image

Aerospace Materials Market Report Scope & Overview:

Aerospace Materials Market Size was valued at USD 45.74 billion in 2023 and is expected to reach USD 89.15 billion by 2031 and grow at a CAGR of 8.7% over the forecast period 2024-2031.

The aerospace materials market is experiencing significant growth driven by various factors. With a focus on improving fuel efficiency and reducing emissions, there's a rising demand for lightweight yet durable materials such as carbon fiber composites in aircraft manufacturing. This demand is further fueled by the expansion of the commercial aviation sector, spurred by increasing air travel demand and the emergence of low-cost carriers. Moreover, investments in defense and military aviation are driving the development of advanced materials for military aircraft applications. Stringent regulations aimed at enhancing aircraft safety standards and reducing environmental impact are also pushing manufacturers towards adopting innovative materials and manufacturing processes. Additionally, the industry's shift towards electric and hybrid-electric propulsion systems necessitates lightweight materials, presenting lucrative opportunities for market expansion.

 

Aerospace Materials Market Revenue Analysis

Get more information on Aerospace Materials Market - Request Sample Report

One restraining factor for the aerospace materials market is the volatility in raw material prices, particularly for specialty metals and advanced composites. Economic uncertainties, geopolitical tensions, and fluctuations in currency exchange rates can affect the cost and availability of these materials, impacting profit margins for manufacturers.

Market Dynamics:

Drivers

  • Growing demand for lightweight materials to enhance fuel efficiency and reduce emissions in aircraft

  • Expansion of the commercial aviation sector driven by rising air travel demand and the emergence of low-cost carriers

  • Shift towards electric and hybrid-electric propulsion systems in aerospace, necessitating lightweight materials for improved energy efficiency

The shift towards electric and hybrid-electric propulsion systems in aerospace is reshaping the industry's demand for materials, favoring lightweight options to improve energy efficiency. As traditional fuel-powered engines are being replaced or supplemented, aerospace materials must meet stringent performance standards while reducing weight to maximize the capabilities of these new propulsion systems. This transition drives innovation in materials such as advanced composites and alloys, catering to the specific requirements of electric and hybrid-electric aircraft, and presents substantial growth opportunities for the Aerospace Materials Market.

Restraint

  • High development and production costs associated with advanced aerospace materials, limiting adoption.

  • Volatility in raw material prices, particularly for specialty metals and advanced composites, impacting cost and availability

Opportunities

  • Growing investments in defense and military aviation globally, spurring the development of advanced materials for military aircraft applications.

  • Rising demand for additive manufacturing (3D printing) technologies in aerospace for rapid prototyping and production of complex components

  • Expansion of the UAV Market

Challenges

  • Economic uncertainties, geopolitical tensions, and currency exchange rate fluctuations affect the profitability of aerospace material manufacturers.

  • Challenges in recycling and disposal of aerospace materials, especially composite materials, leading to environmental concerns

The challenge of recycling and disposing of aerospace materials, particularly composite materials, presents a significant environmental concern for the Aerospace Materials Market. Composite materials, while lightweight and durable, pose challenges in terms of end-of-life management due to their complex composition. The lack of efficient recycling technologies for these materials leads to increased landfill waste and potential environmental harm. Aerospace manufacturers face pressure to develop sustainable solutions for material disposal and recycling to mitigate the environmental impact and ensure regulatory compliance, adding complexity to the aerospace materials lifecycle.

Impact of Russia-Ukraine War:

