Global Aerospace Materials Market to Reach $25.3 Billion by 2024

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 is projected to reach US$25.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 6.2% over the analysis period. United States represents the largest regional market for Aerospace Materials, accounting for an estimated 33.7% share of the global total. The market is projected to reach US$8.6 Billion by the close of the analysis period. 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. 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.