DUBAI, UAE, Oct. 16, 2023 /PRNewswire/ -- As per the latest report published by Kings Research, the global Aerospace Materials Market was valued at USD 38.95 billion in 2022 and is estimated to reach USD 72.68 billion in revenue by 2030, growing at an 8.11% CAGR from 2023 to 2030. The increasing demand for lightweight materials in the aerospace industry to enhance fuel efficiency and reduce carbon emissions stands out as a prominent factor driving market expansion. This demand is primarily fueled by the rising need for materials like carbon fiber composites that can meet these sustainability goals while maintaining aircraft performance and safety standards.
The aerospace materials market is a dynamic industry driven by the demand for durable, lightweight, and efficient materials used in the construction of various aerospace components and systems. These materials are essential for ensuring the safety, performance, and longevity of aircraft, spacecraft, and other aerial vehicles.
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Trending Now: Plataine and NIAR ATLAS partner to promote aerospace innovation through digital transformation
In March 2023, Plataine, a leading provider of AI and Industrial IIoT-based manufacturing optimization solutions, partnered with the Advanced Technologies Lab for Aerospace Systems (ATLAS), part of the National Institute for Aviation Research (NIAR) at Wichita State University, to promote aerospace innovation through digital transformation.
The companies set out to explore ways to use Plataine's technology to track carbon fiber materials and improve the digitization of the composite process. NIAR ATLAS researchers were to examine how Plataine's technology can help manufacturers and advanced material vendors drive innovation. The partnership will build on NIAR's advanced manufacturing research and development, and Plataine will make full use of ATLAS's state-of-the-art machines, software, and processing technologies.
This collaboration has the potential to revolutionize the aerospace industry by helping manufacturers produce higher-quality products more efficiently. This will lead to lower costs and shorter turnaround times for aircraft manufacturers, which will ultimately benefit consumers.
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Competitive Landscape
Major players in the global aerospace materials market emphasize acquisitions as their key strategy for corporate growth. Numerous operations, including investing in research and development, expanding manufacturing facilities, and supply chain optimization, are included in numerous strategic objectives relating to growth and investments. For instance, ThyssenKrupp Materials Services purchased Westphalia DataLab GmbH in December 2022 to bolster its digital supply capabilities. ThyssenKrupp aimed to increase the scope of its operations both inside and outside the corporation with this acquisition.
Major players in the global aerospace materials market include:
- Hexcel Corporation
- thyssenkrupp Materials NA, Inc.
- Röchling
- DuPont
- Huntsman International LLC
- Toray Advanced Composites
- Alcoa Corporation
- Novelis
- SGL Carbon
- ATI
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Extensive Application of Aluminum to Aid Aerospace Materials Market Proliferation
By material type, the market is categorized into aluminum, steel, titanium, composites, and others.
Aluminum is expected to dominate the segment due to its low weight, high strength-to-weight ratio, and resistance to corrosion. It is commonly used in aircraft components, as it enables designers to decrease weight and improve fuel efficiency, making it a superior choice over steel and other materials. Moreover, aluminum is a preferred material in the aerospace industry as it is easily accessible, reasonably priced, and offers high quality and performance.
Increasing International Air Travel to Propel Aerospace Materials Demand in Commercial Aircraft
Based on aircraft type, the market is segregated into commercial, military, rotorcraft, space, business & general aviation, and helicopters.
The commercial aircraft segment is expected to dominate the revenue and material demand due to the rise in international air travel. The market demand has also increased considerably on account of the mounting prevalence of air travel in emerging nations.
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High Government Expenditures in North America to Spur Market Growth
North America holds the lion's share in the global aerospace materials market. The abundance of aerospace manufacturing firms, technological advances, and rising government spending on aerospace research are contributing to regional industry expansion. The market is expanding as a result of the rising demand for lightweight, high-performance materials such as composites, titanium, and aluminum alloys. Given the rising demand for effective and high-performance materials in the production of aircraft, North America is expected to lead the aerospace materials industry, with long-term growth prospects.
Rising Demand for Aeronautical Materials in Europe to Promote Aerospace Materials Market Expansion
Europe is a prominent market for aerospace materials due to the region's concentration of top aerospace firms and major investments in new technology. The market is growing as a result of the rising demand for lightweight and high-performance materials such as composites, titanium alloys, and aluminum alloys. In 2020, the demand for aeronautical materials decreased as a result of the COVID-19 outbreak and other geopolitical problems in the continent.
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Key points from TOC:
Chapter 1 Introduction of The Global Aerospace Materials Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Aerospace Materials Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Aerospace Materials Market, By Material Type
Chapter 7 Global Aerospace Materials Market, By Application
Chapter 8 Global Aerospace Materials Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Aerospace Materials Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
Chapter 15 Company Profiles
15.1 thyssenkrupp Materials NA, Inc.
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Material Type Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Hexcel Corporation
15.2.1 Key Facts
5.2.2 Financial Overview
15.2.3 Material Type Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 SGL Carbon
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Material Type Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Röchling
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Material Type Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 DuPont
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Material Type Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
-----Continued
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