Aerospace Materials Market to Surpass USD 69.37 billion by 2029, with Burgeoning Demand for Aircraft and Military Sectors | Exactitude Consultancy

The demand for aerospace materials in the aerospace industry is growing due to the increased production of aircraft.

PUNE, India, March 20, 2023 /PRNewswire/ -- The global Aerospace Materials Market is projected to reach USD 69.37 billion by 2029 from USD 34.41 billion in 2022, at a CAGR of 8.1% from 2023 to 2029.

Aerospace materials are materials that are used in the construction of different aircraft components by aviation OEMs and component producers. The materials used in the construction of aircraft and their use have been changing continuously. The first aircraft were built of ash woods and pitch with cloth covering the wing, whereas contemporary aeroplanes are mainly made of aluminium with some metal frame. Aluminum is less costly and lighter than some other synthetic materials, which allows for the addition of helpful new features to the aircraft.

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Some of the recent developments

• In October 2022, Toray Composite Materials America partnered with Speciality Materials, a boron fiber manufacturer, to develop advanced next-generation aerospace materials with functional properties. This move will strengthen Toray's position in the aerospace materials market.
• In July 2022, Hexcel announced its partnership with Dassault to provide carbon fiber prepreg for the Falcon 10X program Incorporating high-performance advanced carbon fiber composites in manufacturing its aircraft wings.
• In April 2022, ISOVOLTA AG acquired the Aviation and Aerospace business unit from Gurit Holding AG. The acquisition entitled the company to expand its business to produce advanced composite materials, composite manufacturing equipment, and core kitting services for the aerospace industry.

Top 8 Aerospace Innovation Trends for 2023

• Sustainability. Growing concerns around climate change among travelers force the aerospace sector to reduce its carbon footprint. (23%)
• Artificial Intelligence. (17%)
• Digitization. (16%)
• Additive Manufacturing. (14%)
• Advanced Satellite Technology. (10%)
• Blockchain. (9%)
• Aerial Mobility. (6%)
• Immersive Technologies. (5%)

The Future of Aerospace is Here!

Innovative technologies and manufacturing processes are being developed on a seemingly constant basis, and small to medium-sized manufacturers are reaping the benefits as aerospace companies look for niche suppliers to help expand their supply chain. Staying up to date with the latest trends can help your manufacturing business take advantage of all the aerospace industry has to offer.

Greater prevalence of aircraft manufacturers in North America region 48% dominating the market growth.

North America is expected to hold the largest share of the global aerospace materials market.  The increased predominance of aircraft manufacturers in this region explains this supremacy. Furthermore, considerable air trade and air travel within this region can help increase growth. In addition, the government's large investment in the air defence system creates a large demand for aerospace materials. Europe is the aerospace materials market's second-largest regional market. The presence of aircraft manufacturers in France, Germany, and the United Kingdom indicates a favourable response to growth. Furthermore, people's high disposable income and propensity for air travel drive demand. The fastest-growing regional category is Asia Pacific. The growing demand for aeroplanes is being driven by a large client base for air travel and increased flight operations. A considerable rise in military air activities would also help to enhance growth.

Growing UAV market generating demand for aerospace materials is an opportunity for market growth.

UAV (drone) uses in the military have progressed to the point that they are now a valuable tool in military organisations all over the world. The civil and commercial sector for UAVs, on the other hand, is still in its early stages, with enormous untapped potential in a wide range of applications. Military spending on unmanned aerial vehicles (UAVs) is expected to rise as a fraction of overall military spending, providing opportunities for specialised drone manufacturers and software developers.

Report Metrics

The presence of large industry players carrying out strategic initiatives will drive market share.

The major players operating in the global aerospace materials industry include Global Titanium Inc, AMETEK Inc, ArcelorMittal, NSSMC Group, Supreme Engineering Ltd, Technologies, AMG Advanced Metallurgical Group, Allegheny, Incorporated (ATI), Precision Castparts Corp, Mpecial Metals, Doncasters Group Ltd.  The presence of established industry players and is characterized by mergers and acquisitions, joint ventures, capacity expansions, substantial distribution, and branding decisions to improve market share and regional presence. Also, they are involved in continuous R&D activities to develop new products as well as are focused on expanding the product portfolio. This is expected to intensify competition and pose a potential threat to the new players entering the market.

Browse In-depth Market Research Report (84 pages) on Aerospace Materials Industry

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Key Market Segments: Aerospace Materials Market

Aerospace Materials Market by Type, 2023-2029, (USD Million) (Kilotons)

• Aluminum Alloys
• Steel Alloys
• Titanium Alloys
• Superalloys
• Composite Materials

Aerospace Materials Market by Aircraft Type, 2023-2029, (USD Million) (Kilotons)

• Commercial Aircraft
• Military Aircraft
• Business And General Aviation
• Helicopters

Market Dynamics

Drivers, Restraints, and Challenges:

Drivers:

• Increase in demand for commercial and military aircraft: The Aerospace Materials Market is primarily driven by the demand for commercial and military aircraft. The growth of air travel and the increasing defense budgets of various countries are expected to drive the demand for aerospace materials.
• Advancements in aerospace technology: The aerospace industry is constantly evolving, and there are continuous advancements in the field of aerospace technology. This has led to the development of new aerospace materials that are more efficient, lightweight, and durable.
• Growing focus on aircraft maintenance: With the increasing lifespan of aircraft, there is a growing focus on aircraft maintenance. Aerospace materials play a vital role in aircraft maintenance, as they protect the aircraft from harsh weather conditions and ensure their durability.

Restraints:

• High cost of aerospace materials: Aerospace materials are expensive due to the high-quality materials and manufacturing processes used in their production. This makes them unaffordable for small-scale companies and restricts their adoption.
• Stringent regulations: The aerospace industry is subject to stringent regulations and standards, which makes it difficult for companies to introduce new coatings. The regulatory bodies require extensive testing and certification before any new product can be introduced in the market.
• Limited availability of raw materials: The availability of raw materials required for the production of aerospace materials is limited. This restricts the production capacity of companies, leading to a shortage of aerospace materials in the market.

Challenges:

• Increasing competition: The Aerospace Materials Market is highly competitive, with numerous players vying for a share of the market. This makes it difficult for companies to differentiate their products and gain a competitive advantage.
• Changing customer preferences: The preferences of customers in the aerospace industry are constantly changing. This makes it difficult for companies to keep up with the changing demands and preferences of customers.
• Supply chain disruptions: The aerospace industry is highly dependent on global supply chains. Any disruption in the supply chain can lead to a shortage of raw materials and delay in production, affecting the delivery of aerospace materials to customers.

Key Question Answered

• What is the current scenario of the global aerospace materials market?
• What are the emerging technologies for the development of aerospace materials devices?
• What are the historical size and the present size of the market segments and their future potential?
• What are the major catalysts for the market and their impact during the short, medium, and long terms?
• What are the evolving opportunities for the players in the market?
• Which are the key regions from the investment perspective?
• What are the key strategies being adopted by the major players to up their market shares?

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About Exactitude Consultancy

Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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SOURCE Exactitude Consultancy

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