The report “Aerospace Materials Market by Type (Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys, and Composite Materials), Aircraft Type (Commercial Aircraft, Business & General Aviation, Helicopters), and Region – Global Forecast to 2026″, size is estimated to be USD 37.9 billion in 2021 and is projected to reach USD 57.9 billion by 2026, at a CAGR of 8.8% between 2021 and 2026. The market is growing due to the increase in the demand for high-performance materials, with properties such as low weight, high strength-to-weight ratio, good tensile strength, and electrical conductivity in commercial aircrafts.
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• 237 Market data Tables
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• 250 Pages and in-depth TOC on “Aerospace Materials Market – Global Forecast to 2026”
Some of the prominent key players are:
- Toray Industries, Inc. (Japan)
- Solvay S.A. (Belgium)
- DuPont de Nemours, Inc. (US)
- Alcoa Corporation (US)
- Teijin Limited (Japan)
- Allegheny Technologies Incorporated (US)
- Constellium SE (France)
- Kobe Steel, Ltd. (Japan)
- AMG N.V. (Netherlands)
- NOVELIS (US)
- Hexcel (US)
Driver: 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.
Restraint: The decrease in the number of commercial aircraft deliveries
The decrease in the number of aircraft deliveries would directly have an impact on the aerospace materials market. Since more than 80% of the consumption of composites material is in commercial aircraft, the decrease in demand for composite due to the reduced number of aircraft orders would negatively impact the market. For instance, the grounding of Boeing 737MAX resulting from accidents suffered by the Malaysian and Ethiopian Airlines, recently, resulted in the cancellation of its orders. In the first quarter of 2020, Airbus and Boeing delivered 122 and 50 commercial aircraft globally, which is 22% and 66% less as compared with the first quarter of 2019.
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Europe is expected to account for the largest share in the aerospace materials market during the forecast period.
Europe accounted for the largest market share in the aerospace materials market due to high demand from commercial aircraft component manufacturers in the region. Moreover, it is home to many key aerospace material manufacturers, such as VSMPO, AMG N.V., SGL Carbon, Solvay, and TenCate. Increased deliveries of Airbus aircraft primarily drive the aerospace material demand in Europe. Apart from this, the region develops military aircraft and helicopters. Germany, France, and UK are major aerospace markets in the region, which drives the demand for aerospace materials. The European region is one of the worst affected by the COVID-19, resulting in decreased industrial and economic activities across all major countries such as Germany, France, the UK, Italy, and France. The European demand for aerospace manufacturing decreased by 43% in 2020, primarily driven by Airbus order deferrals.
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