Aerospace Materials market Size, Share, Growth, Challenges and Key Players 2030
Market Synopsis
According to the MRFR analysis, the Global Aerospace Materials Market was valued at USD 21 billion in 2018 and is expected to reach over USD 30 Billion by the end of 2030 at a CAGR of 6.2%.
Aerospace materials are specialty materials designed to bear high pressure, exceptional strength, and superior physical properties. The demand for aerospace materials is expected to increase owing to increasing aircraft production, defense spending, and growing adoption of air travel. Furthermore, with the increasing focus on enhancing the performance and increasing the fuel efficiency of commercial and military aircraft has increased the investments in research and development of improved and high-performance structural materials.
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Pricing and Regulatory Analysis
The aerospace industry follows strict standards set by ASTM International, SAE International, and the National Center for Advanced Materials Performance (NCAMP) for evaluating aerospace material. The average price for aerospace materials varies from USD 1,700–3,900 per tons. The price variation is attributed to material type, grade, and quality.
SEGMENTATION
By Material Type
- Composite: Composites play a vital role in the aerospace applications owing to their exceptional strength, high stiffness-to-density ratio, and superior physical properties. The composite segment accounted for the largest share of the global aerospace market and is expected to witness significant growth during the forecast period.
- Steel: Steel alloys include a wide range of products varying from low-alloy steels (4130, 4340, 300M), austenitic (300 series), precipitation hardening (17-4PH, 15-5PH, 13-8Mo), and others. Steel is used for fabricating aircraft parts such as fasteners, fittings, airframe parts and valves, landing gear, and actuators.
- Titanium: Titanium alloys are used for critical and highly stressed parts such as airframes and engines. The demand for titanium is expected to increase owing to lightweight, high strength, and excellent corrosion resistance properties. The demand for titanium from the commercial aerospace sector was pegged at 48.1 Kilotons in 2018 and the demand for titanium from the aerospace industry is expected to remain stable during the forecast period driven by increasing aircraft production.
- Aluminum: Aluminum alloys such as 2024, 7085, and 7075 are mostly used in aircraft applications owing to lightweight, corrosion resistance, and high strength. Aluminum accounted for the second-largest share of the global market and is expected to maintain steady growth during the forecast period owing to lightweight, advanced forming and alloying capabilities, and relatively low cost.
- Others: The other segment includes superalloys, plastics, magnesium alloys, and others.
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By Aircraft Type:
- Civil Aircraft: The civil aircraft segment accounted for the largest share of the global aerospace materials market. The segment is expected to witness significant growth during the forecast period owing to low airfares, increasing adoption of airways as a transportation medium and increasing air passenger traffic. The global commercial aircraft fleet in 2017 stood at 25,368 aircraft which is expected to increase to 35,501 with an annual growth of 3.4% during the forecast period.
- Military Aircraft: Increasing defense budget and spending by the government of the US, China, India, France, Germany, and Japan driven by increasing geopolitical tensions is likely to propel the growth of the military aircraft segment during the forecast period. According to the Stockholm International Peace Research Institute (SIPRI), the military spending across the globe in 2018 rose to USD 1,822 billion which represented an increase of 2.6% from 2017.
- Others: The other segment includes drones, helicopters, and private jets. Albeit having a smaller share in the global market, advancement in material science and increasing demand for high strength and light-weight material is expected to propel the growth of the segment at a healthy CAGR during the forecast period.
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