Aerospace Materials Market worth USD 35.47 Billion by 2028, registering a CAGR of 6.92% – Report by Market Research Future (MRFR)
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) — Aerospace Materials Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Aerospace Materials Market Information: By Material Type, By Aircraft Type – Forecast to 2028” the market size is projected to be worth USD 35.47 Billion by 2028, registering a CAGR of 6.92% during the forecast period (2021 – 2028), The market was valued at USD 22.36 billion in 2020.
Market Scope:
Aerospace manufacturing, particularly aerospace engine manufacture, is distinctive among other high-volume manufacturing industries. Heat-resistant superalloys (HRSAs), including titanium alloys, nickel alloys, and even nonmetal composite materials like ceramics, are currently being used to meet these temperature needs. High-performance alloys comprised of aluminum, steel, titanium, and superalloys are used in aerospace materials. These materials have great strength, corrosion, and chemical resistance and maintain their integrity and qualities across a wide temperature range. According to estimates, the worldwide aircraft materials market is highly consolidated.
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Market Competitive Landscape:
The eminent companies in the aerospace material market profiled are:
- Global Titanium Inc
- AMETEK Inc
- Allegheny
- Technologies
- Incorporated (ATI)
- Precision Castparts Corp
- Supreme Engineering Ltd
- Special Metals
- AMG Advanced Metallurgical Group
- Doncasters Group Ltd
- ArcelorMittal
- NSSMC Group
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Market USP Covered:
Market Drivers:
The growing need for aerospace materials is due to an expanding aircraft fleet, which is principally driven by increased air passenger traffic. Furthermore, the market’s rapid expansion is fueled by economic growth and an improved macroeconomic environment. Also, issues such as rising disposable income, a growing middle-class population, the expansion of the tourism industry, airline carriers’ competitive pricing of air travel costs, and rising affordability are predicted to boost the worldwide market growth. The development of new operating protocols is estimated to add to the increased demand of aerospace materials, thus benefitting the market in the forecast period.
Market Restraints:
The aerospace material market is estimated to be held back by the elevated product expenditure and growing energy expenses in the course of the forecast period. These factors are estimated to create a drop in development, especially due to the restrictions created by the current COVID pandemic.
COVID 19 Analysis
Many global aerospace and military industry businesses are suffering the effects of the COVID-19 epidemic as it continues to spread around the world. Companies in commercial aviation are experiencing production interruption and sluggish demand as employees return home, passengers cease traveling, and clients postpone delivery of new aircraft. Spare part demand has also decreased as a result of the reduced need for maintenance. Aircraft manufacturers are capital-intensive by nature, which raises worries regarding cash flow and liquidity in the short term. Contractors are better positioned on the defensive side, as COVID-19 will not have an immediate or mid-term impact on them. While production may stall for the same reasons as aircraft manufacture does, demand is unlikely to be affected in the next two years because funding for these projects was set before the epidemic, and the projects are vital to national defense.
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Market Segmentation
The composites segment accounts for about 50% share of the worldwide aerospace materials market based on material type.
Based on the aircraft type, the military aircraft segment is expected to witness healthy growth through the forecast period.
Regional Insights
Due to the presence of a high number of aircraft manufacturers, North America accounted for the largest share of the global aerospace materials market and is likely to maintain its dominance over the projection period. In 2018, Europe was the second-largest market for aerospace materials after the United States. Furthermore, the European aerospace materials market is predicted to grow due to increased investment in the development of military aircraft in France, Russia, and the United Kingdom. The burgeoning aerospace sector in China, India, and ASEAN countries is predicted to propel Asia-Pacific to be the fastest-growing regional market. Recently, The Defence Research and Creation Organisation (DRDO) has announced the development of a “high strength metastable beta titanium alloy” by indigenous researchers. It will be mass-produced for use in aeronautical structural forgings on a large scale. The Defence Metallurgical Research Laboratory created the alloy (DMRL), a top DRDO laboratory in Hyderabad that conducts fundamental research in the field of materials science and technology. The mission of DMRL is to research and develop metals, alloys, ceramics, and composites for sophisticated applications such as aviation engines and aerostructures.
Latin America, led by Brazil, is likely to generate fresh growth opportunities. For example, Unical Aviation Inc. and some of its affiliates, a leading provider of aircraft parts and components to the global commercial aerospace market, were acquired by Platinum Equity from affiliates of the company’s founders. Unical Aviation, Unical MRO, Unical 145, and Unical Aero are all part of the deal. The transaction to Platinum Equity excludes Unical Defense Inc., an entity that serves federal defense contracts. Platinum Equity, a global investment firm based in Los Angeles, has extensive experience investing in supply chain and logistics companies, especially aerospace companies.
Segmentation of Market covered in the research:
Aerospace Materials Market Information: By Material Type (Composite, Steel, Titanium, Aluminum, Others), By Aircraft Type (Civil Aircraft, Military Aircraft, Others) – Forecast to 2028
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