Aerospace Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Market is segmented by Type (Structural and Non-structural), Aircraft Type (General and Commercial, Military and Defense, and Space Vehicles), and Geography (Asia-Pacific, North America, Europe, and Rest of the World). The report offers the market size and forecasts for aerospace materials in revenue (USD million) for all the above segments.

Market Snapshot

Aerospace Materials Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >6 %

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Market Overview

The global aerospace materials market is projected to register a CAGR of over 6% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic and the lockdowns imposed to curb the spread of the virus, passenger air-travel facilities were temporarily shut down. Even after the lockdown ended, people were unwilling to travel frequently. According to the International Civil Aviation Organization (ICAO), the overall number of passengers globally fell by 92% in April 2020, compared to the same month in 2019. Also, international traffic fell by 98%. These factors decreased the growth of the aerospace industry, which, in turn, negatively impacted the market demand for aerospace material.

  • Over the short term, the increasing usage of composites in aircraft manufacturing and the increasing government spending on defense in the United States are expected to drive the market's growth.
  • The rising demand for aircraft in Asia-Pacific and the Middle East is also expected to augment market demand in the future.
  • The use of carbon nanotubes and nano-additives with epoxy adhesives is likely to create opportunities for the market in the coming years.
  • The Asia-Pacific region is expected to dominate the market. It is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Some of the major aerospace materials include aluminum, titanium, nickel, graphite, fiberglass, carbon fiber reinforced polymers (CFRPs), honeycomb materials, composites, and alloys of aluminum with lithium and titanium. Aluminum and its alloys are the materials generally used in this industry. Some of the major aerospace composites include carbon/epoxy, glass/epoxy, Kevlar/epoxy, and carbon/phenolic. 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 14 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Type
Structural
Composites
Glass Fiber
Carbon Fiber
Aramid Fiber
Other Composites
Plastics
Alloys
Non-structural
Coatings
Adhesives
Epoxy
Polyurethane
Silicone
Other Adhesives
Foams
Polyethylene
Polyurethane
Specialty Foams
Aircraft Type
General and Commercial
Military and Defense
Space Vehicles
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Russia
Rest of Europe
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

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.
  • According to the International Air Transport Association (IATA), the global air transport industry was valued at USD 838 billion in 2019. It reached around USD 419 billion in 2020, recording a decline rate of 50%.
  • Honeywell estimates that nearly 7,700 new aircraft deliveries may occur by 2028.
  • Single-aisle aircraft are mainly used for commercial purposes. According to Boeing, 32,270 units of single-aisle aircraft (narrow-body aircraft) will be delivered globally in the next 20 years, which may increase the demand for aerospace materials in the coming years.
  • Many operators have plans to replace their existing fleet to cater to the growing consumer demand in developed economies.
  • Around 25% of all new business jet purchases are projected to be witnessed by 2022, with a significant focus on super-mid-size aircraft.
  • The favorable exchange rates and innovations in aircraft models are projected to drive the demand for long-range business jets at a moderate rate in the long term.
  • North America and Europe are expected to account for the largest demand share for business and general aviation fleets. The growth in the Asia-Pacific and Latin American regions is projected to be mostly stagnant during the forecast period.
  • The purchase plans of new business aircraft in Middle-East and Africa have lately been impacted by the ongoing political tensions and other conflicts in the region.
  • Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.
Aerospace Materials Market Revenue Share

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market. In this region, China is the largest economy in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world. The country’s manufacturing sector is one of the major contributors to the economy.
  • According to Boeing, in 2019, around 25% of all air travel worldwide occurred within Asia. This value is forecast to change to 35% in the next two decades and to occupy the largest share of intra-regional air travel globally. The Asia-Pacific region is predicted to get 17,390 deliveries of new airplanes in the next two decades, which may increase the total number of airplane fleets to 19,420. This may, in turn, increase the demand for the studied market in the coming years.
  • China has been a key contributor to the growth of global air traffic for the past few years. The average passenger growth rate has been over 10% per year. This growth is primarily driven by the rising passenger traffic, owing to higher spending power and better air connectivity.
  • Pre-pandemic, the total number of civil aircraft fleets in China had been increasing steadily. Over the next 20 years, Chinese airline companies are planning to purchase about 7,690 new aircraft, valued at around USD 1.2 trillion.
  • The Chinese aerospace industry is one of the leading industries in the country, and the government is investing heavily to increase its domestic manufacturing capabilities. Additionally, the government is planning to construct new airports while improving the maintenance capacities of the existing airports.
  • The Chinese aviation maintenance, repair, and overhaul (MRO) market is observing steady progress, owing to the opening of new MRO facilities and the development of aerospace clusters in different parts of the country.
  • As of Boeing’s estimates (2019), the value of the global airplane market value may be USD 1,300 billion in the next 20 years. This, in turn, is expected to drive the demand for aerospace materials in the coming years.
  • Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.
Aerospace Materials Market Geography Trends

Competitive Landscape

The global aerospace materials market is fragmented in nature. The key players in the market include 3M, Henkel AG & Co. KGaA, Solvay, Huntsman International LLC, and Hexcel Corporation.

