Aerospace Material Market Global Forecast

Aerospace Material Market

The Aerospace Material Market is anticipated to grow at a remarkable CAGR during the forecast period.

The factors driving the growth of Aerospace Material Market includes increasing demand for light weight fuel-efficient vehicles, growing airline industry followed by rising emphasis on improving the aviation industry. Moreover, the growing demand for Aircraft Carriers in the defense sector, is expanding the Aerospace Materials Market Size, as per the report published by Military Aerospace, the United States Government is planning to increase military’s procurement budget to $145.9 billion by next year, which will consist of submarines, aircraft, and armored combat vehicles. In addition, the growing application of aerospace materials in spacecraft, launch vehicles and power systems along with its Excellent thermal resistance features, are some of the factors augmenting the growth of Aerospace Material Market.

The reduced demand for composite materials due to reducing number of aircraft orders, is hampering the growth of Aerospace Materials Market. For example, Boeing Co. reported 88 cancellations of its 737 Max Jet in November 2020, after the two deadly crashes.

Some of the notable players operating in the market are ATI Metals, Constellium N.V., Toray Industries Inc., Tejin Ltd., Cytec Solvay Group, DuPont, AMG Advanced Medical Group, Alcoa Corporation, Aleris Inc., and Kobe Steel Ltd. Among others.

Aircraft Type: Segment Analysis

Commercial aircraft segment is projected to dominate the aerospace material market over the forecast due to increasing passenger footfall in emerging economies such as India, Vietnam, Malaysia, and South Korea.

Type: Segment Analysis

Based on type, aluminum alloys segment is anticipated to lead the aerospace material market over the forecast period. Aluminum alloys offers certain properties such high strength and heat resistance along with its growing use for the production wings, fuselage, and other aircraft components, are some of the factors, responsible for the growth of the segment.

Regional: Segment Analysis

According to Aerospace Material Market Forecast, the Asia-Pacific region is estimated to grow at the highest rate during the forecast period due to increasing aircraft deliveries and improving passenger traffic, growing disposable income, and rising economic activities. As per the data available on Stata, 3,066 general aviation aircrafts were operating in China as of June 2021, a 4% increase is observed as compared to 2020.

Market Segmentation

Global Aerospace Material Market by Type

  • Aluminum Alloys
  • Titanium Alloys
  • Super Alloys
  • Composites
  • Steel Alloys
  • Others

Global Aerospace Material Market by Aircraft Type

  • Commercial Aircraft
  • Business, General and Personal Aviation
  • Helicopter (Civil & Military)
  • Military Aircraft

Global Aerospace Material Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC

 

  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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