Aerospace Lightweight Materials Market to Flourish with an Impressive CAGR by 2024

In aerospace industry, development of new materials with reduced weight, improved application specific performance and reduced cost has a significant importance. Increasing demand for these characteristics are expected to have a positive impact the global aerospace lightweight materials market. A one-piece design reduces the number of components in overall assemblies, which ultimately reduces the material costs and the total number of components. However, the setup, work holding and surface finish is still difficult to achieve. Designers, engineers, machinists and machine or cutting tool partners are continuously developing new solutions to achieve this target. The mix of materials in aerospace industry is expected to continually change in coming years with new technologies in composites and metals.

Aluminum alloys are used for moderate temperature range applications where titanium alloys are used for temperature range up to 500 to 5500 C or may push another 2000 C. Fiber reinforcements are mostly used where high stiffness and wear resistance are required. Super alloys have the ability to withstand temperatures more than 10000 C. Basically, these materials act as an integral part of the complex aerospace systems. The global aerospace lightweight materials market is expected to increase at a significant rate in terms of value over the forecast period.

Global Aerospace Lightweight Materials Market: Dynamics

The global aerospace lightweight 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 lightweight 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.

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Among all the material types, titanium has relatively high cost, which is expected to be a major reason to hamper the growth of titanium segment over the forecast period.

Global Aerospace Lightweight Materials Market: Segmentation

The global aerospace lightweight materials market is segmented on the basis of component type, material type, application and key regions. On the basis of material type, the global aerospace lightweight materials market is segmented into aluminum alloys, titanium alloys, stainless steel, and nickel alloys. On the basis of component type, the global aerospace lightweight materials market is classified into interior parts and exterior parts. On the basis of application, the global aerospace lightweight materials market are segmented as business aircraft, commercial aircraft, missiles and munitions, engines, military fixed wing, general aviation and others. On the basis of geography, the global aerospace lightweight materials market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa.

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Global Aerospace Lightweight Materials Market: Region-wise Outlook

North America and Europe are expected to collectively account for major share in the global aerospace lightweight materials market throughout the forecast period. The U.S. is expected to be one of the major consumers of aerospace lightweight materials. High demand for aircrafts from the emerging regions like Asia-Pacific and Latin America are expected to augment the demand for aerospace lightweight materials, thus driving the global aerospace lightweight materials market. In the near future, Asia-Pacific is anticipated to witness high demand for aerospace lightweight materials due to increasing number of aircrafts.

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