Aerospace Materials Market worth $57.9 billion by 2026 | Key players Toray Industries, Solvay S.A., DuPont de Nemours, Alcoa Corp, Teijin Limited

According to recent market research "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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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.
Commercial aircraft segment accounted for the largest share in the global aerospace materials market in terms of value and volume.

Commercial aircraft segment holds the largest share in the global aerospace materials market. This dominance is attributed to its large-scale use us materials in airplane construction. The growing demand for newer aircrafts from emerging economies especially in China and India is driving the demand for aerospace materials. Boing and Airbus are the two major commercial aircraft manufacturers who drive the demand for aerospace materials.

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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The 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. Aerospace materials are also used in other aircraft parts such as nozzles, combustor liners, rotors, bodies, blades, and shrouds. The increased fuel efficiency leads to a reduction in the operational cost of the aircraft. The high economic growth in developing countries, along with high urbanization, industrialization, and increased standards of living, also plays a very crucial role in the adoption of fuel-efficient cost-cutting machinery. The global aerospace industry has witnessed the most adverse and immediate consequences of COVID-19. The airline sector has faced the worst consequences due to the lockdown across international and domestic borders. However, with government support and recovery in the global economy, the aerospace industry is expected to reach its pre-COVID levels by 2023, increasing the demand for aerospace materials.

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.

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Toray Industries, Inc. is a multinational corporation specializing in industrial products involving core technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. The company, currently, is the largest producer of carbon fiber in the world and synthetic fiber in Japan. It has long experience and expertise in fibers and textiles, plastics and chemicals, plastics and chemicals, carbon fiber composite materials, environment and engineering, life science, and other businesses. The company has a focus on reducing the carbon footprint for processing its aerospace materials throughout the entire cycle of the production, storage, and use of materials, contributing to curbing global warming. It is one of the world leaders in the aerospace materials market. It focuses on innovation as well as R&D. The company developed a high thermal conductivity technology that lifts the heat-dissipating properties of carbon-fiber-reinforced plastic (CFRP) to that of metals.

Solvay S.A. is another plastic and chemical energy company in the field of aerospace materials. The company develops, manufactures, and markets its products to various industries, including agriculture, feed & food, automotive & aerospace, building & construction, customer goods & healthcare, electrical & electronic, and industrial applications. The acquisition of Cytec Industries boosted its growth by making it one of the worlds largest producers of carbon fiber prepreg for the aerospace industry. Solvay S.A. introduced CYCOM EP2750, a market-first technology that enables the high rate, cost-effective manufacture of aerospace structural parts. This technology combines advanced continuous fiber prepreg materials with an in-depth understanding of the key material and process characteristics required to achieve aerospace quality and performance using compression molding processing technology.

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