Aerospace Materials Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aerospace Materials Market Analysis
The Aerospace Materials Market is estimated to reach over USD 44,200 million by the end of this year and is projected to register a CAGR of over 8% during the forecast period.
COVID-19 negatively impacted the market in 2020. Passenger air travel facilities were temporarily shut down because of the pandemic and the lockdowns imposed to curb the spread of the virus. However, the market showed significant growth in 2021 and is continuing to grow in 2022.
- Over the medium term, the increasing usage of composites in aircraft manufacturing, the growing space industry, and increasing government spending on defense in the United States and European countries are expected to drive the market's growth.
- On the flip side, the high manufacturing cost of carbon fibers and the declining usage of alloys are the key factors anticipated to restrain the growth of the target industry over the forecast period.
- The use of carbon nanotubes and nano-additives with epoxy adhesives is likely to create opportunities for the market in the coming years.
- The North American region is expected to dominate the market due to high demand for commercial aircraft, growing government support in military spending, and expanding opportunities in the spacecraft segment.
Aerospace Materials Market Trends
This section covers the major market trends shaping the Aerospace Materials Market according to our research experts:
Increasing Demand for General and Commercial Aircraft
- General and commercial aircraft are used for various purposes, including civil aviation (both private and commercial) and passenger and freight transportation.
- The aerospace industry is experiencing stagnant growth owing to the strengthening of passenger travel demand. The backlog of new aircraft orders and the constant resurgence of business aircraft may further add to the growth of the aerospace industry.
- There has been an increase in demand for private travel as the number of high-net-worth persons, and ultra-high-net-worth individuals have increased globally, resulting in the procurement of helicopters and business jets with improved cabin interiors.
- According to IATA (International Air Transport Association), the annual growth of global air traffic in 2020 during Covid declined by approximately 66%. For 2021, the growth rate was positive and stood around 18%, while 2022 forecasts project a 51% growth rate compared to the previous year.
- The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the number of aircraft in the country's commercial fleet accounted for 5,882 in 2020, witnessing a decline rate of 22.9% compared to 7,628 units in 2019. Moreover, the commercial fleet is forecast to increase to 8,756 in 2041, with an average annual growth rate of 2% per year. Furthermore, the total United States mainline air carrier accounted for 3,181 aircraft in 2020, registering a decline rate of around 27.5%, compared to 4,388 units in 2019, and it is expected to reach 5,101 aircraft in 2041.
- As per IBEF (India Brand Equity Foundation) and IATA forecasts, India's aviation market is expected to be the world's third-largest by 2024. The aviation sector has witnessed various investments and developments in 2021. For instance, in October 2021, Tata Sons won the bid to acquire state-run Air India by offering INR 18,000 crore (or USD 2.4 billion) to acquire 100% shares of the airline company.
North America to Dominate the Market
- The North American region is expected to dominate the market due to increasing demand from countries such as the United States and Canada.
- The United States has the largest aviation market in North America and one of the world's largest fleet sizes. Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the manufacturing activities in the aerospace industry, which is expected to induce a positive momentum for the aerospace material market in the country.
- In the 2022 defense budget, the United States government allowed USD 768.2 billion for national defense programs, which is about a 2% increase from the Biden administration's original budget request, registering a growing usage of aerospace materials in the sector.
- Moreover, contracts and agreements in the industry are provoking the manufacturing activities for commercial and defense aircraft. For instance, in August 2022, the Boeing Company was awarded a modification (P00215) to contract for KC-46A Air Force Production Lot 8 aircraft, subscriptions, and licenses. This includes an additional quantity of 15 KC-46A aircraft. The contract involves 100% Foreign Military Sales to Israel in the amount of USD 886,242,124.
- According to the Aerospace Industries Association of Canada (AIAC), the aerospace sector generates CAD 31 billion (USD 23 billion) in annual revenue. Approximately 80% of Canada's aerospace sector is civil-oriented, and 20% is military-oriented.
- Montréal is the world's third-largest aerospace hub after Seattle, Washington, and Toulouse, France. Aerospace leads the Canadian manufacturing sector in innovation-related investment, with an expenditure of over USD 1.4 billion on R&D activities annually.
Aerospace Materials Industry Overview
The global aerospace materials market is partially consolidated in nature. Some of the major players in the market (in no particular order) include BASF SE, Toray Industries Inc., Hexcel Corporation, Solvay, and Hunstman International LLC.
Aerospace Materials Market Leaders
BASF SE
Toray Industries Inc.
