Global Aerospace MaterialsMarket- Industry Trends & Forecast Report
study, recently conducted by the strategic consulting and market research firm,
BlueWeave Consulting revealed that in
2020, the global aerospace materials market was valued at USD 15,769.3 million,
with a compound annual growth rate (CAGR) of 4.45%. The market is projected to
reach a valuation of USD 20,974.8 million by 2027. Advances in technology,
increased aircraft size and a high replacement rate are the key drivers of the
global aerospace materials market's growth. The
industry is anticipated to benefit soon from the high demand for aircraft.
Additionally, the number of commercial and freight fleets around the world is
predicted to double during the forecast period. Reduced defense spending in
developing economies, as well as a restricted range of material alternatives
due to complex requirements, are some of the barriers faced by the
Global Aerospace MaterialsMarket
materials are materials that have enhanced properties such as high tensile
strength, superior temperature resistance, enhanced transparency, and a strong
surface. Aerospace materials are used in a variety of applications in the
aerospace industry. In the design of aircraft parts such as airframes, windows,
interiors, engine components, propulsion systems, mirrors, and ceilings,
aerospace manufacturers are changing their preference toward advanced plastics,
carbon or glass-based fiber composites, and thereby replacing traditional
massive rise in passenger and freight traffic is expected to have a direct
impact on aircraft production and demand for aerospace materials. Besides all
these market growth factors COVID-19 is another key factor impeding the market
growth as there has been a decline in the global aerospace materials market between
2019 and 2020 owing to the outbreak of the pandemic.
traffic has declined significantly as a result of global and regional air
travel restrictions. Moreover, airlines are canceling new aircraft orders, and
Airbus and Boeing have reduced aircraft production by up to 50%. Besides, MRO
(maintenance, repair, and overhaul) companies has decreased dramatically, and
work (aside from routine maintenance) has been reduced to a basic minimum. The
factors cited above contributed to the market's downturn between 2019 and 2020. Thus,
market players are preparing numerous strategic plans to deal with the COVID-19
type of situation in the market in the coming years.
Global Aerospace MaterialsMarket
Forecast and Trends
Driver: Growing Use of Aircraft for Passenger and
is one of the major modes of transportation for both passengers and freights.
Air transportation allows people to cover a large distance within a matter of hours
or days. It also helps in transporting freights from one place to the other.
According to the International Civil Aviation Organization (ICAO), the total
number of passengers carried via scheduled aircraft services registered a
growth of 6.4% from the previous year and rose to 4.3 billion in 2018, and
further reached 4.5 billion in 2019, a 3.6% growth from the year 2018.
Passenger traffic also grew by 4.9% in 2019 and reached 8,686 billion RPKs
(revenue passenger-kilometers performed). Asia-pacific and Europe contributed
34.7% and 26.8% share in the total world air traffic with 5.2% and 6.6% growth
In 2020, Aerospace
giant, Airbus inaugurated a new commercial aircraft final assembly line (FAL)
in Mobile, Alabama. The company uses more than 50% of composite material in the
manufacturing and assembly of its A350 XWB. The company further uses advance composite
materials for the production of various parts of its jetliners. The A350 XWB's
wing, including its upper and lower covers, is made mostly of lightweight
carbon composites. Airbus delivered 863 jets in 2019. Another aerospace giant,
Boeing also uses composite materials in various structural applications for its
Dreamliner. The company delivered 380 aircraft in 2019. Apart from composite
materials, high-strength aluminum, steel, and titanium are some traditionally
used materials for aerospace applications.
is expected to grow in 2021 as a result of a dramatic shift in consumer
behavior and a growing e-commerce industry. Increased demand for passenger and
freighter aircraft from the e-commerce and aviation sector is expected to drive
the growth of the aerospace materials market during the forecast period. For
instance, companies like Amazon, FedEx, and DHL are investing to further improve
their services for overseas customers. Since these companies are looking to
improve their services and expand their businesses, the demand for highly
efficient aircraft is likely to go up. Passenger transportation is also
expected to recover from the effects of COVID-19. Companies like Airbus and
Boeing are the major manufacturers of passenger and freighter aircraft.
