Aerospace Materials Market Projected to Hit USD 96.22 Billion by 2032, Driven by Innovation and Demand for Lightweight Solutions | SNS Insider Report

The increasing demand for lightweight materials that enhance fuel efficiency and aircraft performance drives growth in the Aerospace Materials Market.

Austin, Nov. 05, 2024 (GLOBE NEWSWIRE) — According to the SNS Insider report, The Aerospace Materials Market size was valued at USD 46.24 billion in 2023 and is expected to reach USD 96.22 billion by 2032 and grow at a CAGR of 8.49% over the forecast period of 2024-2032.

Demand for lightweight materials, innovations in composites, and sustainable aviation practices.

The aerospace materials market is driven by several essential factors, particularly the rising demand for lightweight materials that enhance fuel efficiency, performance, and emissions reduction in aircraft. Innovations in material science, including advanced composites, alloys, and polymers, play a critical role in fulfilling the industry’s rigorous performance and safety standards. Additionally, the focus on sustainable aviation practices is boosting the adoption of eco-friendly materials. The increasing trend toward urban air mobility and the demand for advanced materials in satellite and space applications are also anticipated to significantly contribute to market growth in the coming years.

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Key Players :

Some of the major key players in Aerospace Materials with products:

• Hexcel Corporation (Carbon Fiber Composites)
• Alcoa Corporation (Aluminum Alloys)
• Toray Industries (Carbon Fiber Composites)
• Cytec Solvay Group (Epoxy Resins & Composites)
• Constellium (Aluminum and Titanium Alloys)
• ATI Metals (Titanium and Superalloys)
• Thyssenkrupp Aerospace (Steel and Aluminum Alloys)
• BASF SE (Polymer Composites)
• Renegade Materials Corporation (High-Temperature Composites)
• Teijin Limited (Carbon Fiber and Resins)
• Arconic (Forged Aluminum and Titanium Alloys)
• DuPont (Kevlar and Nomex Composites)
• Allegheny Technologies (ATI) (Nickel-Based Super Alloys)
• Mitsubishi Chemical Corporation (Carbon Fiber)
• Huntsman Corporation (Epoxy and Polyurethane Resins)
• Kobe Steel (Aluminum and Titanium Alloys)
• VSMPO-AVISMA Corporation (Titanium Alloys)
• Carpenter Technology (Specialty Super Alloys)
• SGL Carbon (Graphite and Carbon Materials)
• Morgan Advanced Materials (Ceramic Composites)

Resurgence in Air Travel Drives Growth in the Aerospace Materials Market

The aerospace materials market is experiencing strong growth, primarily fueled by the rebound in air travel post-COVID-19. The International Air Transport Association (IATA) reported a 22% increase in global air travel demand in August 2024, spurring the need for new aircraft. Key factors driving this market include a focus on lightweight materials like aluminum and composites, enhancing fuel efficiency, and meeting emission standards. GE Aerospace noted a 75% stock value rise in 2024, reflecting industry optimism. Additionally, the demand for eco-friendly solutions and sustainable aviation fuels is propelling the aerospace materials market towards sustained growth.

Insights into the Aerospace Materials Market: Key Trends by Type and Application

By Type:

In 2023, composites held the largest revenue share in the aerospace materials market, accounting for approximately 41%. This growth is driven by the increasing demand for lightweight materials that enhance fuel efficiency and overall aircraft performance. Composites, particularly carbon fiber-reinforced polymers (CFRP) and glass fiber-reinforced polymers (GFRP), offer exceptional strength-to-weight ratios, corrosion resistance, and design flexibility. They are widely employed in commercial aircraft such as the Boeing 787 Dreamliner and Airbus A350, as well as military applications including fighter jets and drones. However, challenges persist, including high manufacturing costs, complex repair processes, and supply chain disruptions.

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By Application:

The propulsion systems segment captured around 65% of the aerospace materials revenue in 2023, highlighting its critical role in aircraft performance and efficiency. Continuous technological advancements are leading to more efficient and eco-friendly engines, while the need for lightweight materials like titanium alloys and high-temperature composites remains paramount. Despite high material costs and complex designs, innovations like lighter alloys and additive manufacturing are expected to enhance engine efficiency. Companies such as General Electric are pioneering ceramic matrix composites to boost fuel efficiency, supported by sustainability initiatives that will shape this essential segment.

Key Segments:

By Type

• Aluminum Alloys
• Steel Alloys
• Composites
• Titanium Alloys
• Super Alloys
• Others

By Aircraft Type

• Commercial Aircraft
• Military Aircraft
• Business & General Aviation
• Helicopters
• Others

By Application

• Interior
• Passenger Seating
• Panels, Galley
• Others
• Propulsion Systems
• Airframe
• Windows & Windshields
• Tail & Fin

Regional Dynamics Shaping the Aerospace Materials Market: North America and Asia-Pacific Insights

In 2023, North America dominated the aerospace materials market, capturing around 35% of the total revenue, primarily driven by robust demand from the United States and Canada. The U.S. maintains the largest aviation market in the region, bolstered by a substantial fleet and strong exports of aerospace components to countries such as France, China, and Germany. Government defense spending increased by USD 55 billion from 2022 to 2023, influenced by military assistance to Ukraine, resulting in a total allocation of USD 816.7 billion in the Fiscal 2023 National Defense Authorization Act. The General Aviation Manufacturers Association noted a production increase, with 512 aircraft delivered in Q3 2023, representing 70% of global shipments. Canada’s aerospace sector generates approximately CAD 31 billion (USD 23 billion) annually, with Montréal emerging as a significant aerospace hub.

Conversely, the Asia-Pacific region has emerged as the fastest-growing market for aerospace materials in 2023. This growth is fueled by a surge in air travel, a rising middle class, and increased disposable income, particularly in China and India. Countries such as China, Japan, and South Korea are enhancing their aircraft manufacturing capabilities, while increased defense budgets in India and Japan are further propelling demand. Key models like the Boeing 737 and Airbus A320 leverage advanced materials. Despite challenges such as supply chain vulnerabilities and regulatory compliance, ongoing advancements in composite materials and a focus on sustainability are set to drive future growth in the region.

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Recent Development

• September 2024: Researchers at MIT introduced a new class of nanomaterials for aerospace, achieving a 30% increase in strength-to-weight ratio compared to traditional composites, enhancing fuel efficiency and performance.
• October 2024: Airbus unveiled a breakthrough in bio-based composites by integrating natural fibers and bio-sourced resins into aircraft designs, improving sustainability and reducing weight for better fuel efficiency.
• October 23, 2024: ATI Inc. partnered with the University of Strathclyde’s AFRC to develop advanced metallic alloys, leveraging the FutureForge facility to enhance sustainability and improve jet engine efficiency.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.1.1 Drivers

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.2 PESTLE Analysis

4.3 Porter’s Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Production Capacity and Utilization, by Country, by Type, 2023

5.2 Feedstock Prices, by Country, by Type, 2023

5.3   Regulatory Impact, by Country, by Type, 2023.

5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region

5.5 Innovation and R&D, by Type, 2023

6. Competitive Landscape

7. Aerospace Materials Market Segmentation, by Type

8. Aerospace Materials Market Segmentation, by Aircraft Type

9. Aerospace Materials Market Segmentation, by Application

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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