Global Aerospace Materials Market- Industry Trends & Forecast Report 2027 - PDF document

Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027 Global Aerospace Materials Market- Industry Trends & Forecast Report 2027 Summary Global Aerospace Materials Market- By Material Type (Composite, Steel, Titanium, Aluminum, and Others), By Aircraft Type (Civil Aircraft, Military Aircraft, and Others), By Region (North America, Europe, Asia Pacific, Latin America and the Middle East and Africa); Trend Analysis, Competitive Market Share & Forecast, 2017-2027 A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that in 2020, the global aerospace materials market was valued at USD 15,769.3 million, with a compound annual growth rate (CAGR) of 4.45% during the forecast period (2021-2027). The market is predicted to reach a valuation of USD 20,974.8 million by 2027. The market's growth is fueled by factors such as the rising demand for lighter and more efficient aircraft, as well as the growing demand for civil aircraft. Reduced defense spending in developing economies, as well as a restricted range of material alternatives due to complex requirements are some of the barriers faced by the market. Besides, the industry is anticipated to benefit shortly from the high demand for aircraft. The global aerospace materials market is divided into two categories: material type and aircraft type. By material type, the market can be bifurcated into a composite, steel, titanium, aluminum, and others, whereas by aircraft type, the market can be segregated as civil aircraft, military aircraft, and others. View report Press release Sample report Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027 Global Aerospace Materials Market- Industry Trends & Forecast Report 2027 A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that in 2020, the global aerospace materials market was valued at USD 15,769.3 million, with a compound annual growth rate (CAGR) of 4.45%. The market is projected to reach a valuation of USD 20,974.8 million by 2027. Advances in technology, increased aircraft size and a high replacement rate are the key drivers of the global aerospace materials market's growth. The industry is anticipated to benefit soon from the high demand for aircraft. Additionally, the number of commercial and freight fleets around the world is predicted to double during the forecast period. Reduced defense spending in developing economies, as well as a restricted range of material alternatives due to complex requirements, are some of the barriers faced by the market. Global Aerospace MaterialsMarket Overview Aerospace materials are materials that have enhanced properties such as high tensile strength, superior temperature resistance, enhanced transparency, and a strong surface. Aerospace materials are used in a variety of applications in the aerospace industry. In the design of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings, aerospace manufacturers are changing their preference toward advanced plastics, carbon or glass-based fiber composites, and thereby replacing traditional metals. The massive rise in passenger and freight traffic is expected to have a direct impact on aircraft production and demand for aerospace materials. Besides all these market growth factors COVID-19 is another key factor impeding the market growth as there has been a decline in the global aerospace materials market between 2019 and 2020 owing to the outbreak of the pandemic. Passenger traffic has declined significantly as a result of global and regional air travel restrictions. Moreover, airlines are canceling new aircraft orders, and Airbus and Boeing have reduced aircraft production by up to 50%. Besides, MRO (maintenance, repair, and overhaul) companies has decreased dramatically, and work (aside from routine maintenance) has been reduced to a basic minimum. The factors cited above contributed to the market's downturn between 2019 and 2020. Thus, market players are preparing numerous strategic plans to deal with the COVID-19 type of situation in the market in the coming years. Global Aerospace Materials Market Forecast and Trends Driver: Growing Use of Aircraft for Passenger and Freight Transportation Air transportation is one of the major modes of transportation for both passengers and freights. Air transportation allows people to cover a large distance within a matter of hours or days. It also helps in transporting freights from one place to the other. According to the International Civil Aviation Organization (ICAO), the total number of passengers carried via scheduled aircraft services registered a growth of 6.4% from the previous year and rose to 4.3 billion in 2018, and further reached 4.5 billion in 2019, a 3.6% growth from the year 2018. Passenger traffic also grew by 4.9% in 2019 and reached 8,686 billion RPKs (revenue passenger-Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027 kilometers performed). Asia-pacific and Europe contributed 34.7% and 26.8% share in the total world air traffic with 5.2% and 6.6% growth respectively. In 2020, Aerospace giant, Airbus inaugurated a new commercial aircraft