Aerospace Lightweight Materials Market Growth Is Attributed To The Increased Demand For Commercial And Business Aircrafts

According to Precision Business Insights (PBI), latest report, the aerospace lightweight materials market was valued at USD 40,356.7 million in 2023, growing at a 7.3% CAGR from 2024 to 2030. The increased need by airlines to modernize, and enhance the effectiveness and performance of their current fleets drives the aerospace lightweight materials market. Furthermore, the increased demand for aircrafts and helicopters to carry out military operations by several countries to exert its dominance is also anticipated to propel the market. For instance, according to the World Air Forces 2021 Report, Overall, the global active military inventory contracted by 327 aircraft to a grand total of 53,563 as of September 2021. Additionally, the development of electric and hybrid aircraft using lightweight materials technology has created opportunities to create aviation solutions that are both environmentally friendly and energy-efficient. Currently, the use of carbon fiber composites owing to their high strength and low weight has gained popularity in the market to improve the fuel efficiency and performance of aircrafts. Moreover, the implementation of strict rules over carbon emissions around the world is predicted increase the demand for lightweight aircraft materials.

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The aerospace lightweight materials market detailed segmentation:
Based on the type, the market is segmented into the following:
• Aluminium Alloys
• Titanium Alloys
• Steel Alloys
• Nickel Alloys
• Super Alloys
• Composites
• Others

Based on the component type, the market is segmented into the following:
• Interior Parts
• Exterior Parts

Based on the aircraft type, the market is segmented into the following:
• Commercial Aircraft
• Business & General Aviation
• Military Aircraft
• Helicopters
• Others

Commercial Aircraft Segment Dominates the Aerospace Lightweight Materials Market:
Based on the aircraft type, the commercial segment is anticipated to show a significant growth rate in the market share over the forecasting period owing to the large number of passengers flying out of emerging nations. According to ICAO, in 2017, airlines worldwide carried around 4.1 billion passengers. They transported 56 million tonnes of freight on 37 million commercial flights. This increase is bound to result in increased demand for more modern aircraft, which will boost the need for aerospace materials. The lightweight materials are used to create the airframe, engines, and interior parts of commercial aircraft, resulting in lightweight yet sturdy construction. Due to the extensive use of diverse materials, including composite materials, titanium alloys, and aluminum alloys in its construction, the commercial aircraft segment currently occupies the lion's share of the worldwide aerospace materials market.

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Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

The aerospace lightweight materials market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for a significant share of the market. The market is expected to grow at a significant CAGR over the forecast years owing to the United States and Canada having the greatest number of passengers traveling through airways. Furthermore, the US is projected to dominate due to the presence of key aerospace companies and ongoing technological advancements. According to the World Air Forces report, USA has the highest share in global active fleet of about 25% with 13,232 active fleets in 2021. Europe region is also anticipated to grow in the forecasting period owing to I being home to many key aerospace materials manufacturers, such as SGL Carbon, Solvay, VSMPO, AMG NV and TenCate. Furthermore, the introduction of new aircrafts and fleets also drives the market. For instance, in 2021, Greece introduced a large fleet of 57 second-hand Bell OH-58s and Athens had announced its intention to acquire 18 Dassault Rafale B/C fighters.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Aerospace lightweight materials market further reveals that the key players increasingly adopting strategies such as the launch of newer products, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,
• In October 2021, Gentex best known as a supplier of automatic-dimming rearview mirrors and electronics for the automotive industry acquired Air-Craft glass and purchased a new technology and related patents to create lightweight, ultra-thin glass that is used for aircraft cabin partitions, mirrors and wood veneer applications
• 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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Key players in the Aerospace lightweight materials market report are 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).

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