According to a new market research report, the “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
47 Figures
250 Pages and in-depth TOC on “Aerospace Materials Market – Global Forecast to 2026”
This report also provides a comprehensive analysis of the companies listed below:
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)
Recent Developments in Aerospace Materials Market
In December 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials address the need to reduce costs and CO2 emissions and improve the production process and fuel efficiency of next-generation commercial aircraft.
In January 2019, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aircraft business.
In February 2019, Teijin Limited acquired Renegade Materials Corporation, a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America. This helped the company to solidify its position as a leading provider of solutions for aerospace applications.
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Aluminum alloys accounted for the largest share in terms of volume and composite materials accounted for the largest share in terms of value in the global aerospace materials market.
All modern aircraft manufacturers use aluminum alloys for producing fuselage, wings, and other parts of an aircraft. Aluminum and its alloys are preferred in aircraft manufacturing over steel and iron due to the former’s properties such as high strength, corrosion resistance, heat resistance, and lighter weight. Various types of aluminum alloys are manufactured using aluminum, zinc, magnesium, and copper for various applications in the aerospace industry. The increasing applications of composites in the new generation aircraft and rising environmental concerns offer significant growth opportunities for composites in the aircraft manufacturing industry.
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 drives 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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