The conflict in Ukraine has brought to light the heavy reliance on Russia for essential minerals like titanium, nickel, cobalt, and vanadium. Before the implementation of sanctions against Russia in 2022, the country supplied half of the titanium used in aircraft production. Now, suppliers are facing extended lead times of over a year to source materials or components, putting a strain on manufacturers' plans to ramp up production. The aviation supply chain is heavily reliant on raw materials from various countries, including Russia. Since these raw materials are the foundation of any supply chain, analyzing the impact of disruptions in sourcing provides insight into the overall supply chain. Russia plays a crucial role in the global supply chain, particularly in the production of titanium, a vital material in the aerospace industry due to its lightweight and high-strength properties. For example, Russia supplies 100% of the titanium used in Embraer aircraft, 65% in Airbus aircraft, and nearly 35% in Boeing aircraft. VSMPO-AVISMA, a Russian corporation, is the world's largest producer of titanium. The ongoing conflict has taken a toll on Russia's defense and space industry, affecting the lower levels of the supply chain. The crisis in Ukraine has significantly impacted the Russian supply chain, affecting both commercial aviation and defense sectors. While the aviation industry has felt the brunt of the titanium shortage, importers of other critical materials like aluminum, nickel, and palladium may soon face similar challenges. The disruption in the supply of these essential materials underscores the vulnerability of global supply chains to geopolitical conflicts.

Impact of Economic Downturn:

Economic downturns can cause fluctuations in the prices of raw materials used in aerospace manufacturing. This creates uncertainty for businesses and can lead to project delays. The aerospace supply chain is currently facing challenges in recruiting personnel for production jobs that involve assembling the necessary parts to meet market demand. The shortage of raw materials is hindering part manufacturers from increasing production, leading to frequent instances of aircraft parts being out of stock, awaiting production, or delayed due to delivery issues. Furthermore, there is a shortage of skilled professionals downstream in the industry, including pilots, mechanics, flight attendants, and aircraft workers. Additionally, there is a lack of engineers and scientists who play a crucial role in developing technological advancements and upgrades within the aerospace industry. These shortages are impacting the industry's ability to innovate and meet the growing demands of the market.

Market Segment:

By Type

  • Aluminum Alloys

  • Steel Alloys

  • Composites

  • Titanium Alloys

  • Super Alloys

  • Others

By Type, Composites held the largest revenue share in the aerospace materials market in 2023 because they are strong but lightweight, helping to make aircraft lighter and more fuel-efficient. New manufacturing methods have made composites even tougher, allowing for more creative and effective designs in airplanes. With composites being used more in building airplane parts like the body and wings, they've become the go-to material for the aerospace industry, attracting lots of attention and investment.

By Aircraft Type

  • Commercial Aircraft

  • Military Aircraft

  • Business & General Aviation

  • Helicopters

  • Others

The commercial Aircraft segment dominated the Aircraft Type segment of the aerospace materials market with the highest revenue share of more than 50% in 2023. This is due to the extensive demand for new aircraft amidst the ongoing expansion of commercial aviation. Airlines worldwide are continuously modernizing their fleets to meet growing passenger traffic, driving the need for lightweight yet durable materials to enhance fuel efficiency and performance. Additionally, advancements in aerospace materials, particularly composite materials, and advanced alloys, have enabled manufacturers to develop aircraft with improved efficiency, safety, and comfort, further driving the growth of the commercial aircraft segment.

Aerospace-Materials-Market-Trend-By-Aircraft-Type

By Application

  • Interior

  • Passenger Seating

  • Panels, Galley

  • Others

  • Propulsion Systems

  • Airframe

  • Windows & Windshields

  • Tail & Fin

Aerospace-Materials-Market-Trend-By-Application

Get Customized Report as per your Business Requirement - Request For Customized Report

Regional Analysis:

Europe dominated the aerospace materials market with the largest revenue share of more than 34% in 2023. The region boasts a strong presence of leading aerospace manufacturers and suppliers, driving demand for advanced materials. Additionally, Europe's emphasis on research and development in aerospace technologies has propelled innovation in materials science, leading to the development of advanced aerospace materials. Furthermore, stringent regulations regarding aircraft safety and environmental standards in Europe incentivize the adoption of high-performance materials. Lastly, collaborations between European aerospace companies and research institutions foster a collaborative ecosystem conducive to advancements in aerospace materials, further boosting Europe's dominance in the market.

