Aerospace Materials Market: Summary
The Global Aerospace Materials Market is projected to reach a value of over USD 32.4 billion by 2027 at a CAGR of around 6.0%.
Aerospace materials are metal alloys which have acquired a popularity for the aerospace industry or have been created. These materials should have various properties such as strength, thermal resistance, and lightweight characteristics. In addition, strength to prevent corrosion and fatigue resistance is the characteristics that these materials must-have. Moreover, owing to its incredible state of the art, lightweight, and affordable nature, aluminum was the most commonly used material in the early stage of the aerospace manufacturing sector.
Aerospace Materials Market: Drivers & Challenges
- Rising Funds In Defense Sector
The defense sector has sustained its growth in 2019 as security threats have intensified, requiring governments worldwide to continue increasing their defense budgets. Defense expenditure is expected to grow between 3 and 4% in 2020 to reach an estimated US$1.9 trillion, as governments worldwide continue to modernize and recapitalize their militaries. Most of the growth will likely be driven by increased defense spending in the United States, as well as in other regions, such as China and India. Therefore, these factors are indirectly spurring the growth of the aerospace materials market.
- Increase in investments by small- & mid-sized Aircraft manufacturing companies
The Aerospace materials market, which creates opportunities for small- & mid-sized companies to invest in this market. As the diversified players that dominate the aerospace industry have limited presence, stakeholders are planning to invest and expand their business by innovating new products. Thus, small and medium enterprises (SMEs) can take advantage of premium-priced aerospace materials.
The evolution and development of advanced materials and growing safety concerns are driving the need for the development of globally harmonized regulations and standards. The SAE International and the National Center for Advanced Materials Performance (NCAMP) have collaborated to develop globally harmonized aircraft materials and process specifications for advanced materials. In addition, in 2019, AZoNetwork launched a new generation technology Greene Tweed’s Fusion FKM 665. It has an ultra-low temperature and is a chemical resistant elastomer. It was manufactured to meet the demands of Aerospace Material Specification (AMS) 7379 and AMS-P-83461. Its low temperature does not compromise with the high performance of aircraft. This launch had expanded the product portfolio of the company.
Aerospace Materials Market: Key Segments
- Segmentation based on type: Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composite Materials, and Others
- Segmentation based on aircraft type: Military Aircraft, Commercial Aircraft, Helicopters, Business & General Aviation, and Others
- Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa and South America, with individual country-level analysis.
Aerospace Materials Market: Report Scope
The report on the Aerospace Materials market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million) and Volume (Kiloton)
Type, Aircraft Type, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- Toray Industries, Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Alcoa Corporation
- Mitsubishi Chemical Holdings Corporation
- PPG Industries Inc.
- Sumitomo Bakelite Co. Ltd
- Hexcel Corporation
- SGL Carbon
- Other Key Companies
Aerospace Materials Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Aerospace Materials Market, by Type
- Aluminum Alloys
- Steel Alloys
- Titanium Alloys
- Super Alloys
- Composite Materials
Aerospace Materials Market, by Aircraft Type
- Military Aircraft
- Commercial Aircraft
- Business & General Aviation
Aerospace Materials Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Aerospace Materials Market Providers
- Aerospace Materials Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Aerospace Materials Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE AEROSPACE MATERIALS MARKET STUDY