Restraint: Growing Geopolitical Tensions
tensions are on a rise around the globe. Countries are in disagreements with
each other over so many things including borders, territory dominance,
religious issues, and whatnot! Middle East Asia and North & East African countries
all suffering from intense geopolitical tensions and attacks. Asia-Pacific
countries like India, Pakistan, China, Hong Kong are also having political
disagreements with each other with India-Pakistan and India-China, China-Hong
Kong being the most notable ones. Aircraft manufacturing companies like Airbus
and Boeing that have operations in countries like China are most likely to be
affected. Import and export of aerospace materials like aluminum, titanium,
composite materials are also likely to be affected by the tensions among
countries. China is among the biggest producers of aluminum and titanium in the
world. A trade war with China may lead to a rise in the prices of these metals,
which are essential aerospace materials. Any increase in the prices of
aerospace materials is expected to drive potential investors away from the
global aerospace materials market and may hamper the growth of the market
during the forecast period.
Impact of COVID-19
on Global Aerospace MaterialsMarket
Only a few
industries were affected as badly as the aerospace industry owing to the
outbreak of the pandemic. Countries went under a month-long lockdown, borders
were sealed, and people were not allowed to roam outside to combat the raging
pandemic, resulting in an all-time low demand for aircraft and jets. COVID-19
triggered a domino effect for the global aerospace materials market, which
started with lockdowns and ended with the collapse of the aerospace materials
industry and severely disrupted the supply chain for the global aerospace
materials market. Global aircraft manufacturing giants, Airbus and Boeing made
42% fewer jet deliveries in 2020 compared to 2019 owing to the effects of
COVID-19 across the supply chain. The availability of aerospace materials was also
severely affected. China, a major producer of aluminum, titanium, and graphite,
went under lockdown, which resulted in smelters being shut down or operating at
reduced capacity. As a result, prices were expected to soar to new heights but
the demand for materials took a massive hit as well, and the prices of all
materials were affected differently.
All the regions
are slowly recovering from the effects of COVID-19 but many European countries
have been hit with the second and third waves of COVID-19. Some countries have even
announced lockdowns. Although the COVID-19 second wave is sweeping the globe,
its effect on the global aerospace materials market is expected to be minimal
due to mass vaccination going on across the globe. As countries are slowly
opening the borders and industries are reopening, the demand for aerospace
materials are expected to recover swiftly in 2021 but it may take some time
before things go back to pre-COVID levels.
Global Aerospace MaterialsMarket-
By Material Type
segment held the largest market share of 28.13% in the global aerospace
materials market in 2020, with a market value of USD 4,436.3 million. It is
projected to expand at a CAGR of 4.93% over the forecast period. Materials such
as aluminum alloys, titanium alloys, and composite materials are used in
aerospace components. Aerospace components are specially designed and
engineered for use in the aerospace industry. In terms of value, aluminum
alloys accounted for 26.16% of the global aerospace materials market in 2020. Aluminum
is primarily used in the manufacture of aerostructure components due to its
excellent corrosion and heat resistance characteristics. During 2017 and 2019, the
demand for aluminum alloys was expected to remain steady, but increased use of
composite materials and titanium alloys in the next generation of aircraft is
expected to boost demand for these materials in the coming years.
Global Aerospace MaterialsMarket-
By Aircraft Type
Based on aircraft
type, the global aerospace materials market is grouped into civil aircraft,
military aircraft, and others. The civil aircraft segment accounted for the
largest market share of 58.27% in 2020, with a market value of USD 9,189.0
million. It is expected to grow at a CAGR of 4.16% during the forecast period.
Factors such as rising air passenger numbers, low airfares, and increased
acceptance of the airway as a mode of transportation have boosted aircraft
manufacturing investments, propelling the aircraft market to grow over the
forecast period. The military aircraft segment is also expected to develop
significantly during the forecast era owing to rising military and defense
expenditure in countries such as China, India, the United States, Germany, the
United Kingdom, France, and Russia.
