Global aerospace materials market is expected to foresee significant growth owing to Increasing usage of airline for traveling purpose in developing economies
- Himanshu Patni
- November 12, 2021
- AUTOMOTIVE, NEWS
- Aerospace Materials Market, Aerospace Materials Market growth, Aerospace Materials Market share, Aerospace Materials Market size, Aerospace Materials Market trends
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The global Aerospace Materials Market was stood around $34 billion in 2020 and is expected to demonstrate the growth of above 7% during the forecast period (2021-2027). Increasing airline usage in developing countries along with growing defense budget and high innovation and technological advancement are some of the factors which are propelling the demand of aerospace materials.
Growing airline industry in developing industry owing to increasing people income is leading to more spending power to people. Thus, in turn, people are spending much more on air travel. Further, declining flight ticket making airline travel affordable, luring the middle-income group to use airlines for travel purpose. In addition, growing defense budgets around the globe to increase the research & development activities and procure advance aircrafts which are lighter in weight is increasing the demand of aerospace materials. Further, Trend of lowering the carbon emission is witnessing across the globe. Governments are taking several measures and initiative to reduce the carbon emission from various sectors like energy and transportation. This shift towards eco-friendly sustainable future is opening the doors for advance carbon materials in aerospace industry. For instance, Boeing 787 Dreamliner passenger plane is composed of 50% composite material by weight, with most of the composite material being carbon fiber laminate or carbon fiber sandwich.
COVID-19 impacted the Aerospace Materials market in a negative way. Halted supply chain owing to border closure and delay in manufacturing of aircraft owing to limited workforce and liquid availability affected the aerospace market in a negative way, which eventually had a negative impact on the aerospace materials market. In addition, air travel ban resulted in the decline number of total orders received, thus in turn reduce the demand of aerospace materials. For instance, global passenger traffic drops by -70% in November 2020 compared with a year ago. In addition, value of international aerospace exports slipped to -35.6% in 2020 compared to 2019.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/aerospace-materials-market/
- Based on material type, market is categorized into aluminum, steel, titanium, super alloy, composites, and others. Among these, aluminum held the prominent share in the market owing to its usage in large number of component manufacturing. Traditionally, around 70% of aircraft components were made up of aluminum and its alloys. However, changing dynamics of the market led to the shifting focus on the development of new materials which are lighter in weight and simultaneously provide similar or better performance than traditionally use materials including aluminum.
- Based on aircraft type, market is divided into commercial, military, business & general, helicopter, and others. Among these, commercial aircraft held the largest share in the market owing to large demand of commercial airlines owing to increasing adoption of airline in developing countries owing to increasing disposable income of people and low-cost airline tickets. Further, increasing industrialization and globalization around the globe and in the developing nations like China, India, Brazil, Mexico, and ASEAN countries, requires a proper eco-system to run the operations efficiently, in this, aircraft plays a crucial role in maintaining a proper supply chain.
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For a better understanding of the market adoption of Aerospace Material, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Europe held the prominent share in the market in 2020 owing to large manufacturing of aircraft in the region. Germany, France, and U.K. are among the largest exporter of aerospace products in the world. In 2020, Europe sold the highest dollar value worth of aerospace products onto international markets at 43% of the worldwide total. Some of the major players operating in the market include Toray Industries Inc., Solvay S.A., DuPont de Nemours Inc., Alcoa Corporation, Teijin Limited, Allegheny Technologies Incorporated, Constellium SE, Kobe Steel Ltd., AMG N.V., and Hexcel Corporation.
Global Aerospace Materials Market Segmentation
Market Insight, by Material Type
- Super Alloy
Market Insight, by Aircraft Type
- Business & General
Market Insight, by Region
- North America Aerospace Materials Market
- United States
- Rest of North America
- Europe Aerospace Materials Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Aerospace Materials Market
- Rest of Asia-Pacific
- Rest of World Aerospace Materials Market
Top Company Profiles
- Toray Industries Inc.
- Solvay S.A.
- DuPont de Nemours Inc.
- Alcoa Corporation
- Teijin Limited
- Allegheny Technologies Incorporated
- Constellium SE
- Kobe Steel Ltd.
- AMG N.V.
- Hexcel Corporation