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Aerospace Materials Global Market Report 2024 - By Report, Size, Share, Demand, Outlook By 2033
Aerospace Materials Market
The Business Research Company offers in-depth market insights through Aerospace Materials Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The aerospace materials market size has grown strongly in recent years. It will grow from $22.6 billion in 2023 to $24.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for air travel and increasing military spending..
The aerospace materials market size is expected to see strong growth in the next few years. It will grow to $33.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increasing use of lightweight materials, rising government support, increased commercial aircraft deliveries and rapid urbanization. Major trends in the forecast period include innovative products with focus on structural film adhesives, focus on advanced materials with improved strength and performance, advancing aerospace materials with 3d printing, focus on investments in production capacities and strategic partnerships and collaborations among market players to improve product portfolio..
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Market Segmentation:
The aerospace materials market covered in this report is segmented -
1) By Type: Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composites, Other Types
2) By Aircraft Type: Commercial Aircraft, Business and General Aviation, Civil Helicopters, Military, Other Aircraft Types
3) By Application: Interior, Exterior
Major Driver - Surge In Aerospace Materials Market Fueled By The Adoption Of Lightweight Solutions
The increasing use of lightweight materials is expected to increase the growth of the aerospace materials market. The use of lightweight materials emphasizes the importance of selecting the right aerospace materials for specific applications. The materials used in aircraft must be able to withstand harsh conditions, such as atmospheric forces, temperature extremes and ultraviolet rays. For example, in March 2023, Jamco Corporation, a Japan-based aircraft engines and engine parts company, highlighted its Venture Premium Class Seat, designed with sustainability in mind, while minimizing operational costs for airlines. Jamco's Venture seat is made with a high amount of recycled material, is lighter than traditional seats, is easy to install and requires less overall maintenance. Therefore, the increasing use of lightweight materials will support the growth of the aerospace materials market.
Competitive Landscape:
Major companies operating in the aerospace materials market report are Allegheny Technologies Incorporated, Arconic Corporation, Constellium SE, Hexcel Corporation, Solvay SA, Toray Industries Inc., Du Pont, Novelis Inc., Teijin Ltd., Materion Corp, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Tata Advanced Systems Limited (TASL), Aequs Aerospace, Dynamatic Technologies Limited, Mitsubishi Heavy Industries, Ltd., Kawasaki Heavy Industries, Subaru Corporation, Quickstep Holdings Limited, RUAG Australia, AVIC Shenyang Aircraft Company Ltd, Aecc Aviation Power Co., Ltd, China Shipbuilding Industry Company Ltd, Gaona Aero Material Co. Ltd, CSSC Offshore & Marine Engineering (Group) Company Ltd, MTU Aero Engines, Diehl Aerospace, OHB SE, Premium AEROTEC, Dassault Aviation, Safran, Airbus Defence and Space, Indra Sistemas, Alestis Aerospace, Saab AB, Sukhoi Company, Gazprom Space Systems, Aerostar, IAR Ghimbav, Apollo Aerospace Components, AERO Vodochody, PBS Velká Bíteš, PZL Mielec, Lockheed Martin Corporation, The Boeing Company, Spirit AeroSystems, Inc, Magellan Aerospace, Avcorp Industries Inc, Héroux-Devtek, Kordsa, Turkish Aerospace Industries, East African Canvas Company Limited, Kenya Aerotech Limited, Aerosud Aviation (Pty) Ltd, Paramount Group, Cairo Aviation, Arik Air, Air Peace
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Top Trend - Carbon Fiber Composites Transforming Structures In The Aerospace Materials Market
The development of carbon fiber composites for making various aerospace structures and parts is an emerging trend in the aerospace materials market. Carbon fiber is a material composed of carbon atoms arranged in long, thin crystals that can be molded with epoxy into practically any shape, even designs that are impossible to achieve with metals or without welding many sections together and creating weak points. Due to the lightweight, durable, corrosion-resistant, and temperature-resistant properties of carbon fiber, manufacturers of aerospace materials are focused on developing carbon fiber structures for various aerospace applications. For instance, in August 2021, Markforged, a US-based additive manufacturing company specializing in the development and manufacturing of digital forge, launched Onyx FR-A and Carbon Fiber FR-A based on fiber reinforcement technology. These two materials are lightweight, efficient to reduce fuel consumption and improve engine performance, and used in various parts of aircraft interiors.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerospace Materials Market Characteristics
3. Aerospace Materials Market Trends And Strategies
4. Aerospace Materials Market - Macro Economic Scenario
5. Aerospace Materials Market Size And Growth
…..
27. Aerospace Materials Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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