The global aerospace materials market 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 increasing demand for next-generation, lightweight, and fuel-efficient aircraft in developing countries, especially in APAC, will drive market growth.
Browse 237 market data Tables and 47 Figures spread through 250 Pages and in-depth TOC on “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”
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The increase in composite usage is also a cause for concern and changes in the industry. The biggest concern for composite materials for aircraft is their MRO (Maintenance, Repair, and Overhaul). Maintenance requirements of composites are quite different from those of metals, and most MRO companies do not have extensive experience in maintaining composite structures. The prominent commercial aircraft manufacturers such as Boeing and Airbus have used advanced composite materials as a revolutionary material in their new generation airplanes. In the Boeing 787 series and Airbus A350 XWB series, composites account for the maximum share of the overall materials used.
The reduced demand for new commercial and business aircraft from the aviation industry due to the COVID-19 slowdown has resulted in a decline in the need for aerospace materials. For instance, in 2020 the commercial aircraft deliveries have fallen by 47% as compared with 2019.
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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) and Hexcel (US) are key players in the aerospace materials market. The crucial strategies include investments & expansions, partnerships, new product launches, and mergers & acquisitions.
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