Aerospace Materials Market Size Hit USD 69.37 billion by 2029, High demand for aircrafts from emerging economies and low-cost carriers is driving the market growth, Exclusive Report by Exactitude Consultancy

Increased demand for Aerospace materials across a number of industries, including the Commercial Aircraft, Military Aircraft, Business and General Aviation sectors, is likely to propel the market

PUNE, India, Sept. 21, 2022 /PRNewswire/ -- The global resin aerospace materials market trends are expected to gain momentum by reaching USD 69.37 billion by 2029, while exhibiting a CAGR of 8.1% between 2022 and 2029, Exactitude Consultancy mentions that the market stood at USD 34.41 billion in 2021.

Aerospace materials are substances that aircraft manufacturers and component manufacturers use to build various aircraft parts. Materials used in aircraft construction have evolved over time. Earlier planes were made of ash and spruce, with muslin covering the wings, whereas modern planes are mostly made of aluminum, with some steel structure. Aluminum is lightweight and inexpensive, especially when compared to other composites; thus, it can provide useful updated features to the aeroplane.

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The global aerospace materials market is expected to increase at a significant pace due to increasing demand for properties such as high fuel efficiency and high temperature resistance. Moreover, the global aerospace materials market is anticipated to increase due to the implementation of stringent regulations over carbon emissions across the globe. Easy machining, high strength, low density and high thrust-to-weight ratio in aircraft engines is expected to drive the demand for titanium aluminide (TiAl) and aluminum lithium (Al-Li) over the forecast period.

Recent Developments

• July 2021: The Defence Research and Development Organisation/DRDO has developed a high strength and quality metastable beta titanium alloy, which will be manufactured on a large-scale to create a series of aerospace structural forgings. This alloy has been created by the Defence Metallurgical Research Laboratory (DMRL), one of the leading laboratories in India that conducts extensive research activities in the materials science & technology field.
• October 2021: Duncan Aviation reveals that its Machining and Welding department has been granted the certification within the AWS D1.2/D1.2M Structural Welding Code — Aluminum. This certification has been earned by the company by demonstrating the efficient structural welding procedures and fostering the in-house welding capabilities.

Greater prevalence of aircraft manufacturers in North America region is dominating the market growth.

North America is expected to hold the largest share of the global aerospace materials market.  The increased predominance of aircraft manufacturers in this region explains this supremacy. Furthermore, considerable air trade and air travel within this region can help increase growth. In addition, the government's large investment in the air defence system creates a large demand for aerospace materials. Europe is the aerospace materials market's second-largest regional market. The presence of aircraft manufacturers in France, Germany, and the United Kingdom indicates a favourable response to growth.

Composite materials-based aerospace materials accounted for the largest share, in terms of value, of the overall aerospace materials market

In terms of value, the composite materials-based aerospace materials segment accounted for the largest share of 72.3% of the overall aerospace materials market in 2020. Aircraft manufacturers use a high percentage of composite materials in the new generation aircrafts instead of metals and its alloys used previously.

Report Scope:

The presence of large industry players carrying out strategic initiatives will drive market share

The major players operating in the global aerospace materials industry include Global Titanium Inc, AMETEK Inc, ArcelorMittal, NSSMC Group, Supreme Engineering Ltd, AMG Advanced Metallurgical Group, Allegheny, Incorporated (ATI), Precision Castparts Corp, Mpecial Metals, Doncasters Group Ltd.  The presence of established industry players and is characterized by mergers and acquisitions, joint ventures, capacity expansions, substantial distribution, and branding decisions to improve market share and regional presence

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Key Market Segments: Aerospace Materials Market

Aerospace Materials Market by Type, 2022-2029, (USD Million)

• Aluminum Alloys
• Steel Alloys
• Titanium Alloys
• Superalloys
• Composite Materials

Aerospace Materials Market by Aircraft Type, 2022-2029, (USD Million)

• Commercial Aircraft
• Military Aircraft
• Business and General Aviation
• Helicopters

Aerospace Materials Market by Regions, 2022-2029, (USD Million)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Market Dynamics

Drivers

• Increasing Demand for Lightweight and More Fuel-Efficient Aircraft in Developing Countries
• Emergence of Low-Cost Carriers Boosting Heavy Passenger Transportation
• High Innovation and Technological Advancements
• Global Plans for Net-Zero Emissions by 2050

Restraints

• Higher Costs of Advanced Aerospace Materials
• Limited Range of Material Options Owing to Complex Requirements
• Loss of Demand due to the Global Pandemic

Opportunities

• Growing UAV Market Generating Demand for Aerospace Materials
• Stable Defense Sector Will Spur Steady Demand
• High Demand for Commercial Aircraft

Challenges

• Costly Maintenance, Repair, and Overhaul Services Owing to Regulatory Standards
• Maintaining an Uninterrupted Supply Chain due to COVID-19

Technological Analysis

Aerospace materials are materials used in the production of aircraft parts. These materials are mostly alloys made of aluminum and other metals, but synthetic polymeric composites are also gaining market share. These materials are used to construct various aircraft components such as structural frames, cabin interiors, propulsion systems, and so on.

The ideal characteristics of aerospace materials are high strength, high heat resistance, and lightweight. These materials are strong and resistant to damage. Aluminum alloy and titanium alloy were traditionally used as aerospace materials, accounting for roughly 80% of total materials used. Composites such as fiber-reinforced material and fibre metal laminates are becoming more popular. Furthermore, the increasing use of nanotechnology in aerospace material manufacturing will alter the face of aerospace materials in the future.

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High-Temperature Composite Materials Market Share

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