Asia Pacific is expected to grow at the highest CAGR during the forecast period of 2024-2031. Rapid economic growth in developing countries of this region is driving increased air travel demand, stimulating the demand for new aircraft and aerospace materials. The region's growing aerospace manufacturing sector, coupled with government initiatives to bolster domestic aerospace industries, is expected to boost the market. Additionally, technological advancements and increasing investments in research and development are fostering innovation in aerospace materials, further propelling market growth in the Asia Pacific. In addition, favorable demographic trends and rising disposable incomes are driving higher air passenger traffic, creating a sustained demand for aerospace materials in the region.

Aerospace-Materials-Market-Trend-By-Region

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

Key Players:

Constellium SE, Alcoa Corporation, Toray Industries, Inc., Allegheny Technologies Incorporated, Solvay S.A., Teijin Limited, Kobe Steel, Ltd., NOVELIS, AMG N.V., Hexcel, DuPont de Nemours, Inc., and other players.

Alcoa Corporation-Company Financial Analysis

Recent Development:

  • In April 2023, Solvay and GKN Aerospace extended their 2017 collaboration agreement. This partnership aims to develop innovative thermoplastic composites (TPC) for aerospace structures. Solvay has also been designated as a preferred supplier of TPC materials for GKN Aerospace.

  • In February 2023, Toray Industries, Inc. announced a groundbreaking technology for thermally welding carbon fiber reinforced plastics (CFRP) at high speeds. This advancement will revolutionize the production of CFRP airframes, allowing for increased production rates and significant weight savings.

  • Teijin Limited made headlines in October 2021 with the announcement of the expansion of its carbon fiber subsidiary, Renegade Materials Corporation. This U.S.-based company is a leading supplier of highly heat-resistant thermoset prepregs, resins, and adhesives for the aerospace industry. The expansion will increase prepreg production by 2.5 times, meeting the growing demand for advanced materials in the aerospace sector.

  • In June 2020, Constellium SE, based in Paris, introduced Aheadd, a line of high-performance aluminum powders that set new industry standards for additive manufacturing productivity and component properties. This expansion of its advanced aluminum solutions portfolio demonstrates Constellium's commitment to innovation and excellence in the aerospace industry.

Aerospace Materials Market Report Scope:
Report Attributes Details
Market Size in 2023 US$ 45.74 Billion
Market Size by 2031 US$ 89.15 Billion
CAGR CAGR of 8.7% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Aluminum Alloys, Steel Alloys, Composites, Titanium Alloys, Super Alloys, and Others)
• By Aircraft Type (Commercial Aircraft, Military Aircraft, Business & General Aviation, Helicopters, and Others)
• By Application (Interior (Passenger Seating, Panels, Galley, and Others), Propulsion Systems (Airframe, Windows & Windshields, and Tail & Fin) 
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Constellium SE, Alcoa Corporation, Toray Industries, Inc., Allegheny Technologies Incorporated, Solvay S.A., Teijin Limited, Kobe Steel, Ltd., NOVELIS, AMG N.V., Hexcel, DuPont de Nemours, Inc.
Drivers • Growing demand for lightweight materials to enhance fuel efficiency and reduce emissions in aircraft
• Expansion of the commercial aviation sector driven by rising air travel demand and the emergence of low-cost carriers
• Shift towards electric and hybrid-electric propulsion systems in aerospace, necessitating lightweight materials for improved energy efficiency
Restraints • High development and production costs associated with advanced aerospace materials, limiting adoption.
• Volatility in raw material prices, particularly for specialty metals and advanced composites, impacting cost and availability

Frequently Asked Questions

Ans: The predicted market size for the Aerospace Materials Market is USD 89.15 billion in 2031.

Ans: The expected CAGR of the global Aerospace Materials Market during the forecast period is 8.7%.

Ans: The propulsion Systems application segment dominated the Aerospace Materials Market in 2023.

Ans: China dominated the Aerospace Materials Market in the Asia Pacific region.

Ans: The rising demand for lightweight materials to enhance fuel efficiency, the growth of additive manufacturing technologies for specialized aerospace components, and the expansion of aerospace industries in emerging markets, driven by increasing air travel demand and government support for domestic manufacturing.