Global Aerospace MaterialsMarket-
the aerospace materials market is categorized into North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa. North America accounted
for the largest market share of 38.11% in 2020, with a market value of USD
6,008.9 million. It is expected to register a CAGR of 3.87% during the forecast
period. The aerospace industry is vital to the country's economy, not only
because of the role it plays in national security, technical advancement, and
transportation but also because it has an impact on a wide range of industries,
from commercial airlines to military vehicle production. This industry also has
a high import and export ratio. North America and Europe are the largest
exporters of aerospace materials, with China being the primary importer.
The global aerospace materials market has an established ecosystem
comprising of some major companies with a diversified portfolio of products.
The global aerospace materials market is highly consolidated with a few players
holding a larger share in the market. The key players in the market include Toray
Industries, AMG N.V., Solvay S.A., CONSTELLIUM SE, DuPont de Nemours, Inc.,
Alcoa Corporation, Teijin Limited, Hindalco Industries Limited, Kobe Steel
Limited, ATI METALS,Hexcel Corporation, and other prominent players. These
players have been adopting various organic and inorganic growth strategies like
mergers & acquisitions, expansions, and recent product developments in the
aerospace segment to increase the capitalization of market shares. The market
players are increasingly working on adapting to the latest technologies to
incorporate better measures to enhance the quality of aerospace materials,
thereby enhancing the overall performance of commercial aircraft.
In December 2020, Hindalco revealed its plan to construct a new 34,000-tonne extrusion
plant at Silvassa. The new-fangled plant is being built to meet the rapidly
increasing market demand for extruded aluminum. Hindalco Limited expects the
plant to cost about USD 135 million.
In March 2020, Allegheny Technologies announced the restructuring
of its business segments in order to strengthen its status as a leading
manufacturer of specialty materials and drive long-term profitable growth.ATI
reported that it would post financial results in two business segments
beginning with the first quarter of 2020: a modernized high-performance
materials & components (HPMC) segment and the new advanced alloys &
solutions (AA&S) segment. As a result of this business realignment, the company
expected total annualized operational and commercial synergies of
approximately USD 7 million by year-end 2021 and USD 15
million for the year 2022.
Scope of the Report
Historical data- 2017-2020
Base Year- 2021
Revenue in USD Million
United States, Canada, Germany,
France, U.K., Italy, Spain, Poland, Russia, Japan, China, India, New Zealand,
Australia,Brazil, Argentina, Mexico, Turkey, Israel, South Africa, GCC
By Material Type, By Aircraft Type, By Region
Alcoa Corporation, Solvay S.A., DuPont de
Teijin Limited, ATI METALS, CONSTELLIUM
SE, Kobe Steel
AMG N.V., Hexcel
and other prominent players.
By Material Type
By Aircraft Type
Ø Civil Aircraft
Ø Military Aircraft
Ø North America
Ø The Asia-Pacific
Ø Latin America
Ø The Middle East and Africa
What is the current
size of the global aerospace materials market?
Answer: The global aerospace materials market reached
USD 15,769.3Million in 2020.
What are the major
factors driving the growth of the global aerospace materials market?
Answer:The major factor propelling the growth of the
global aerospace materials market is the growing use of aircraft for passenger
and freight transportation.
Who are the key
players in the global aerospace materials market?
Answer: The key players in the global aerospace
materials market are Toray Industries, Alcoa Corporation, Solvay S.A., DuPont de Nemours, Inc., Teijin Limited, ATI METALS, CONSTELLIUM SE, Kobe Steel Limited, Hindalco Industries Limited, AMG N.V., Hexcel Corporation, and other prominent players.
Which material accounted for the largest share in the global aerospace materials market?
Answer: Titaniumaccounted for the largest share in the
global aerospace materials market.
Which aircraft is
dominating the global aerospace materials market?
Answer: Civil aircraft are dominating the global aerospace materials market.