The global aerospace materials market was estimated at 4 Billion in 2021 and is expected to reach 8.2 Billion by 2030, growing at a 7.2% CAGR between 2022 and 2030.
Aerospace materials are used for various aerospace applications because they have enhanced properties such as high tensile strength, superior temperature tolerance, improved transparency, and a hard surface. Aerospace manufacturers are moving away from traditional metals and toward advanced plastics and carbon or glass-based fiber composites in constructing aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings.
Market Dynamics
Drivers
In the best-case scenario, after 2021, when aerospace companies can operate at total capacity with no travel restrictions or disruptions in the supply chain, demand for aerospace materials from the aerospace and defense industries will skyrocket. Before the COVID-19 pandemic, the global aerospace industry had seen increased passenger air travel. Low-cost carriers (LCCs) have proven to be formidable market competitors, particularly in the developing economies of APAC and South America.
More travelers are expected to fly more frequently in the MEA and APAC. Emirates (UAE), Qatar Airways (Qatar), and Etihad Airways (UAE) are among the largest players in commercial aviation in the Middle East, carrying most passengers traveling between APAC and Europe. As the number of people who use air travel grows, the demand for larger planes increases. This demand will create opportunities for companies that provide aerospace materials and other components used in the aircraft manufacturing industry.
Restraints
A decrease in aircraft deliveries would directly impact the advanced materials in aerospace market. Because commercial aircraft consume more than 80% of composite material, a decrease in demand for composites due to the decline in aircraft orders would have a negative impact on the Advanced Materials in Aerospace Market.
For example, the recent grounding of Boeing 737MAX aircraft due to accidents suffered by Malaysian and Ethiopian Airlines resulted in the cancellation of orders. Airbus and Boeing delivered 122 and 50 commercial aircraft globally in the first quarter of 2020, respectively, 21% and 67% less than the first quarter of 2021.
Key players:
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Alcoa Corporation
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Aleris Corporation
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Allegheny Technologies Incorporated
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AMETEK Inc
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AMG Advanced Metallurgical Group
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ArcelorMittal
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Arconic, Inc.
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ATI Metals.
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Constellium N.V
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Cytec Solvay group
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Doncasters Group Ltd
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DuPont de Nemours, Inc.
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Global Titanium Inc
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Hexcel Corporation,
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Incorporated
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Kaiser Aluminum
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Kobe Steel Ltd
Market Segmentation:
Advanced Materials in Aerospace Market, By Type
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Composite
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Metal
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Plastic
Advanced Materials in Aerospace Market, By Aircraft Type
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Commercial Aircraft
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Business & General Aviation
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Military Aircraft
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Helicopters
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Others
Advanced Materials in Aerospace Market, By Application
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Interior
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Propulsion Systems
Advanced Materials in Aerospace Market, By Region
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North America
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Latin America
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Europe
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Asia Pacific
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Middle East & Africa
Regional Analysis:
North America and Europe dominate the advanced materials in aerospace market. This is due to the large available production capacity and the sophistication of these regions' technological advancements. They account for more than half of the advanced materials market.
Based on market maturity, global demand for advanced materials has been increasing. Different regions are expected to perform unevenly in the future, with North America leading the way regarding growth rate. A region's Advanced Materials In Aerospace market is determined by its industrial development.
Scope of the Report:
Report Coverage |
Details |
Base year |
2021 |
Forecast period |
2022-2030 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
YoY growth (%) |
XX% |
Regional analysis |
|
Current Market size |
USD 4 Billion |
Companies Covered |
|
User
Tab Content
Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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