industry Playersinclude Toray Industries, Inc., DuPont de Nemours, Inc., Aleris International, Hexcel Corporation, Alcoa Corporation, Koninklijke Ten Cate BV, Arkema S.A., Cytec Solvay Group, Arconic Inc. (Alcoa Corp.), SABIC, NOVELIS, Gurit, Constellium N.V, Cytec Solvay Group, WS Atkins plc, Teijin Limited, and Hyosung Advanced Materials. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