final assembly line (FAL) in Mobile, Alabama. The company uses more than 50% of composite material in the manufacturing and assembly of its A350 XWB. The company further uses advance composite materials for the production of various parts of its jetliners. The A350 XWB's wing, including its upper and lower covers, is made mostly of lightweight carbon composites. Airbus delivered 863 jets in 2019. Another aerospace giant, Boeing also uses composite materials in various structural applications for its Dreamliner. The company delivered 380 aircraft in 2019. Apart from composite materials, high-strength aluminum, steel, and titanium are some traditionally used materials for aerospace applications. Air transportation is expected to grow in 2021 as a result of a dramatic shift in consumer behavior and a growing e-commerce industry. Increased demand for passenger and freighter aircraft from the e-commerce and aviation sector is expected to drive the growth of the aerospace materials market during the forecast period. For instance, companies like Amazon, FedEx, and DHL are investing to further improve their services for overseas customers. Since these companies are looking to improve their services and expand their businesses, the demand for highly efficient aircraft is likely to go up. Passenger transportation is also expected to recover from the effects of COVID-19. Companies like Airbus and Boeing are the major manufacturers of passenger and freighter aircraft. Restraint: Growing Geopolitical Tensions Geopolitical tensions are on a rise around the globe. Countries are in disagreements with each other over so many things including borders, territory dominance, religious issues, and whatnot! Middle East Asia and North & East African countries all suffering from intense geopolitical tensions and attacks. Asia-Pacific countries like India, Pakistan, China, Hong Kong are also having political disagreements with each other with India-Pakistan and India-China, China-Hong Kong being the most notable ones. Aircraft manufacturing companies like Airbus and Boeing that have operations in countries like China are most likely to be affected. Import and export of aerospace materials like aluminum, titanium, composite materials are also likely to be affected by the tensions among countries. China is among the biggest producers of aluminum and titanium in the world. A trade war with China may lead to a rise in the prices of these metals, which are essential aerospace materials. Any increase in the prices of aerospace materials is expected to drive potential investors away from the global aerospace materials market and may hamper the growth of the market during the forecast period. Impact of COVID-19 on Global Aerospace Materials Market Only a few industries were affected as badly as the aerospace industry owing to the outbreak of the pandemic. Countries went under a month-long lockdown, borders were sealed, and people were not allowed to roam outside to combat the raging pandemic, resulting in an all-time low demand for aircraft and jets. COVID-Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027 19 triggered a domino effect for the global aerospace materials market, which started with lockdowns and ended with the collapse of the aerospace materials industry and severely disrupted the supply chain for the global aerospace materials market. Global aircraft manufacturing giants, Airbus and Boeing made 42% fewer jet deliveries in 2020 compared to 2019 owing to the effects of COVID-19 across the supply chain. The availability of aerospace materials was also severely affected. China, a major producer of aluminum, titanium, and graphite, went under lockdown, which resulted in smelters being shut down or operating at reduced capacity. As a result, prices were expected to soar to new heights but the demand for materials took a massive hit as well, and the prices of all materials were affected differently. All the regions are slowly recovering from the effects of COVID-19 but many European countries have been hit with the second and third waves of COVID-19. Some countries have even announced lockdowns. Although the COVID-19 second wave is sweeping the globe, its effect on the global aerospace materials market is expected to be minimal due to mass vaccination going on across the globe. As countries are slowly opening the borders and industries are reopening, the demand for aerospace materials are expected to recover swiftly in 2021 but it may take some time before things go back to pre-COVID levels. Global Aerospace Materials Market- By Material Type The titanium segment held the largest market share of 28.13% in the global aerospace materials market in 2020, with a market value of USD 4,436.3 million. It is projected to expand at a CAGR of 4.93% over the forecast period. Materials such as aluminum alloys, titanium alloys, and composite materials are used in aerospace components. Aerospace components are specially designed and engineered for use in the aerospace industry. In terms of value, aluminum alloys accounted for 26.16% of the global aerospace materials market in 2020. Aluminum is