Aerospace Bars Market Size, Impacted by COVID-19, to Reach US$ 2.1 Billion in 2026, Says Stratview Research

Aerospace Bars Market Size, Impacted by COVID-19, to Reach US$ 2.1 Billion in 2026, Says Stratview Research

PR Newswire

RAIPUR, India, July 13, 2021

RAIPUR, India, July 13, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Aerospace Bars Market by Platform Type (Commercial Aircraft, Regional Aircraft, General Aviation, Military Aircraft, Helicopter, UAV, and Spacecraft), by Material Type (Titanium & Alloys, Aluminum & Alloys, Steel & Alloys, and Others), by Shape Type (Round Bars, Flat Bars, Square Bars, and Others), by Sales Channel Type (Direct Sales and Distributor Sales), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's aerospace bars market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our aerospace raw materials market report from the industry stakeholders, we have tried to further accentuate our research scope to the aerospace bars market to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies.

Aerospace Bars Market: Highlights

Materials in the aerospace industry are used in various milled forms, such as sheet, plate, bar, and strip, for a wide range of applications. Bars are majorly used in applications such as engines, fasteners, exhaust ducts (for helicopters), and landing gear. They come in various shapes, sizes, and diameters, best fitting the application at hand. The selection of material depends on several parameters including temperature resistance, lightweight, durability, strength, etc. Titanium & alloys, aluminum & alloys, and steel & alloys are the three major materials used by the bar manufacturers.

Till 2019, the aerospace industry was at its peak with unending demand and insatiable orders. But the industry was hit with the B737 MAX grounding in 2019 disrupting its value chain. The industry stakeholders expected to head towards their old ways of smooth business soon; however, in 2020, the pandemic hit the industry hard, causing unimaginable losses. For the last couple of years, the industry seemed to be revolving around a vicious circle of obstacles and downhill trajectories leading to massive supply chain disruption, production halts, and deferring orders. The aerospace bars market followed suit and logged a massive decline of 27% in 2020, creating a lag of 4 to 5 years in the market (unlike our pre-COVID estimates that suggested a healthy growth in the market, aligning with the market's movement at the time).

Despite the current situation continues to challenge the overall market environment, the long-term outlook still seems fruitful, well backed by the industry's buoyant nature and strong fundamentals. The lift of Boeing's B737 MAX in October 2020, gradual opening of travel restrictions, rebounding aircraft deliveries, and Airbus' reports of the first quarter suggest that the crisis is not yet over but gradually healing. Boeing reported lower losses in its first quarter of 2021 amid signs of a recovery in commercial aerospace and the company's defense business posted strong results. 2021 seems like a key inflection point for the industry as vaccine distribution is continuously accelerating, enabling a robust recovery. The above factors are signaling towards the aerospace bars market's take off to a healthy recovery at a CAGR of 7.5% to reach US$ 2.1 Billion in 2026.

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Based on the platform type, commercial aircraft is expected to remain the largest and the fastest-growing segment of the market during the forecast period. Increasing demand for lightweight yet durable parts; market entry of new players, such as COMAC and Irkut; rebounding aircraft deliveries, and ungrounding of B737Max are some of the key factors propelling the demand for bars in the commercial aircraft segment.

Based on the material type, titanium & alloys are expected to remain the most dominant material type in the market during the forecast period. The density of titanium is 40% lesser than that of steel- or nickel-based alloys, yielding a remarkable weight advantage for aerospace structures. It is a desirable material for high-performance metal bars owing to their tensile strength (better than that of austenitic or ferritic stainless steels), stiffness, and toughness along with high melting point. Owing to their massive array of advantages, titanium and nickel are gaining traction in the aerospace industry.

In terms of regions, North America is expected to remain the largest market for aerospace bars during the forecast period. The USA is the growth engine of the region's market with the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators. Most of the bar suppliers have their presence in the region to address the emergent needs of OEMs and be the partner for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.

Asia-Pacific is likely to recoup at the fastest rate, witnessing the highest growth during the same period. The highest growth of Asia-Pacific is mainly attributable to the increasing aircraft fleet to support rising passenger traffic, opening of assembly plants of Boeing and Airbus for multiple aircraft programs, increasing procurement of military aircraft, owing to rising defense budget, and upcoming indigenous aircraft, C919.

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The market for aerospace bars is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position and to tap the growing opportunities in this briskly expanding market. For instance, Alcoa and VSMPO-AVISMA formed Joint Venture in 2013 to meet the growing demand for high-end titanium and aluminum products for aircraft manufacturers worldwide. The supply chain of this market comprises several nodes including raw material suppliers, bar manufacturers, component/part manufacturers, tier players, distributors, aircraft and engine OEMs, airlines, aircraft leasing companies, and MRO companies. Key players in the aerospace bars market are Allegheny Technologies Incorporated, Arconic Inc., Carpenter Technology Corporation, Constellium SE, Haynes International Inc., Kaiser Aluminum Corporation, Sandvik AB, Titanium Metals Corporation (PCC), Voestalpine Böhler Welding, and VSMPO-AVISMA Corporation.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

This report studies the aerospace bars market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:

Aerospace Bars Market Size, Share & Forecast, by Platform Type

Aerospace Bars Market Size, Share & Forecast, by Material Type

Aerospace Bars Market Size, Share & Forecast, by Shape Type

Aerospace Bars Market Size, Share & Forecast, by Sales Channel Type

Aerospace Bars Market Size, Share & Forecast, by Region

Stratview Research has several high value market reports in the aerospace and defense industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Aerospace-Defense.html

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. 

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