TABLE OF CONTENTS


1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions


2. Industry Flowchart


3. Research Methodology


4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges


5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India


6. Value Chain Analysis


7. Porter’s 5 Forces Model


8.  Pest Analysis


9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Latin America
9.5 Middle East & Africa


10. Global Aerospace Materials Market Segment, By Type
10.1    Introduction
10.2    Trend Analysis
10.3    Aluminum Alloys
10.4    Steel Alloys
10.5    Composites
10.6    Titanium Alloys
10.7    Super Alloys
10.8    Others


11. Global Aerospace Materials Market Segment, By Aircraft Type
11.1    Introduction
11.2    Trend Analysis
11.3    Commercial Aircraft
11.4    Military Aircraft
11.5    Business & General Aviation
11.6    Helicopters
11.7    Others


12. Global Aerospace Materials Market Segment, By Application
12.1    Introduction
12.2    Trend Analysis
12.3    Interior
12.3.1    Passenger Seating
12.3.2    Panels, Galley
12.3.3    Others
12.4    Propulsion Systems
12.4.1    Airframe
12.4.2    Windows & Windshields
12.4.3    Tail & Fin


13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Eastern Europe

13.3.1.1 Poland
13.3.1.2 Romania
13.3.1.3 Hungary
13.3.1.4 Turkey
13.3.1.5 Rest of Eastern Europe
13.3.2 Western Europe
13.3.2.1 Germany
13.3.2.2 France
13.3.2.3 UK
13.3.2.4 Italy
13.3.2.5 Spain
13.3.2.6 Netherlands
13.3.2.7 Switzerland
13.3.2.8 Austria
13.3.2.9 Rest of Western Europe
13.4 Asia-Pacific
13.4.1 China
13.4.2 India
13.4.3 Japan
13.4.4 South Korea
13.4.5 Vietnam
13.4.6 Singapore
13.4.7 Australia
13.4.8 Rest of Asia Pacific
13.5 The Middle East & Africa
13.5.1 Middle East

13.5.1.1 UAE
13.5.1.2 Egypt
13.5.1.3 Saudi Arabia
13.5.1.4 Qatar
13.5.1.5 Rest of the Middle East
13.5.2 Africa
13.5.2.1 Nigeria
13.5.2.2 South Africa
13.5.2.3 Rest of Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Colombia
13.6.4 Rest of Latin America


14. Company Profiles
14.1 Constellium SE

14.1.1 Company Overview
14.1.2 Financials
14.1.3 Product/Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Alcoa Corporation
14.2.1 Company Overview
14.2.2 Financials
14.2.3 Product/Services Offered
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 Toray Industries Inc.
14.3.1 Company Overview
14.3.2 Financials
14.3.3 Product/Services Offered
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 Allegheny Technologies Incorporated
14.4 Company Overview
14.4.2 Financials
14.4.3 Product/Services Offered
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 Solvay S.A.
14.5.1 Company Overview
14.5.2 Financials
14.5.3 Product/Services Offered
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 Teijin Limited
14.6.1 Company Overview
14.6.2 Financials
14.6.3 Product/Services Offered
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 Kobe Steel Ltd.
14.7.1 Company Overview
14.7.2 Financials
14.7.3 Product/Services Offered
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 NOVELIS
14.8.1 Company Overview
14.8.2 Financials
14.8.3 Product/Services Offered
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 AMG N.V. 
14.9.1 Company Overview
14.9.2 Financials
14.9.3 Product/ Services Offered
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 Hexcel
14.10.1 Company Overview
14.10.2 Financials
14.10.3 Product/Services Offered
14.10.4 SWOT Analysis
14.10.5 The SNS View
14.11 DuPont de Nemours Inc.
14.11.1 Company Overview
14.11.2 Financials
14.11.3 Product/Services Offered
14.11.4 SWOT Analysis
14.11.5 The SNS View'


15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions


16. Use Case and Best Practices


17. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

Start a Conversation

Hi! Click one of our member below to chat on Phone