primarily used in the manufacture of aerostructure components due to its excellent corrosion and heat resistance characteristics. During 2017 and 2019, the demand for aluminum alloys was expected to remain steady, but increased use of composite materials and titanium alloys in the next generation of aircraft is expected to boost demand for these materials in the coming years. Global Aerospace Materials Market- By Aircraft Type Based on aircraft type, the global aerospace materials market is grouped into civil aircraft, military aircraft, and others. The civil aircraft segment accounted for the largest market share of 58.27% in 2020, with a market value of USD 9,189.0 million. It is expected to grow at a CAGR of 4.16% during the forecast period. Factors such as rising air passenger numbers, low airfares, and increased acceptance of the airway as a mode of transportation have boosted aircraft manufacturing investments, propelling the aircraft market to grow over the forecast period. The military aircraft segment is also expected to develop significantly during the forecast era owing to rising military and defense expenditure in countries such as China, India, the United States, Germany, the United Kingdom, France, and Russia. Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027 Global Aerospace Materials Market- By Region Geographically, the aerospace materials market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share of 38.11% in 2020, with a market value of USD 6,008.9 million. It is expected to register a CAGR of 3.87% during the forecast period. The aerospace industry is vital to the country's economy, not only because of the role it plays in national security, technical advancement, and transportation but also because it has an impact on a wide range of industries, from commercial airlines to military vehicle production. This industry also has a high import and export ratio. North America and Europe are the largest exporters of aerospace materials, with China being the primary importer. Competitive Landscape The global aerospace materials market has an established ecosystem comprising of some major companies with a diversified portfolio of products. The global aerospace materials market is highly consolidated with a few players holding a larger share in the market. The key players in the market include Toray Industries, AMG N.V., Solvay S.A., CONSTELLIUM SE, DuPont de Nemours, Inc., Alcoa Corporation, Teijin Limited, Hindalco Industries Limited, Kobe Steel Limited, ATI METALS,Hexcel Corporation, and other prominent players. These players have been adopting various organic and inorganic growth strategies like mergers & acquisitions, expansions, and recent product developments in the aerospace segment to increase the capitalization of market shares. The market players are increasingly working on adapting to the latest technologies to incorporate better measures to enhance the quality of aerospace materials, thereby enhancing the overall performance of commercial aircraft. Recent Developments · In December 2020, Hindalco revealed its plan to construct a new 34,000-tonne extrusion plant at Silvassa. The new-fangled plant is being built to meet the rapidly increasing market demand for extruded aluminum. Hindalco Limited expects the plant to cost about USD 135 million. · In March 2020, Allegheny Technologies announced the restructuring of its business segments in order to strengthen its status as a leading manufacturer of specialty materials and drive long-term profitable growth.ATI reported that it would post financial results in two business segments beginning with the first quarter of 2020: a modernized high-performance materials & components (HPMC) segment and the new advanced alloys & solutions (AA&S) segment. As a result of this business realignment, the company expected total annualized operational and commercial synergies of approximately USD 7 million by year-end 2021 and USD 15 million for the year 2022. Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027 Scope of the Report Attribute Details Years considered Historical data- 2017-2020 Base Year- 2021 Forecast- 2021-2027 Facts covered Revenue in USD Million Market coverage United States, Canada, Germany, France, U.K., Italy, Spain, Poland, Russia, Japan, China, India, New Zealand, Australia,Brazil, Argentina, Mexico, Turkey, Israel, South Africa, GCC Product/ Service segmentation By Material Type, By Aircraft Type, By Region Key Players Toray Industries, Alcoa Corporation, Solvay S.A., DuPont de Nemours, Inc., Teijin Limited, ATI METALS, CONSTELLIUM SE, Kobe Steel Limited, Hindalco Industries Limited, AMG N.V., Hexcel Corporation and other prominent players. By Material Type Ø Composite Ø Steel Ø Titanium Ø Aluminum Ø Others By Aircraft Type Ø Civil Aircraft Ø Military Aircraft Ø Others Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027 By Region Ø North America Ø Europe Ø The Asia-Pacific Ø Latin America Ø The Middle East and Africa About us Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com Global Aerospace Materials Market is All Set to Boom: Expected to Reach USD 20,974.8 Million by 2027