The aerospace materials market is increasingly focused on lifecycle management, with an emphasis on materials that are not only high-performing but also cost-effective and sustainable throughout the aircraft's lifespan.
The Aerospace Materials Market size was USD 45.74 billion in 2023 and is estimated to touch USD 96.91 billion by 2032 with a CAGR of 8.70% over the forecast period of 2024-2032.
The aerospace materials market growing due to increasing defense budgets and advances in lighter, fuel-efficient aircraft designs.
International Air Transport Association anticipates that air passengers to increase to 4.6 billion by 2024 all over the world, further rising demand for value-added aerospace materials. Higher defense budgets, increased air travel, and the need to make lighter aircraft drive demand.
Moreover, as these commercial, advanced aircraft development is further yawning the market for it, and thus, a significant allocation in the Department of Defense's budget for 2024 has been made for the same. Hence, there is very strong demand for lightweight materials-including composites and advanced alloys that guarantee improved fuel efficiency on account of reductions in carbon emissions.
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Opportunities exist within aerospace materials market relate to sustainable materials and rise of electric and urban air mobility.
With the current pressure on the aerospace industry to reduce its ecological footprint, the demand for these products leaves great market space for the growth of sustainable ones. New electric aircraft and urban air mobility solutions, such as flying taxis, create a demand for new materials that are lightweight but strong enough for very demanding safety requirements.
A report by the European Union Aviation Safety Agency estimates that by 2035, electric aircraft could comprise 10% of the world's fleet, thus demanding advanced materials. Furthermore, other sustainable materials such as bio-composites are entering the market and thus creating further opportunities in this changing market.
Key segment analysis reveals commercial aircraft led the aerospace materials market with over 50% revenue share in 2023.
The aerospace materials market was led by the commercial aircraft segment, holding more than 50% of the revenue share in 2023 thanks to the constant rise in air travel across the globe, where there is a strong need for new aircraft to assist in meeting the passenger demand. Airlines are making more investments in the development of fuel-efficient aircraft to reduce operational costs and remain in compliance with environmental regulations.
Unmanned aerial vehicles and next generation of fighter jets continue to be invested in by the Department of Defense within the United States, ensuring very strong military aircraft growth. The markets for business aviation and helicopters are still smaller as compared former two.
Europe was the largest region for the aerospace materials market in 2023, with revenues above 34%.
Huge investments by Europe in research and development, along with support through government initiatives like the Clean Sky 2 program, thrust innovation within advanced materials in aerospace applications. The region continues to dominate the global market due to continuous technological advancement and sustainability.
In 2023, Europe accounted for more than 34% revenue share of the aerospace materials market. Supremacy of this region in global market is accredited to well-established presence of the aerospace industry with key players like Airbus and Rolls-Royce operating in the region. More emphasis on reducing carbon emissions by European Union has also been pushing the demand for lightweight and eco-friendly materials in aircraft.
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Competition in aerospace materials market reaches fever pitch as Constellium, Alcoa and Toray announce strategic agreements and investments.
These companies have emphasized product innovation and sustainability issues with the view to satisfying customers' emerging needs within the aerospace sector and, thus, paving the way for increased competition within the industry that contributes to its growth.
Constellium, the makers of aluminum products, has scaled up its aerospace materials business by making considerable investments in advanced manufacturing capacity. Toray has retained its position of a global leader in carbon fiber composite materials through unceasing investments in research and development activities, improving products.
Alcoa has also sliced out a niche by winning multiyear contracts from chief aircraft makers for its value-added products. The competitive landscape for the aerospace materials market is strategic partnerships, mergers and acquisitions.
Recent Developments:
· August 2024: Syensqo has signed an agreement with space-launch services and rocket-making company Orbital Express Launch for the development of composite and polymer materials combining performance and durability with sustainability.
· May 2024: Jilin Chemical Fiber Group, a leading carbon fiber manufacturer based in Northeast China, has signed the agreement for the development and application of civil aviation composite materials with Shanghai Aircraft Manufacturing Co., Ltd, a wholly-owned subsidiary and manufacturing center of Commercial Aircraft Corporation of China (COMAC).
Key Takeaways:
· New aircraft today need light and durable materials to ultimately enhance their fuel economy and decrease their emission, hence driving the demand for aerospace materials.
· High-temperature-resistant material demand has been on the rise in the aerospace materials market, becoming vital for next-generation engines and space mission programs.
· Innovation through new strategic partnerships between aircraft manufacturers and material scientists can stimulate the development of new alloys and composites to meet such stringent industry requirements.
· Advanced coatings remain in demand as aerospace materials for protection against corrosion, wear and extreme environmental conditions on aircraft.
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