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Global Aerospace Materials Market to Reach $28.7 Billion by 2026

Aerospace materials refer to materials employed by aircraft OEMs & component manufacturers to build various aircraft components and parts. In the aerospace engineering sector, material engineering represents an important field which is characterized by continuous innovation and strong investments in research and development (R&D). Currently, few of the innovative materials used in aircraft and aircraft parts production include carbon fiber, advanced composites, new metal alloys beyond lightweight aluminum alloys such as alloys of titanium and beryllium; and new composites designed to improve robustness, durability, thermal resistance, fire resistance of aerospace products. Amid the COVID-19 crisis, the global market for Aerospace Materials estimated at US$22.9 Billion in the year 2022, is projected to reach a revised size of US$28.7 Billion by 2026, registering a compounded annual growth rate (CAGR) of 6.2% over the analysis period. The United States represents the largest regional market for Aerospace Materials and is projected to reach US$9.1 Billion by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 9.4% over the analysis period.

Growth in the global market is set to be fueled mainly by the strongly growing commercial air travel demand. The demand for stronger, lighter, safer, quieter operating, fuel efficient and lower emission aircraft is driving demand for next generation materials in manufacturing. Some of the key factors driving growth in the market include the growth in the number of orders and deliveries for new and wide-bodied commercial aircraft, increasing number of low-cost carriers, rising demand for lightweight and more fuel-efficient aircraft, and technological advancements in composite materials. Emphasis is also on making components and parts that are easy to assemble. Some of the newer materials under R&D include microfibrillated cellulose (MFC), Magnesium, Nano Adaptive Hybrid Fabric also known as fuzzy fibers; Fiber metal laminates (FML), reinforced aluminum (CentrAl); ceramic matrix composites (CMCs). MFC especially is gaining robust R&D interest given the material`s high strength and thermal stability. The coming age of drones, also known as micro-air vehicles, is creating new and unique material demand. Materials capable of storing electrical energy are of especial interest to the drone engineering community. Polymer membranes and artificial muscles are being currently researched with prototype versions depicting the ability to change shape based on flying conditions and environment supported by the electrical current stored in the material.

The US represents the largest market for aerospace materials, primarily due to significant research and development investments by the government in the aerospace industry, the presence of several major aircraft manufacturers, such as Lockheed Martin and Boeing, and adoption of various growth strategies, such as expansions and mergers and acquisitions by leading market participants. In Asia-Pacific, the region has been witnessing a significant rise in demand for new aircraft on account of the economic growth and an increase in disposable income that has led to the rapid increase in the number of air travelers and low-cost carriers, which is expected to drive growth in the regional market.

The market for Composite Materials is forecast to emerge as the dominant aerospace material category over the analysis period. Composites are increasingly being preferred over traditional material for production of a range of products for a simple reason that they combine properties of different constituent material to provide more benefits and features to the end-users. Composite materials are thus driving the trend of one piece designs, or fewer components in aircraft assembly. Man-made composite materials used in the aerospace industry mainly comprise carbon-fibre-reinforced plastic (CFRP) and glass-fibre-reinforced plastic (GFRP). CFRPs are the most used composite materials in both functional and cabin components currently. Aircraft OEMs have started incorporating considerable amounts of carbon composites even in single-aisle, long in-service passenger jets.