Recent Developments

  • In March 2020, Kymera International completed a transaction with Ametek Inc., based in Pennsylvania, United States. Kymera announced the acquisition of 100% of the shares of Ametek's Reading Alloys business, which includes the development and production of master alloys, thermal barrier coatings, and titanium powders that are used in the aircraft industry. This acquisition expanded Kymera's business and its product portfolio.
  • In July 2019, Kordsa Teknik Tekstil AS announced its acquisition of Axiom Materials, an aerospace composite manufacturer. This enhanced the former's business in the advanced composite materials industry and strengthened its product portfolio.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Usage of Composites in Aircraft Manufacturing

      2. 4.1.2 Increasing Government Spending on Defense in the United States

      3. 4.1.3 Rising Demand for Aircraft in Asia-Pacific and the Middle-East

    2. 4.2 Restraints

      1. 4.2.1 Detrimental Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Structural

        1. 5.1.1.1 Composites

          1. 5.1.1.1.1 Glass Fiber

          2. 5.1.1.1.2 Carbon Fiber

          3. 5.1.1.1.3 Aramid Fiber

          4. 5.1.1.1.4 Other Composites

        2. 5.1.1.2 Plastics

        3. 5.1.1.3 Alloys

      2. 5.1.2 Non-structural

        1. 5.1.2.1 Coatings

        2. 5.1.2.2 Adhesives

          1. 5.1.2.2.1 Epoxy

          2. 5.1.2.2.2 Polyurethane

          3. 5.1.2.2.3 Silicone

          4. 5.1.2.2.4 Other Adhesives

        3. 5.1.2.3 Foams

          1. 5.1.2.3.1 Polyethylene

          2. 5.1.2.3.2 Polyurethane

          3. 5.1.2.3.3 Specialty Foams

    2. 5.2 Aircraft Type

      1. 5.2.1 General and Commercial

      2. 5.2.2 Military and Defense

      3. 5.2.3 Space Vehicles

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Spain

        6. 5.3.3.6 Russia

        7. 5.3.3.7 Rest of Europe

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3M

      2. 6.4.2 Akzo Nobel NV

      3. 6.4.3 Arkema

      4. 6.4.4 Axalta Coating Systems

      5. 6.4.5 BASF SE

      6. 6.4.6 Beacon Adhesives Inc.

      7. 6.4.7 DELO Industrie Klebstoffe GmbH & Co. KGaA

      8. 6.4.8 Gurit

      9. 6.4.9 Henkel AG & Co. KGaA

      10. 6.4.10 Hernon Manufacturing Inc.

      11. 6.4.11 Hexcel Corporation

      12. 6.4.12 Huntsman International LLC

      13. 6.4.13 Hyosung Advanced Materials

      14. 6.4.14 Jiangsu Hengshen Co. Ltd

      15. 6.4.15 Koninklijke Ten Cate BV

      16. 6.4.16 Kordsa Teknik Tekstil AS

      17. 6.4.17 Kymera International

      18. 6.4.18 Mankiewicz Gebr & Co.

      19. 6.4.19 Mitsubishi Chemical Corporation

      20. 6.4.20 PPG Industries Inc.

      21. 6.4.21 Reliance Industries Ltd

      22. 6.4.22 SGL Carbon

      23. 6.4.23 Solvay

      24. 6.4.24 The Sherwin-Williams Company

      25. 6.4.25 Toray Industries Inc.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Use of Carbon Nanotubes and Nano Additives with Epoxy Adhesives

**Subject to Availability

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Frequently Asked Questions

The Aerospace Materials Market market is studied from 2016 - 2026.

The Aerospace Materials Market is growing at a CAGR of >6% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2020.

3M, Henkel AG & Co. KGaA, Solvay, Huntsman International LLC, Hexcel Corporation are the major companies operating in Aerospace Materials Market.

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