Hexcel Corporation
Solvay
Huntsman International LLC
*Disclaimer: Major Players sorted in no particular order
Aerospace Materials Market News
- In October 2022, Toray Composite Materials America partnered with SpecialityMaterials, 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 supply 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 enabled the company to expand its business to produce advanced composite materials, composite manufacturing equipment, and core kitting services for the aerospace industry.
Aerospace Materials Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Use of Composites in Aircraft Manufacturing
4.1.2 Growing Space Industry
4.1.3 Increasing Government Spending on Defense in the United States and European Countries
4.2 Restraints
4.2.1 High Manufacturing Cost of Carbon Fibers
4.2.2 Declining Usage of Alloys
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size by Value)
5.1 Type
5.1.1 Structural
5.1.1.1 Composites
5.1.1.1.1 Glass Fiber
5.1.1.1.2 Carbon Fiber
5.1.1.1.3 Aramid Fiber
5.1.1.1.4 Other Composites
5.1.1.2 Plastics
5.1.1.3 Alloys
5.1.1.3.1 Titanium
5.1.1.3.2 Aluminium
5.1.1.3.3 Steel
5.1.1.3.4 Super
5.1.1.3.5 Magnesium
5.1.1.3.6 Other Alloys
5.1.2 Non-structural
5.1.2.1 Coatings
5.1.2.2 Adhesives and Sealants
5.1.2.2.1 Epoxy
5.1.2.2.2 Polyurethane
5.1.2.2.3 Silicone
5.1.2.2.4 Other Adhesives and Sealants
5.1.2.3 Foams
5.1.2.3.1 Polyethylene
5.1.2.3.2 Polyurethane
5.1.2.3.3 Other Foams
5.1.2.4 Seals
5.2 Aircraft Type
5.2.1 General and Commercial
5.2.2 Military and Defense
5.2.3 Space Vehicles
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 Russia
5.3.3.7 Rest of Europe
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 Acerinox SA (VDM Metals)
6.4.3 Akzo Nobel NV
6.4.4 Aluminum Corporation of China Limited (Chalco)
6.4.5 Arkema
6.4.6 ATI
6.4.7 Axalta Coating Systems
6.4.8 BASF SE
6.4.9 Beacon Adhesives Inc.
6.4.10 Carpenter Technology Corporation
6.4.11 Corporation VSMPO-AVISMA
6.4.12 DELO Industrie Klebstoffe GmbH & Co. KGaA
6.4.13 Evonik Industries AG
6.4.14 Greiner AG
6.4.15 Henkel AG & Co. KGaA
6.4.16 Hentzen Coatings Inc
6.4.17 Hexcel Corporation
6.4.18 Howmet Aerospace
6.4.19 Huntsman International LLC
6.4.20 HYOSUNG
6.4.21 ISOVOLTA AG
6.4.22 Jiangsu Hengshen Co. Ltd
6.4.23 Mankiewicz Gebr & Co.
6.4.24 Mitsubishi Chemical Corporation
6.4.25 Nanjing Yunhai Special Metal Co. Ltd
6.4.26 NIPPON STEEL CORPORATION
6.4.27 PPG Industries Inc.
6.4.28 Precision Castparts Corp.
6.4.29 Reliance Industries Ltd
6.4.30 Rogers Corporation
6.4.31 SGL Carbon
6.4.32 Socomore
6.4.33 Solvay
6.4.34 Tata Steel (Corus)
6.4.35 The Sherwin-Williams Company
6.4.36 Toray Industries Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use of Carbon Nanotubes and Nano Additives with Epoxy Adhesives
Aerospace Materials Industry Segmentation
Aerospace materials are critical in aircraft manufacturing and must possess various characteristics such as strength and high heat resistance. The materials should be durable and have a high tolerance to damage, which is essential for fuselages. These materials are also chosen for their long lifespan and reliability, especially for fatigue resistance. The aerospace materials market is segmented by type, aircraft type, and geography. By type, the market is segmented into structural and non-structural materials. By aircraft type, the market is segmented into general and commercial, military and defense, and space vehicles. The report also covers the market size and forecasts for the aerospace materials market in 13 countries across the region. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
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Aerospace Materials Market Research FAQs
What is the current Aerospace Materials Market size?
The Aerospace Materials Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Aerospace Materials Market?
BASF SE, Toray Industries Inc., Hexcel Corporation, Solvay and Huntsman International LLC are the major companies operating in the Aerospace Materials Market.
Which is the fastest growing region in Aerospace Materials Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aerospace Materials Market?
In 2024, the North America accounts for the largest market share in Aerospace Materials Market.
What years does this Aerospace Materials Market cover?
The report covers the Aerospace Materials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aerospace Materials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aerospace Materials Industry Report
Statistics for the 2024 Aerospace Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aerospace Materials analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
