USD 75.6 Billion Aerospace Raw Materials Market Value Cross by 2033 | Top Players such as -Toray Industries, Inc., Arconic

According to a new report published by Allied Market Research, titled "Aerospace Raw Materials Market," the aerospace raw materials market was valued at $38.2 billion in 2023 and is estimated to reach $75.6 billion by 2033, growing at a CAGR of 7.5% from 2024 to 2033.

The rising demand for commercial air travel, heightened defense budgets, and the growing utilization of uncrewed aerial vehicles (UAVs) alongside space exploration initiatives. Furthermore, continuous progress in aerospace technologies, including electric propulsion systems and autonomous flight capabilities, is generating new prospects for manufacturers of aerospace components, which in turn drive the aerospace raw materials market forecast.

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The surge in need for lighter, more innovative, and fuel-efficient aircraft is driven by the imperative to minimize carbon emissions. The aerospace raw materials industry is also expected to gain from increased fleet renewal rates and a surge in aircraft production. Moreover, technological innovations and the demand for specialized aircraft tailored for specific functions are further propelling the expansion of the global market.

The increase in commercial air travel serves as a vital factor for the aerospace parts manufacturing industry. The growing passenger demand for air travel necessitates the production of additional aircraft, thereby amplifying the need for aerospace parts and components which in turn create opportunities for aerospace raw materials market growth and innovation in the sector.

Furthermore, the increasing demand for lightweight aircraft, particularly in developing economies. These composites are prized for their lightweight, durability, and resistance to chemicals and extreme temperatures. The aerospace industry has long focused on reducing aircraft weight due to its direct impact on flight dynamics and fuel consumption. Composite materials, used in components such as helicopter blades, are thinner and contribute to lowering both the aircraft's weight and its radar detection rate, which is anticipated to further drive market growth.

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The aerospace raw materials market analysis is segmented into material type, application, and region. On the basis of material type, the market is divided into composites, aluminum alloys, titanium alloys, steel alloys, super alloys, and others. On the basis of application, the market is divided into commercial aircraft, business and general aviation, and military aircraft.

Region-wise, the aerospace raw materials market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

KEY FINDINGS OF THE STUDY
The commercial aircraft segment was the highest revenue contributor to the aerospace raw materials market size, with $18.5 billion in 2023, and is estimated to reach $38.2 billion by 2033, with a CAGR of 8.0%.
The composite materials segment generated the highest aerospace raw materials market share during the forecast period of 2023-2033.
North America was the highest revenue contributor, accounting for $18.8 billion in 2023, and is estimated to reach $15 billion by 2033, with a CAGR of 5.98%.

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The key aerospace raw materials market leaders profiled in the report include Toray Industries, Inc.
Arconic (Alcoa Corporation)
ATI (Allegheny Technologies)
Synesco
Constellium SE
AMG N.V.
Hexcel
Materion
DuPont
Kobe Steel Ltd.

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