Aerospace Materials Market to Reach Valuation of USD 61.1 Billion by 2028 – Rising Need for Lightweight and More Fuel-efficient Aircraft Drives the Market

In terms of revenue, the Global Aerospace Materials Market is expected to reach USD 61.1 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 8.30% from 2022 to 2028.

The demand for lighter and more fuel-efficient aircraft is one of the reasons propelling the growth of the worldwide Aerospace Materials Market. As a result of the aircraft's lighter weight, the flight's operational expenses are significantly reduced, and the excellent fuel economy helps the flight operators. Additionally, the growth in air passenger traffic in developing regions like Europe causes fleet sizes to increase, which increases the demand for Aerospace Materials. Additionally, the market for Aerospace Materials is significantly influenced by the increase in demand for new aircraft. On the other hand, as demand for commercial aircraft rises in emerging economies, more aircraft are being produced, which presents enormous prospects for the material maker.

Key Highlights from Report

• Based on Types, the composite materials segment dominates the Aerospace Materials Market with the maximum market share and will continue to dominate in the forecast period. Composites are increasingly being chosen over traditional materials to create various products because they mix the qualities of many constituent materials to give the end-users more advantages and features.
• Among Aircraft Types, the military aircraft segment accounted for the highest CAGR in the forecast period owing to the rising demand for military aircraft from nations like China and India.
• In terms of region, Europe is accounted for the largest market share and is expected to be the most profitable market during the forecast period.

Market Dynamics

The demand for lightweight, fuel-efficient aircraft is currently rising on a global scale. This is one of the main factors influencing the market, along with the expanding use of commercial planes to transport people and cargo between specific airports. Additionally, numerous governments are making significant investments in the defense sector to improve the structure and operation of aircraft. As a result, the market is expanding due to this and the increasing use of composite materials in aircraft manufacture to give high structural strength. Additionally, prominent industry companies benefit financially from the growing demand for single-aisle aircraft for commercial use.

In addition, the industry is positively impacted by the expanding use of unmanned aerial vehicles (UAVs) for real-time surveys, site surveillance, and making brief visits to collect data and information. Additionally, the need for Aerospace Materials is being stimulated by the developing aircraft sector due to the rise in international air travel. In addition, the market is growing because of the increased use of the internet of things (IoT) enabled sensing devices in aircraft functions, components, and the body. Rising research and development (R&D) efforts, quick modernization, and technical developments are other growth-promoting elements.

However, the expensive cost of lightweight aircraft materials might somewhat limit market expansion. Lightweight Aerospace Materials offer significant weight reduction benefits but at a higher price.

Europe market is anticipated to witness significant market growth with the highest growth rate in the coming years. Europe accounted for a sizable percentage of the global market for aviation equipment due to the demand for corporate and commercial aviation. In 2021, Germany was the primary supplier of commercial aircraft, followed by the U.S. and France. The U.S. Boing 437 Max business is shrinking due to a drop in manufacturing. In addition, it is home to many significant aircraft component manufacturers, including TenCate, Solvay, SGL Carbon, VSMPO, and AMG NV. A surge in Boeing air travel is primarily responsible for the increase in demand for composite materials in Europe.

The Global Aerospace Materials Market is Segmented as follows

• Types
  • Composite
  • Metal
  • Plastic
• Aircraft Types
  • Commercial Aircraft
  • Business & General Aviation
  • Military Aircraft
  • Helicopters
  • Other Aircraft Types
• Applications
  • Interior
  • Propulsion Systems
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Aerospace Materials Market is

Alcoa Corporation (US), Aleris Corporation (US), Allegheny Technologies Incorporated (US), AMETEK Inc. (US), AMG Advanced Metallurgical Group (Netherlands), ArcelorMittal India Private Limited (India), Arconic Inc. (US), ATI Metals (US), Constellium N.V. (Netherlands), Cytec Solvay group (Belgium), Doncasters Group Ltd. (UK), DuPont de Nemours Inc. (US), Global Titanium Inc. (US), Hexcel Corporation (US), Kaiser Aluminum Corp. (US), Kobe Steel Ltd (Japan), Mitsubishi Chemical Holdings Corporations (Japan), NOVELIS (US), NSSMC Group (Japan), PPG Industries Inc. (US), Precision Castparts Corp. (US), Rio Tinto Group (UK), Rochling Group (Germany), Saudi Basic Industries Corporation (Saudi Arabia), SGL Carbon SE (Germany), Solvay S.A. (Belgium), Special Metals (US), Sumitomo Bakelite Co. Ltd. (Japan), Supreme Engineering Ltd. (India), Teijin Limited (Japan), Toray Industries, Inc. (Japan)

The Global Aerospace Materials Market Scope can be Tabulated as below